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Daily Rate Update: Mortgage Rates Sideways to Slightly Higher

Average Mortgage Rates
 TODAYYESTERDAYCHANGE
30 Yr FRM 3.57 3.57 0.00%
15 Yr FRM 2.90 2.90 0.00%
FHA 30 Year 3.29 3.30 -0.01%
Jumbo 30 Year 3.77 3.76 0.01%
5/1 Yr ARM 3.02 3.01 0.01%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 2/7/13 1:47 PM
Feb 7, 2013 3:42PM

Mortgage Rates Sideways To Slightly Higher

Mortgage rates began the day in decent territory, with most lenders unchanged to slightly lower in cost vs yesterday. Trading in Mortgage-backed-securities, which had already pulled back from their better levels late in the morning, took a sharper turn for the worse in the afternoon, prompting several lenders to recall rate sheets for a negative reprice. While the changes don't impact the prevailing best-execution rate of 3.625%, they do make for slightly higher borrowing costs on average. That said...

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Daily Update: Mortgage Rates Begin Week Flat to Slightly Improved

Average Mortgage Rates
 TODAYYESTERDAYCHANGE
30 Yr FRM 3.89 3.90 -0.01%
15 Yr FRM 3.24 3.26 -0.02%
FHA 30 Year 3.75 3.75 0.00%
Jumbo 30 Year 4.13 4.14 -0.01%
5/1 Yr ARM 3.00 3.02 -0.02%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 2/27/12 2:55 PM
Feb 27, 2012 2:53PM

Mortgage Rates Begin Week Flat to Slightly Improved

Mortgages Rates finished out the previous week in positive fashion, logging three straight days of minor improvements after beginning the week poorly. This week begins on a much calmer note with rates mostly steady compared to Friday and very slightly improved in some cases. The improvements haven't been enough to change the Best-Execution landscape much, if at all. Rather, the gains are more readily seen in the form of slightly lower closing costs for the same rates that prevailed on Friday. Additional...

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Daily Update: Mortgage Rates Continue To Solidify Bounce Back To Lows

Average Mortgage Rates
 TODAYYESTERDAYCHANGE
30 Yr FRM 3.86 3.88 -0.02%
15 Yr FRM 3.29 3.31 -0.02%
FHA 30 Year 3.75 3.75 0.00%
Jumbo 30 Year 4.09 4.12 -0.03%
5/1 Yr ARM 3.05 3.01 0.04%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 1/26/12 3:16 PM
Jan 26, 2012 3:17PM

Mortgage Rates Continue To Solidify Bounce Back To Lows

Mortgages Rates over the past two days have done much to make ground lost leading up to Yesterday's FOMC Announcement. After further improvements today, rates further solidified their reentry into 3.875% 30yr Fixed Best Execution levels. (for detail on what that means, READ THIS POST from a few days ago). The rounded average of various lenders' Best-Ex rates had moved up to 4.0%, and more than a few lenders are still well-priced there, but a majority are once again offering 3.875% with attractive...

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Daily Update: Mortgage Rates Steady to Slightly Improved as Extended Weekend Approaches

Average Mortgage Rates
 TODAYYESTERDAYCHANGE
30 Yr FRM 3.89 3.90 -0.01%
15 Yr FRM 3.34 3.36 -0.02%
FHA 30 Year 3.75 3.75 0.00%
Jumbo 30 Year 4.10 4.11 -0.01%
5/1 Yr ARM 3.03 3.00 0.03%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 12/22/11 2:13 PM
Dec 22, 2011 2:14PM

Mortgage Rates Steady to Slightly Improved as Extended Weekend Approaches

Mortgage Rates are slightly improved today after minor increases to borrowing costs over the past two days. Before that, rates spent several days at record lows with little deviation in borrowing costs. We mention "borrowing costs" because the costs involved in obtaining prevailing rates are actually what's moving as opposed to the rates themselves. Best-Execution 30yr Fixed rates remain at 3.875%. Low volume and year-end lack of participation continue to distort movements in the secondary mortgage...

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Daily Update: After Starting Out Weaker, Mortgage Rates Finish Strong

Average Mortgage Rates
 TODAYYESTERDAYCHANGE
30 Yr FRM 3.88 3.91 -0.03%
15 Yr FRM 3.35 3.38 -0.03%
FHA 30 Year 3.75 3.75 0.00%
Jumbo 30 Year 4.16 4.20 -0.04%
5/1 Yr ARM 3.00 3.00 0.00%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 12/13/11 4:02 PM
Dec 13, 2011 4:03PM

After Starting Out Weaker, Mortgage Rates Finish Strong

A strong Treasury auction and an uneventful policy statement from the Federal Reserve paved the way for Mortgage Rates to improve to their best levels since late September/early October today. Although the improvements haven't translated to a lower Best-Execution rate, the costs involved in obtaining those rates should be slightly lower today than they were last Thursday (12/8/11). Today's auction of 10yr Treasuries showed extremely high demand and at lower rates than markets had been trading. Although...

