Mortgage Rates: Best Ex Barely Budges. Closing Costs Spike

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Posted To: Mortgage Rate Watch

Last Friday fence-sitting borrowers had a chance to lock up the most aggressive mortgage rate/closing cost combination we've seen since early December. This might sound exciting but the improvements were modest in the grand scheme of things. Why? Mortgage rates have bounced around a relatively tight range since the end of December. 4.875% has been the sweet spot on conventional 30 year fixed home loans while 4.75% has offered the most sensible note rate/closing cost scenario on FHA 30 year fixed loans. Closing costs have been the only major variable in the decision making process. Don't get me wrong. Intraday volatility has been abundant in the secondary mortgage market, but "Best Execution" has barely budged in the primary market (consumers). Nonetheless, mortgage rates/closing costs were...(read more)

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Source: www.mortgagenewsdaily.com

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