So I have been tweeting and blogging and FB-ing for weeks now that its a prudent choice to lock in your rate if you are a current homeowner shopping for a refinance or a new buyer trying to figure out if you should lock or float on your interest rate. I have been very consistent on my advice. I have said...'lock' and 'lock today' and 'lock now'...you get the picture. Along the way each day rates seemed to improve a bit and my advice may have seemed wrong.
I am certainly capable of admitting when I am wrong (just don't ask my wife), but in this case I stand by my advice and still suggest its the time to lock. Though rates have managed to improve over the past few weeks due to the events in the middle east and the disaster in Japan (that is still playing out) the improvement has been part of a defensive play for investors. The fundamentals are still pointing in the direction of economic recovery and real signs of inflation...both of which are ultimately going to drive rates higher.
So if you have been reading my posts, my tweets, my Facebook page and think I have lost my mind...I haven't. I just think those out there who are playing the float game will eventually (likely very soon) get burned on the volatility working against them and when rates do move higher I don't see them coming back down again...unless there is an even more devastating natural/human disaster than Lybia and Japan have experienced.
What are the odds things will get worse than what we have seen...those are the same odds that we will see rates get lower from here.
Lock 'em if you are looking to do a loan in the next 30 days!
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