Mortgage Rates: Best Execution Back to 5.00%

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Posted To: Mortgage Rate Watch

The Best Execution conventional 30-year fixed mortgage rate rose today. UPDATED CURRENT MARKET : The "Best Execution" conventional 30-year fixed mortgage rate is now 5.00%. For those looking to buy down their rate to 4.875%, this quote carries higher closing costs but the permanent buydown fee is not overly expensive. The upfront cost of permanently buying down your rate to 4.875% is worth it to applicants who plan to hold their new mortgage for longer than the next 5 years. Ask your loan officer to run a breakeven analysis on any origination points they might require to cover permanent float down fees. On FHA/VA 30 year fixed "Best Execution" is still 4.75%. 15 year fixed conventional loans are best priced at 4.25%. Five year ARMS are best priced at 3.625%. PREVIOUS GUIDANCE : If your lock...(read more)

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Source: www.mortgagenewsdaily.com

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