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 staying and settling down near 2010 lows. I would have thought they would have come up a bit from last weeks close but they have not. Yes, now is absolutely the time to think about refinancing in you have not already. I would suggest LOCKing in at these current mortgage rates, I think it is a gamble if you do not. Remember, mortgage rates always rise faster than they fall.
The 30 year conventional rate mortgage remains in the 4.75% to 5.00% range for well qualified borrowers. To secure a 2010 low interest rate on a conventional mortgage you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point discount fee. Yes, there are options to finance without paying the discount point. If you are not planning on keeping your home for more than 5 years, you should consider a no cost loan or a Adjustable Rate Mortgage (5/1 ARM, 7/1 ARM or 10/1ARM). On a no cost loan, the Lender will pay the fees for you however you will pay a higher than par market rate. Or you can finance a ARM product were the rates are near all time lows if you know you will be in your current home for a specific amount of time.
Inquire within for current Mortgage Interest 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
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.