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 improved a bit the past 24/48 hours and are back down to 2010 lows. And finally, last weeks mortgage market gains were passed along by Banks after the Holiday weekend like they historically are. I am in a LOCKing bias with the Jobs Data coming later this week. If you think stocks will continue to sell then FLOAT for now, however if stocks rally mortgage rates will go up.
Should you refinance your mortgage? Yes, get low mortgage rates before they go up, and this could be the last opportunity you have during this refinancing market.
The 30 year conventional rate mortgage is back in the 4.625% to 4.875% range for well qualified borrowers. You must have a FICO credit score of 740 or higher, a loan to value of 80% or less (excluding Condos) and pay closing costs including a discount point of origination. These Mortgage Rates are awesome!
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.