Mortgage Rates: 4.875% is Best Execution. 4.75% Buydown is Expensive

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Posted To: Mortgage Rate Watch

Yesterday we informed you that the best execution conventional 30 year fixed mortgage rate had fallen to 4.75%. Well it moved back up to 4.875% today. In yet another volatile trading session, lenders were excessively unfriendly with loan pricing out the gate this morning. However, following a strong 10-year Treasury note auction, MBS prices benefited from a modest benchmark interest rate recovery rally. The corresponding effect on mortgage rates was widespread repricing for the better. Repricing for the better = cheaper closing costs. Repricing for the worse = more expensive closing costs. Unfortunately, even after reprices for the better, loan pricing was still worse than it was yesterday and the best execution conventional 30 year fixed mortgage rate still moved back up to 4.875%. We say...(read more)

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Source: www.mortgagenewsdaily.com

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