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 have moved up from the 2010 lows that we had lastweek, this is largely because of the modest stock rally and investors getting out of risky investments, “flight to quality”. These Greece issues which are spreading through out Europe should keep Mortgage Rates down thru the summer, and not to mention North Korea is threatening military action against South Korea. Is it time to refinance out of that ARM mortgage? Yes, because LIBOR is rising. Its time to get an updated mortgage rate quote.
The 30 year conventional rate mortgage remains in the 4.75% to 5% range for well qualified borrowers. To get the best mortgage pricing 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.
I am a huge fan of LOCKing in your mortgage interest rate right now. It would not matter to me if you were closing in one week or 60 days out I would LOCK in immediately.
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.