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.
For the first time in weeks Mortgage Rates are under some pressure to increase. It looks as if Lenders are starting to “buy the market”, what this means is they are working at full capacity because of the loan applications taken in over the past month or so and their pricing goes up. And trust me all Lenders are working at maximum capacity right now! Mortgage Rates have been down near all-time lows for weeks now. Mortgage Markets will mirror what stocks do, yesterday the S&P was up almost 2% and look what rates did, they went up.
The lowest par 30-year fixed mortgage rates remain in the 4.375 to 4.625% range for qualified borrowers. You must have a 80% loan to value and a mid FICO credit score of 740 to get the best rates. A lot of my clients with not as good FICO scores are paying a small amount of fees to take advantage of todays almost all-time low rates.
Inquire within for current Mortgage Rates or guidelines 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
If I was closing on a Home Mortgage in the next 15 to 30 Days – FLOAT
If I was closing on a Home Mortgage in the next 30 to 60 Days – FLOAT
If I was closing on a Home Mortgage in the next 60+ FLOAT
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.