Last week was quite a roller coaster ride for mortgage interest rates, starting off flat, rising to the highest levels of the month, then dropping back down to the same levels of the beginning of the week. The start of this new week showed that average mortgage rates were unchanged over the weekend; but while there is not likely to be the same kind of excitement caused by last week's round of important economic reports and events, borrowers should still be cautious, as this lull in movement makes it hard to get a hint of whether mortgage rates will start to go up or down next.
As the above quote states, floating right now is something that should be considered only for those who are able to handle the risk and have a long enough lock period ahead to wait things out if rates bounce back up this week. Blue Home Loans explains that those who are nearer to closing, or who simply do not want to risk being stuck with a higher rate down the line, should think about locking in as soon as possible. Of course, those who have not yet started their loan process could decide to lock in on application, or wait to see if rates will improve. Locking in with a lender that allows renegotiation would allow for some leeway if mortgage rates drop lower before they close on their loan and anyone who decides to float should keep in close contact with their loan officer, who hopefully keeps them updated on the best opportunities to lock in a good mortgage rate.
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Read the full story at http://www.prweb.com/releases/blue-home-loans/mortgage-rates-unchanged/prweb12072102.htm
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