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.
The Stock Market is extending its gains and Mortgage Rates are starting to go up despite bad economical data coming from overseas. Yesterday afternoon we had a worsening pricing in Mortgage Markets because Greece had their credit rating cut by Moody’s to “junk”. Ouch. Floating your loan is very risky right now with investor optimism improving quickly. With the new Loan Quality Initiative (June 1st, 2010) please do not take out any new credit, extend any credit or have your credit pulled while applying for mortgage financing. This is extremely important for all of those borrowers currently refinancing and looking to close June and July. Yes, you should be refinancing the Massachusetts Mortgage Bankers Association says mortgage refinancing applications are up 21% the month of May.
The Conventional mortgage rate is still in the 4.625% to 4.875% range for well qualified borrowers. To get the best conventional mortgage pricing you must have a FICO score of 740 or higher, and a 80% or less loan to value (1% discount point quoted with current rates). The 15 year fixed conventional fixed mortgage is currently at all time lows.
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
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.