Mortgage Rates Report

July 27, 2007:  San Diego Mortgage Rates Report suggests that inflation isn't a problem but that the housing market is weak. 

The Gross Domestic Product figure was stronger than expected at 3.4%.  Core inflation, the Gross Domestic Product Deflator, was weaker than expected.    Conflicting data suggest that action needs to be taken if you haven't locked-in a mortgage rate.

What's it all mean?  If you have a loan closing less than 15 days away, go ahead and lock-in your interest rate.  If your closing date is still more than 15 days away, you can still cautiously float your rate in hopes that next week's mortgage rates improve.  Cautiously float means staying alert. 

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