Mortgage Rates: Stable Before Fed Meeting

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Posted To: Mortgage Rate Watch

Home loan borrowing costs improved slightly today, though Best-Execution rates remained the same. Nervous tensions surrounding the potential economic impact of the earthquake in Japan sent a shock-wave through global markets today. U.S. stocks suffered and as is often the case during equity sell-offs, bond markets benefitted, including those that directly influence mortgage rates. 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...(read more)

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Source: www.mortgagenewsdaily.com

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