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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 a little frightened that every person surveyed predicts at least a decrease. We can't all be right. Can we?
I am predicting that rates will decrease 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, and I am singling out conforming loan sizes.
From the Bankrate.com survey:
"As the Fed signals a slowing economy, the dollar strengthens and renders mortgage bonds a more attractive investment option globally. Look for a return of liquidity to lower pricing in some mortgage niches, too."
If you are shopping for mortgages, I always recommend that you lock your rate as soon as possible. There is too much downside risk to not locking.
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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