The Dow is currently down 216 points while the Nasdaq has lost 58 points. The bond market is currently up 12/32 (2.22%), which should improve this morning’s mortgage rates by approximately .125 of a discount point. Yesterday’s 5-year treasury note auction went pretty well but not strong enough to cause much of a reaction in the bond market.
Mortgage rates today, January 29, plus lock recommendations Mortgage rates fell modestly today, with bond market strength both before and after. Friday is technically a half-day for bond markets, but availability of new rates and the ability to lock them.
· The mortgage rate lock with the float down option is definitely something to consider, but it’s not a necessity for everyone. Really determine if rates.
No, it isn’t a scam, it is what is called a "float-down". Float-Downs Compared to Rate Locks A float-down provides the same upside protection as a rate lock, plus an option to reduce the rate if market rates decline. Like a rate lock, a float-down is an option that can be attached to any kind of mortgage.
This post outlines several rate lock strategies along with their advantages and drawbacks. Click to see today’s rates. What Does It Mean To Lock A Mortgage Rate? A mortgage lock involves a commitment by you and your lender. When you request a lock, your lender agrees to give you that rate, even if interest rates have increased.
How Does a Float-Down Lock Rate Work? – You will also see a fluctuation in rates depending on the length of time that you need the rate lock for – typically, the shorter the period, the lower the rate. Do you want a Float-Down? Once you decide which lender you want to use, you will need to determine if they allow the float-down provision.
Mortgage Interest Rates: Should You Lock Them or Not? The answer could save you — or cost you — thousands of dollars on your next mortgage loan. Read on to find out whether you should consider.
What is a Mortgage Rate Lock Float Down? – Aurora F – To avoid the sting of paying more than you have to in increased monthly expenses, a mortgage rate lock float down option allows you to lock in at the lowest rate possible at the time of signing. However, if interest rates fall at any point in the loan application process you can still get the lower rate even though you are locked in.