Good Afternoon,
I hope that this note finds you well and enjoying your Tuesday.
Volatility is the name of the game again today for Mortgage Bonds, as they continue to fluctuate in a wide range. Stocks, on the other hand, had a good day yesterday and appear to be set for more gains today.
In the news, Pending Home Sales came in far above forecasts, rising for a third straight month! With home affordability levels at the second highest level ever on record, that means now is the time to act--while rates are still low and affordability is still high.
Currently, Mortgage Bonds are off their best levels from earlier this morning. There is a chance they will bounce off an important floor of support and eventually make some gains. But, there's also a risk they'll deteriorate more. With so much to lose and only a little to gain in the short-term, I recommend locking your rate at this time if closing is within the next week or so. If anything changes, I will certainly keep you posted.
In the meantime, if there is ever anything that I can do for you, please let me know.
Tuesday, June 2, 2009
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