Mortgage Rate Analysis-Tuesday October 13th, 2009

With the bond markets being closed yesterday we really came off the weekend today, even though several lenders did issue rate sheets.  Today we saw little to no movement in rates as we get ready for a couple different reports that will be coming

Rates are holding steady today

Rates are holding steady today

out to help us to determine how the overall economy is fairing.  There are lots of different companies out there that offer all sorts of different rates, so make sure you are taking the time to check for the best mortgage rates in Seattle.  Right now is a very good time to consider locking in a low fixed rate.

One big piece of news is that congress voted to extend the First Time Home Buyer Tax Credit…but before you get to excited it is important to know that the extension is only for active duty military personal.  To qualify you must have been deployed for over 90 days in 2009.  For the rest of us you have until November 30th to qualify for your $8000 tax credit.  We are still waiting to hear if that also will be extended, although it is very unlikely that anything will be announced until we are right on the deadline.

Today's suggestion is to lock your rate

Today's suggestion is to lock your rate

I have received several emails and calls asking if you should lock today to “float” and wait for a better rate.  As with anything in our industry I don’t pretend to know the future, but I am going to do the best I can in these reports to suggest if locking is suggested or not.  My only disclaimer is this is going to be my “best guess” and you have to make the decision that is best for you.

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