After improving yesterday, Mortgage Rates mostly held steady today although the Secondary Mortgage Market was
volatile, especially late in the day following news that the European bailout
fund would be increased.
Despite that volatility,
Best-Execution continues to average 4.125% although the variations between
lenders are perhaps even larger today than the already elevated levels.
- BESTEXECUTION 30YR FIXED – 4.125% – lots of variation in both directions
- FHA/VA –
3.75%. Some higher.
- 15 YEAR FIXED
– Mostly 3.5%. + or – .125%
- 5 YEAR ARMS – low
3% range, variations from lender to lender.
Ongoing Guidance While Best-Ex Is At
Or Below 4.25%:
New Guidance: Once again, the same guidance
applies as last Thursday. That’s worth a read if you
haven’t seen it yet. Just be aware that
Asian and European markets haven’t had a chance to trade the headlines that
moved markets late in our own trading session.
That could cause some volatility tomorrow, and that volatility could go
either way. If you’re now looking at a
better rate than you once were, either you cash in your gains, lock, and move
on or you float to see if you can get an extra eighth and resolve to lock if
rates rise back to 4.25% Best-Execution levels. Remember that any mention
of floating really only applies to those scenarios who are flexible enough to
run the risk of paying more closing costs, a higher rate, or potentially losing
a deal altogether. All others shouldn’t really try to beat the market
when rates are as close as they are to all time lows.