Rate Update for September 2, 2008
Mortgage rates are up across the board today. We shifted our outlook to a locking position on Friday and our shift proved timely.
We alluded to technical trading patterns on Friday as a reason to lock and mortgage-backed bonds have now broken below the 100-day moving average which is partially why rates have moved higher.
Watch today’s you tube video to understand why we think lower oil prices will initially cause rates to rise but then move back lower.
Current Outlook: locking in near term but recommending a long-term floating stance