Mortgage Rates: Borrowing Costs Up Five Days in a Row

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Posted To: Mortgage Rate Watch

Home loan borrowing costs have extended their losing streak to five days. "Best Execution" mortgage rates didn't move higher today though, just the closing costs associated with those quotes. The "Best Execution" conventional 30 year fixed mortgage rate is still split between 5.125% and 5.25%. If you meet the requirements outlined in the disclaimer below, you should be able to execute a loan commitment at 5.25% with lender credits. 5.125% is on the board in some spots of the country but the permanent buydown isn't worth it to every applicant. We would generally advise the permanent floatdown if you plan to live in your house for longer than 5 years. 5.00% is still out there as well but will definitely require points paid at the closing table. Ask your originator to run a breakeven analysis...(read more)

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Source: www.mortgagenewsdaily.com

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