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An Active Week for Low Mortgage Rates

Welcome to Monday Mortgage Call, a weekly prognosis by Boston mortgage broker Brian Cavanaugh of where the all-important lending rates might be headed.

Mortgage rates are the lowest since last November.

Overall, Friday is the best candidate for most important day of the week, although we could see plenty of movement in the markets and mortgage rates Monday. The calmest day will probably be Wednesday, unless the national employment report makes headlines with a surprisingly weak or strong payroll number, causing a knee-jerk reaction in the financial and mortgage markets.

I am fully expecting to see a very active week for mortgage rates, so please 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 my closing was taking place within seven days…

LOCK if my closing was taking place between eight and 20 days…

FLOAT if my closing was taking place between 21 and 60 days…

FLOAT if my closing was taking place over 60 days from now…
· Our Monday Mortgage Call archive [Curbed Boston]