Mortgage Rates: Running into Resistance

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Posted To: Mortgage Rate Watch

Consumer borrowing costs lost a very small amount of ground today. Mortgage rates are still about aggressive as they've been since late January though.... CURRENT MARKET : The "Best Execution" conventional 30 year fixed mortgage rate is still 4.875%. For those looking to permanently buy down their rate to 4.75%, this quote carries higher closing costs. The upfront cost of permanently buying down your rate to 4.75% is not worth it to many applicants, we would generally only advise the permanent floatdown if you plan to keep your new mortgage outstanding for longer than the next 10 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...(read more)

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Source: www.mortgagenewsdaily.com

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