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.
Nice work on the new Logo Brian!
Mortgage rates have improved again over the past week, however we did lose about an 1/8 in all Conventional and FHA pricing this morning. We are still at all-time mortgage rate lows! I feel as if not everyone is taking advantage of these low rates… Refinancing applications are at a one-year high but purchase applications are at a thirteen-year low. There was a report that came out last week saying 60% of Homeowners could refinance right now and save 75 BPS in rate but only 30% of those borrowers would qualify under current mortgage financing guidelines. Communicate with your current Lender and understand the newer regulations and guidelines.
The 30 year conventional rate mortgage remains in the 4.5% to 4.625% range for well qualified borrowers. To qualify for the lowest rate on a conventional mortgage you must have a FICO credit score of 740 or higher, a loan to value of 80% or less and pay all closing costs including an estimated one point discount fee. I still love LOCKing in at these rates right now!
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 – LOCK
If I was closing on a Home Mortgage in the next 30 to 60 Days – FLOAT/LOCK
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.