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Reports from fellow mortgage professionals indicate lender rate sheets to be similar to Friday’s repriced sheets. The par 30 year conventional rate mortgage remains in the 4.875% to 5.125% range for well qualified consumers. We do have a couple lenders offering 4.75%. I continue to favor locking. Lenders and market participants have proven many times this year their reluctance to drive rates lower. ...

The week ahead is busy with the highest impacting report scheduled to be released on Friday morning. Reports from fellow mortgage professionals indicate rate sheets to be slightly worse than the repriced rate sheets of Friday afternoon. The par 30 year conventional rate mortgage continues to hold in the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. You may elect to pay less in closing costs, but you will have to accept a higher interest rate. ...

Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage remains in the 4.50% to 4.75% range for well qualified consumers. There are, HOWEVER, several lenders rewarding high FICO, low LTC borrowers with 4.375% rates. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs associated with the loan including an estimated one point loan origination/discount/broker fee. If you are seeking a 15 year term, you should expect a par rate between 4.00% to 4.25% with similar costs. While AQ and MG do believe that benchmark rates have room to fall further, we all agree that mortgage rates are not likely to continue to decline. That said, I continue to recommend locking over floating. At this point we are seeing about the best rates in history and lenders continue to be reluctant to offer lower rates. ...