Welcome to Monday Mortgage Call, a weekly prognosis by Boston mortgage broker Brian Cavanaugh of where the all-important lending rates might be headed.
With last week's disappointing jobs report, mortgage rates are the lowest they have been in a few months. Great news for you potential spring homebuyers!
Overall, Tuesday or Thursday are likely to be the most important days for mortgage rates this week. The calmest will probably be Monday with it being the only day without something relevant scheduled. The afternoon auctions and late morning starting times for the Fed testimony means there is a good likelihood of seeing intra-day revisions to mortgage rates multiple days as the markets react to those events. Therefore, it would be a good idea to maintain contact with your mortgage professional if still floating an interest rate and closing in the near future.
As for whether you should lock in an interest rate now, I would:
LOCK if your closing was taking place within seven days…
LOCK if your closing was taking place between eight and 20 days…
FLOAT if your closing was taking place between 21 and 60 days…
FLOAT if your closing was taking place over 60 days from now…
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