Mortgage Rates: Closing Costs Rise. Best Execution Steady

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Posted To: Mortgage Rate Watch

After worsening sharply on Tuesday, mortgage rates didn't move much yesterday. But better than expected economic data this morning and a weak Treasury auction this afternoon provided a one-two punch that sent borrowing costs to the highest levels of 2011. All 20 days of it. Reprices for the worse were wide spread. Interestingly enough, although closing costs did move higher today, best execution mortgage rates remain unchanged. If your lender has been updating your loan pricing on a daily basis, your closing costs rose by about 0.25% of your loan amount today. This works out to $250 for every $100,000 you borrow. The "best execution" conventional 30 year fixed mortgage rate is 4.875%. Lenders are still offering 4.75% but the upfront permanent buydown costs would take over 10 years to recover...(read more)

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Source: www.mortgagenewsdaily.com

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