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After a slow week of economic data, the calendar picks up in the days ahead.If you followed my advice on floating over the weekend, you picked up some price gains this morning. With many lenders offering 4.75% as par once again, I am advising to only float loans that are a day away from locking on a shorter lock period. If you are 16 days out from closing and funding, I would float until tomorrow so you could lock on a 15 day lock for better pricing. If you are 31 days out, I would also float until tomorrow. ...

Two better than expected economic headlines did not have a positive influence over the bond market. Following the release of PPI data, Treasury yields shot higher and MBS prices fell. Consequently, mortgage rates have risen today. Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage has risen to the 4.875% to 5.125% range for well qualified consumers. There are however still a few lenders offering 4.75%. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. You may elect to pay less in fees but you will have to accept a higher interest rate. This is a good option for consumers who do not plan on keeping their home for a longer than three years. With more inflation data tomorrow and the Fed statement which can offer many surprises...I am locking any loans I have left in the pipeline....

Reports from fellow mortgage professionals indicates that rates are unchanged from yesterday. This keeps the par 30 year conventional rate mortgage in the 4.625% to 4.875% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% and pay all closing costs including an estimated one point loan origination/discount/broker fee. If you are seeking to access equity in your home, you should expect either higher closing costs or a higher interest rate. Is everybody that is closing in the next 30 days locked yet? ...