Mortgage Rates Steady Today. Threat of Volatility Remains

Even the presence of volatility is
volatile.  Here yesterday, gone
today.  But “volatility of the presence
of volatility” sounds too much like calculus to discuss any further.  Suffice to say,   Mortgage Rates didn’t move much today. 

Some
lenders are microscopically higher or lower in terms of closing costs, but
Best-Execution remained the same. 

But before
you consider what today’s rates are, CONSIDER THIS.

 Today’s Rates: 

  • BESTEXECUTION 30YR FIXED –   4.125%  some
    at 4.25%
  • FHA/VA
    More 3.875% today, 3.75% still out there for some.
  • 15 YEAR FIXED
    –  Mostly 3.5%
  • 5 YEAR ARMS –  low
    3% range, huge variations from lender to lender.

Ongoing Guidance While Best-Ex Is At
Or Below 4.25%: 

 New Guidance: The absence of movement in rates today is no promise they
won’t be moving come Monday.  While we’re
encouraged by rates’ recent ability to draw a line in the sand at 4.25%, we
can’t rule out upside risks from European headlines or domestic economic
surprises.  With the increased volatility in the outlook, we’d lean more
toward locking, EVEN THOUGH that volatility can swing both ways.   The
possibility that rates get lower in spite of the increased disposition to lock
is part of the frustration of  dealing with volatility.  But better
safe than sorry. 

Article source: http://www.mortgagenewsdaily.com/consumer_rates/233614.aspx

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