Mortgage rates got cheaper at the table today but didn't improve in principal.....(INSTANT RIM SHOT!)

What I mean by "cheaper at the table" is the cost to permenantly buydown your mortgage rate improved by about 0.25% today,  as a percentage of your loan amount. That is, if you are floating your mortgage rate and want to be quoted the additional closing costs to float your mortgage rates from, for example, 4.75% to 4.625%, your closing costs would be 0.25% (of your loan amount) cheaper. 

What I meant by "didn't improve in principal" is....the best execution par 30 year fixed mortgage rate is still 4.75% for very well qualified customers. Although closing costs are 0.25% cheaper (of the loan amount) to float down to 4.625%, the cost to permanently buydown your mortgage rate to 4.625% is still too expensive to consider. This only applies to folks who are not 100% sure they will still be paying  this mortgage in 10s years. If you intend to pay this mortgage for at least the next 10 years, then you should consider the permanent buydown option.

Important Mortgage Rate Disclaimer and Explanation: Loan originators will only be able to offer these rates on agency conforming loan amounts to borrowers who are have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher and your buydown costs will be different. Please consult a mortgage professional for personalized quotes. Best execution is intend to imply "no origination points". This does not mean "no cost" loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recordation + escrows (things like upfront MIP (if required), property taxes, homeowners  insurance, accrued interest)". (talking really fast like they do at the end of radio commercials)

HERE is a quantitative explanation of why 4.75% is the "best execution" par 30 year fixed mortgage rate for very well qualified borrowers