Doesn’t look like there will be a risk to float until tomorrow, but realizing all the volatility that has been going on lately, if it was me, I would lock in your loan.

Tomorrow the economic calendar has jam-packed with reports:

• Producer Price Index (inflation at the wholesale level)
• New York State Manufacturing Index
• Industrial Production/Capacity utilization

Also, here’s a legislation update I just ran across as well:

This article features exclusive insight and opinions by IMPACT Mortgage Management Advocacy and Advisory Group (IMMAAG). For detailed information on this topic and more, visit www.immaag.com.

H.R. 4173: Wall Street Reform and Consumer Protection Act of 2009

Legislative Brief for Monday, December 14, 2009

On Friday, December 11, 2009, the House of Representatives overwhelmingly passed H.R. 4173, which is a heavily amended financial reform bill. The bill passed by a vote of 223-202 with no Republican support and with over two dozen Democrats voting against it.

Known as the “Wall Street Reform and Consumer Protection Act of 2009,” H.R. 4173 is the House response to the administration’s desire to create a new agency to perform the consumer protection functions previously performed by seven existing agencies. However, somewhere along its trip through the House Financial Services Committee, H.R. 4173 became much more than consumer protection. Now at over 1,270 pages, the bill continues the march to larger, more complex government and builds rather than consolidates bureaucracy.

While the original idea was to create the Consumer Financial Protection Agency, this bill – if it finds its way through the Senate and on to the President for signature – will bring along with it an earlier attempt by the House Democrats to control the mortgage industry. The March 2009 Miller/Frank Mortgage Reform and Predatory Lending Act (H.R. 1728) will be included (its not part of the 1,279 pages already in the content) in the bill as Title VII. With virtually no change from its original form, the predatory lending title will continue to assault on the mortgage industry in the name of protecting the consumer.

Hope you secured your loans yesterday as rates are going one direction at the moment- UP!