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 [email protected] 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.