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Reports from fellow mortgage professionals indicate lender rate sheets to be marginally better today. The par 30 year conventional mortgage rate is in the 4.75% to 5.00% range for well qualified consumers. More or less mortgage rates are unchanged from Friday, but more lenders have moved into the lower side of that range today....

Despite mortgage rates bumping a few basis points higher, I continue to favor locking. Stocks seem like an unstoppable force moving higher plus we have more Treasury auction supply coming on Thursday. Both of these factors are pressuring mortgage rates higher. Additionally, mortgage rates are only 0.125% away from the best rates of the year so you... ...

If you can lock in today at 4.875% with acceptable fees, you should strongly consider locking. If your lender is offering 5.00% or higher, I feel it is worth the risk to float. Our "lock at the price highs, float the lows" strategy has worked well this year. I continue to believe 4.75% is the lowest rate we shall see this year....

It will be a very busy week of economic data releases and headline news events. We have casually discussed the idea of a short term float position. This is a very risky move, but if you are approaching the 10 day window to lock your loan, and have a few days to watch, there might be an opportunity to pick up 0.125% in rate. That's really not much in the grand scheme of things unless you are floating a high-cost area loan amount. With that said, if you are 20 days out of closing, I still I favor locking over floating....

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....