I wish I could save this post for Valentines Day! Earlier this month, fresh from Inman NY, Brian announced that he is going to start posting tidbits of rate info on Twitter. If you subscribe to Brian’s Twitter, Mortgage Report, you’ll be notified if he feels you should be locking or floating…this is similiar to what I receive by investing my subscription to Mortgage Market Guide (bond quotes). However, this service is free and priceless!
Here are the alerts I received from Brian just today (which was an exceptional day):
- 5:10 a.m. Stock futures are down 5%. Good for mtg bonds and rates – FLOAT long purchases, LOCK all others – update later
- 5:48 a.m. Emergency Fed Cut
- 7:05 a.m. Mortgage bonds up close to half a point. Expect lenders to offer 30YFRM below 5.5% today (conforming limit)
- 1:37 p.m. FYI: I locked a 30YFRM at 5.25% with 1 point for a 5.53% apr today. Expect ARMS to drop this week
- 6:11 p.m. FLOAT loans closing >15 days, LOCK loans closing <15 days. Wild day today, tomorrow promises to be as nuts. You will hear it here 1st
This is simply a brilliant idea and a huge commitment from Brian Brady of Mortgage Rates Report and Bloodhound Blog. If you can’t wait until the end of the work week for “Friday’s Rates”, subscribe out Brian’s Twitter! You’ll be twitterpated. 😉