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Daily Rate Update: Mortgage Rates Improve Again From All-Time Lows

Average Mortgage Rates
 TODAYYESTERDAYCHANGE
30 Yr FRM 3.85 3.98 -0.13%
15 Yr FRM 3.25 3.25 0.00%
FHA 30 Year 3.75 3.77 -0.02%
Jumbo 30 Year 4.11 4.25 -0.14%
5/1 Yr ARM 3.05 3.09 -0.04%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 9/22/11 5:25 PM
Sep 22, 2011 5:17PM

Mortgage Rates Improve Again From All-Time Lows

After yesterday's FOMC Announcement, Mortgage Rates moved to all time lows. The rally in bond markets extended overnight and throughout today's trading, resulting in rate offerings improving even more. Please keep in mind that lenders simply cannot move mortgage rates lower at the same pace as a rapid rally in Benchmark Treasuries. Although you might hear talking heads on TV or read articles saying that mortgage rates are tied to Treasuries, THEY ARE NOT , and you'll be perennially frustrated if...

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How Low Can Mortgage Rates Go?

What's the bright side to a 200 point drop in the Dow? Yet another rush to Treasuries that pushes the 10-year yield below two percent; that, in turn, means even lower mortgage rates, right? Maybe not this time.

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Mortgage Rates: Regaining Some Ground

Last week the intense rally in bond markets helped mortgage rates reach their best levels of the year, but the rally came to an end on Friday.  Then on Friday evening, news the S&P downgraded the US Sovereign Debt Rating set a chain of events in motion that completely rocked the markets.  Despite steep losses in stocks and insane rallies in Treasuries, the Secondary Mortgage Market has been more of a bystander today, leaving Home Loan Borrowing Costs slightly better than Friday, but not as good as Thursday.

CURRENT MARKET*: The BestExecution 30-year fixed mortgage rate is 4.250%. Not many lenders are willing to offer 4.00% but 4.125% is available if you're willing to pay additional closing costs.  On FHA/VA 30 year fixed BestExecution is 4.00%. Fewer lenders willing to quote 3.875% (includes additional closing costs).  15 year fixed conventional loans are still best priced at 3.75% and we're still seeing aggressive quotes at 3.625%. Five year ARMs are still best priced at 3.25. ARMs and 15 year quotes seem to have bottomed out. 

It's important that we point out an increased amount of variation in what individual lenders are quoting as their BestExecution rates.  This is a factor of price volatility in the secondary mortgage market. Unfortunately when volatility picks up in the secondary mortgage market, the cost of doing business gets more expensive for lenders (hedging costs go up). Those added costs are usually passed down to consumers via extra margin in rate sheets.

GUIDANCE: We've realized a good portion of the rates rally we'd been holding out for.  And while things could still improve, it's an especially volatile time for the broader markets, meaning lenders have been slow to pass along gains.  Mortgage rates DO NOT like volatility and uncertainty.  Relative to various market levels, rate sheets are conservative yes, but there's no telling when things will get better, and sadly, always a chance that they won't get better at all.  Incidentally, we lean toward the possibility of them getting better, but the timing and flexibility required to capitalize on that possibility makes floating a less attractive choice for most scenarios right now, especially when what's on the table is already so much better than everything else 2011 has to offer and fairly darn close to all time low rates. 

CAUTION: MND guidance is speculative in nature. We don't have a crystal ball, we can't predict the future, we can only share our outlook. Making the following considerations extra important........................

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

   1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
   2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
   3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?

---------------------------- 

*BestExecution is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%. When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their "breakeven analysis" on your permanent rate buy down costs.

*Important Mortgage Rate Disclaimer: The BestExecution loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs.If the terms of your loan trigger any risk-based loan level pricing adjustments(LLPAs), your rate quote will be higher. If you do not fall into the"perfect borrower" category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive."No point" loan doesn't mean "no cost" loan. The best 30year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don't forget the fiscal frisking that comes along with the underwriting process

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The Day Ahead: ISM, Consumer Sentiment, Long Weekend

Markets have yet to find direction on the first day of the third quarter.

Treasuries are unchanged from Thursday's close. The two-year yield is 0.47%, the 10-year 3.16%, the 30-year 4.37%.

Equity futures are marginally higher following four days of strong gains. The S&P looks to open 0.7 points higher at 1,316.20, while Dow futures are 15 points up at 12,360. The S&P 500 has already climbed 52 points this week, a 4.11% gain.

Trading is anticipated to be light ahead of the long weekend, yet quite a bit of fresh data will be hitting the headlines this morning including the key manufacturing report for the nation, which last month came pretty close to reporting a contraction.

The Euro Area's manufacturing PMI, released today, activity decreased to 52 in June from 54.6, "signalling a substantial loss of momentum in the sector," according to Nomura Global Economics. The unemployment rate flat in May, at 9.9%.

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Daily Rate Update: 1/18/2011

Average Mortgage Rates
 TODAYYESTERDAYCHANGE
30 Yr FRM 4.81 4.76 0.05%
15 Yr FRM 4.15 4.11 0.04%
FHA 30 Year 4.72 4.66 0.06%
Jumbo 30 Year 5.73 5.70 0.03%
5/1 Yr ARM 3.54 3.52 0.02%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 1/18/11 6:13 PM
Jan 18, 2011 6:04PM

The Range is the Range Until the Range is Broken. Waiting Game Continues in Rates Market

As long as this range prevails, it's lowest yield levels continue to be ideal lock suggestions, while it's weaker levels are entry points better suited for float boaters. We still haven't seen enough motivation to change this fact. Until we do, we'd continue to favor playing the range until the range plays us.

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