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Following the release of Industrial Production data, stocks extended overnight gains and benchmark interest rates rose. This pressured mortgage backed securities prices lower...before most lenders published loan pricing. Consequently, consumer borrowing costs increased slightly today. The losses were not large enough to say the par 30 year fixed mortgage rate moved higher though. We don't see today's sell off as a major cause for concern yet, but still feel anyone floating their loan within 30 days of closing should lock. We will alert if the tide turns......

Mortgage rates looked like they were going to move up today as stocks were indicated to open higher before the lenders published rate sheets. However it wasn't long before stocks lost momentum and a flight to quality led benchmark Treasury yields lower. This helped mortgage-backed security prices rally from early session lows and resulted in multiple lender reprices (one for the better, then one for the worse, then one for the better again). ...

Reports from fellow mortgage professionals indicate mortgage rates are holding steady, near last week's aggressive closing levels. The par 30 year conventional rate mortgage remains in the 4.625% to 4.875% 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. If you are seeking a 15 year term, you should expect a par rate in the 4.25% to 4.50% range with similar costs. ...