The six day streak of rising mortgage rates finally stalled out yesterday! Although mortgages started yesterday on a negative note, mortgage-backed securities prices managed to recovery all early losses after a slightly above average 5 year Treasury note auction. After the auction, several lenders repriced for the better which moved mortgage rates a few basis points lower. Reports from fellow mortgage professionals do indicate lender rate sheets have improved from yesterday. The par 30 year conventional rate mortgage is in the 4.875% to 5.25% range for well qualified consumers with reports of at least one lender offering 4.875%. 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.
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