Mortgage Rates: Seven Day Skid

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Home loan borrowing costs drifted marginally higher for the seventh consecutive session today. The trend is not your friend! HERE is a chart. 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 fee to permanently buy down your rate to 4.75% is not worth it to every applicant, 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 4.75%. 15 year fixed conventional loans are best...(read more)

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Source: www.mortgagenewsdaily.com

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