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I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week's survey is now available.
I am predicting that rates will increase over the next 30 days, but that doesn't mean you should necessarily follow my advice when choosing whether to lock a rate, or float it. My advice may not be appropriate for your individual situation.
From the Bankrate.com survey:
As traders position ahead of the Aug. 8 Fed meeting, a pervasive fear of continued fed fund rate hikes will settle over the markets. Uncertainty and psychology will rule trading sessions, pushing mortgage rates higher as traders question, "If the Fed has an inflation target in mind, just what is that target, and how high will rates have to go to meet it?"
If you are currently on the fence about locking, I'd say that you do it. There is just too much financial risk in floating -- especially given the volatile nature of mortgage interest rates.
Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
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