ECONOMIST  RATE  LOCK   OPINION:

Troubled Mortgage Industry in Turmoil                                     Fed Chairman, Ben Bernanke, States Fed Watching Mortgage Industry                                 Tougher Standards Qualifying for Mortgages In Effect Immediately

SHORT-TERM TREND (20 days or less)  Flat to Higher Rates

LONG-TERM TREND (21 days or more) Flat to Higher Rates

SUGGESTED STRATEGY:  I suggest that you immediately convert any “floating” loan to “locked” 

What's Next for Interest Rates?

There are a number of important reports due out in April that could forcefully impact the direction of mortgage rates. Unemployment for example with roughly 656,000 more jobs cut.  Other important data will include the number of existing home sales, new home starts and any changes in the consumer confidence index. Moreover, after Treasury Secretary Timothy announced the details of his toxic mortgage asset program last month, the Fed may begin to start printing more money to buy up more mortgage-backed securities. While there are several factors to promote low or steady rates, recent data from the housing industry could keep them from realizing a stably low market.

Play it by the numbers.

THE MARKET IS ALWAYS RIGHT! … YOU AND I ARE SOME OF THE TIME

A good chart for following the Treasury Yield is located on Yahoo Finance.

It updates every 20 minutes. You can simply click the following link to go there: (Yahoo Finance)

Another Consideration as to Course of Action Regarding Future Mortgage Rates if You Are Building a Home ?

Those of you currently in the middle of construction, building a new house, and hoping to capitalize on the current market of low interest rates need to keep a close eye on the market .    The same goes for anyone with a pending loan application that have not obtained a "written" lock confirmation on their interest rate.   The immediate future of interest rates never comes with absolute guarantees and likewise forecasting the distant  future of mortgage interest rates is less predictable.  You could consider a ninety (90) day rate lock if (90) days would allow enough time for you to complete your transaction. Many lenders (like Bright Mortgage ) can accommodate you with a ninety (90) day rate lock without penalty or problem.  If you would feel better about a longer lock period, such as six (6) months, etc.,  some lenders (like Bright Mortgage ) can still accommodate your needs.     In some cases interest rates can be locked even without a property being located or purchase contract written.   This is good for those concerned about rates going through the roof before they locate the right house to make an offer on to buy. The same goes for those customers just beginning to purchase a new house to be built.  If your home is already under way and your interest rate has not been secured,  you should weigh your options regarding locking your rate.

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Worried About Where Interest rates Are Going ?

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