MortgagesUndressed

Rates are up 1/4% today over yesterday. On November 26th I said if you had to close your loan by December 23rd (basically within 30 days) you should lock. Click Here

Teresa Boardman picked up on this article and posted it on her St Paul Website. One of her visiters, an investor John Daly, felt I was wrong and proposed people should float. Click Here for that punch and counterpunching

Each business day I have posted a running score: John seemed correct with rates down 1/8% for several days running. I called floating a gamble. Well, today things have reversed, the 1/8% rate you were ahead these few days is gone.

I said rates go up faster than they go down. Today we lost 1/4%. I was correct.

Don’t look for rates to retreat in December.

I also said I encourage people who are floating to lock the minute rates go up. So if you are floating, my advice is to stop and lock now.

I will keep the score going daily for you and Mr. Daley:

Score today:John Daley and his followers have lost 1/8% on their rate by floating. It is a gamble either way.

Here is an explanation of todays jump
from The Mortgage Reports Blog by Dan Green

Larry Cragun