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 at all-time lows right now; 30 year fixed, 20 year fixed, 15 year fixed and even Jumbo Rates, and they are showing no signs of rising! I don’t see them going any lower but staying down at these levels for a while. What’s moving Mortgage Rates? No one really knows right now but this is usually what happens, bonds go up, stocks go down. Stocks go up, bonds go down. It’s really pretty easy to understand. However this mortgage market that we are in is no where near normal. In fact, it’s the total opposite, it’s like nothing we’ve ever experienced.
The housing market is stagnating at record low levels, refinance loans account for the majority of all present loan production. Credit guidelines are as strict as they’ve ever been, it’s really brutal. Home values are off by incredible amounts of inventory. Mortgage Rates are showing no signs at all of rising anytime soon!
30 year fixed mortgage rates remain in the 4.375% to 4.625% range. The 30 year fixed rate mortgage is 4.375% for a qualified borrower. 4.125% is presently being offered for two points.
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.