I had a complete meltdown on my Twitter feed, yesterday. Bernanke told the House that he was concerned about inflation but more concerned about a recession.
I initially reversed my float recommendation and subsequently changed it back to lock because I thought Wall Street would hate Ben’s remarks; I was wrong. I violated the first principle; don’t fight the Fed.
The Federal Reserve is worried about a recession. I think we can expect the Fed to cut rates next month. The anticipation of that cut gives us a chance to see mortgage rates drift lower.
You should CAUTIOUSLY FLOAT your mortgage rate
If your closing is over 7 days away; I think you’ll have some room to get a mortgage rate that is .125% to .25% lower than it is today. Continue reading this post