Mortgage Rates started the week on a very bad note, but reversed course with yesterdays weak read on the housing sector, and it was horrible! The Existing Home Sales data for July was released yesterday, this totals the number of previously owned homes that were sold during the previous month. Home Sales have fallen significantly and almost all economists have lowered their economic forecasts since the expiration of the home buyer tax credit a few months back. Mortgage rates are modestly better than yesterday, so if you have been floating you should look to take advantage of these recent gains. If you want to roll the dice and hope for better lender pricing tomorrow, keep an eye on the stock market. I think Mortgage Rates mirror what the Stack Market does over the next week or so.
The lowest 30 year conventional mortgage rate remain in a range between 4.25 and 4.625% for well qualified borrowers. To secure a par interest rate on a conventional mortgage you must pay all closing costs including an estimated one point loan discount fee. If you are lookign for a a 15 year fixed mortgage, you should expect a rate in the 3.75% to 4.00% range with the same costs.
Inquire within for current Mortgage Rates or guidelines bc@SmarterBorrowing.com 617.771.5021
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/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.