Mortgage Rates: Back To Winning Ways, But Still Defensive

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Posted To: Mortgage Rate Watch

A 3 day winning streak for mortgage rates ended yesterday, but in gentle fashion. This allowed us to keep our best execution 30-year fixed mortgage rate at 5.125%. Today, however, the secondary mortgage market was back to its gaining ways, actually ending up in even better shape than Tuesday evening. CURRENT MARKET : The "Best Execution" conventional 30 year fixed mortgage rate is no longer split between 5.125% and 5.25%....it has fallen firmly to 5.125%. After today's gains, there's an opportunity at 4.875% for those who wish to buy down their rate, as this will involve much higher closing costs than 5.125, but among the potential rates attainable with buy-downs, 4.875 is the best-execution among them. The upfront cost of permanently buying down your rate from 5.125% to 4...(read more)

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Source: www.mortgagenewsdaily.com

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