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 are still at all-time lows and there is no real economic news due out this week to make any changes in the markets. The MBA Applications, Weekly Jobless Claims, and Fridays Wholesale Trade should all have minimal to no impact on Mortgage rates this shortened week. I hope everyone had a fun and safe Holiday weekend.
The conventional 30 year fixed mortgage rates remain in the 4.375% and 4.625% range for well qualified borrowers. To get the lowest possible mortgage interest rate on a conventional loan you must have a credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including one point loan discount fee. If you are seeking a 15 year term, you should expect those rates to be in the 3.875% to 4.125% range with similar costs.
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 – FLOAT
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.