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Reports from fellow mortgage professionals indicate lender rate sheets to be worse this morning., mortgage rates are higher. While the par 30 year conventional mortgage rate does remain in the 4.75% to 5.00% range (for well qualified consumers), it will cost more to get that rate today. To secure a par 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. If you are seeking a 15 year term, you should expect par in the 4.25% to 4.50% with similar fees. I would like to take a moment to clarify rate quotes. There are many variables that are come into play when one is asking for mortgage rate quotes. These variables include your FICO score, your loan to value, the type of property, your loan size, and the amount of closing costs you are paying. Even the state you live in has an effect on mortgage rates and borrowing costs. Just because you have a 800 FICO score doesn’t imply you will qualify for the best rates. Many factors are involved in mortgage rate pricing. The quotes I provide are the lowest rates available in the market. ...

Although vacations are over in Washington and the summer session has ended on Wall Street, a slow economic calendar combined with a holiday hangover kept trading activity light yesterday. Mortgage rates were mostly unchanged....AGAIN. I don't want to come across as upset about that in anyway. After a summer long battle with volatility it has been nice to work in a more stable environment. Lets just hope the recent range holds! ...