Lock In for Labor DaySep 3 2010
Lock In for Labor Day
With the holiday weekend at our fingertips, predictions of choppy mortgage rates have been made. So if watching rates fluctuate throughout your Labor Day weekend is not your cup of tea, consider locking in. There’s no reason to believe that rates will be hopping 2 or 3 percent over the 3-day weekend, but standard fluctuations are likely to occur.
This Labor Day weekend is no different than most holidays when it comes to mortgage rates as volatility is common around holidays and shortened work weeks. There is a bigger gap in the amount of time it takes to get your loan approved as most will be out of the office for that extra day or two. But the main factor in holiday-time volatility is that most traders are getting a jump-start on their weekend and leaving early. As a result, the amount of trading decreases throughout the day while rate fluctuation is likely to increases. Don’t be discouraged, though, in the true nature of fluctuation rates may possibly decrease as well.
If you have the ability and budget to lock in your rates, it might be a good idea to consider as it would ensure you protect yourself from losing considerably if rates in fact increase.
To learn more about locking in your rates talk to your Guaranteed Rate Loan Officer or visit http://www.guaranteedrate.com.