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.
I have never seen Jumbo Mortgage rates as low as they presently are right now. Absolutely everyone with a loan amount of $523,750 or greater (depends on county) should be reaching out to their Mortgage Banker for updated mortgage pricing, etc. The New Home Sales helped the stock market post strong gains yesterday, so when stocks advance, their gains come at the expense of higher interest rates. MBS prices are holding steady down near record highs and mortgage rates are holding steady near record lows. This is all I got this week… absolutely everyone under this beautiful summer sun should at least be attempting to refinancing your current home loan.
The lowest 30 year fixed mortgage rates remain in the 4.25% to 4.625% range. The standard mortgage rate with closing costs is still at4.50%, 1 discount point of origination presently can get you 4.375% for qualified borrowers. Borrowers must have a mid FICO credit score of 740 or better and a loan to value of 80% or less.
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
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.