I am pleased to once again welcome Mortgage Banker Brian Cav, the creator of a mortgage blog called Smarterborrowing.com. Here’s his weekly mortgage market update, which I’m sure you’ll find interesting.
Mortgage Rates are currently holding down by 2010 lows, the 15 year conforming hit a all time low earlier this week… but I do not expect them to stay down this long for much longer. Its been a slow boring week for rates but I expect Fridays Retail Sales to make the Mortgage Markets volatile. I would suggest LOCKing in at these 2010 low rates in the next few days.
The conventional rate mortgage remains in the 4.625% to 4.875% range for qualified borrowers, and a 15 year fixed you should expect rates in the 4.125% to 4.375% . Well qualified borrowers should have a 740 FICO score of better and have a loan to value of less than 80%. Closing costs for this pricing would include 1% discount point of origination for both products.
FLOAT your rate for now? I find it difficult to turn down this current mortgage market pricing. The only loans I maybe recommend floating are those that can be locked on a shorter commitment period in the next few days, certainly before Friday. If stocks rally soon be careful of mortgage rates going up as well.
Inquire within for current Mortgage Rates bc@SmarterBorrowing.com 617.771.5021
FLOAT or LOCK
If I was closing on a Home Mortgage in the next 0 to 15 Days – LOCK, FLOAT until Friday
If I was closing on a Home Mortgage in the next 15 to 30 Days – LOCK
If I was closing on a Home Mortgage in the next 30 to 60 Days – LOCK
If I was closing on a Home Mortgage in the next 60+ LOCK
This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.