After improving yesterday, Mortgage Rates mostly held steady today although the Secondary Mortgage Market was volatile, especially late in the day following news that the European bailout fund would be increased.

Despite that volatility, Best-Execution continues to average 4.125% although the variations between lenders are perhaps even larger today than the already elevated levels.

 Today's Rates: 

  • BESTEXECUTION 30YR FIXED -   4.125% - lots of variation in both directions
  • FHA/VA - 3.75%.  Some higher.
  • 15 YEAR FIXED -  Mostly 3.5%.  + or - .125%
  • 5 YEAR ARMS -  low 3% range, variations from lender to lender.

Ongoing Guidance While Best-Ex Is At Or Below 4.25%: 


New Guidance: Once again, the same guidance applies as last Thursday.  That's worth a read if you haven't seen it yet.  Just be aware that Asian and European markets haven't had a chance to trade the headlines that moved markets late in our own trading session.  That could cause some volatility tomorrow, and that volatility could go either way.  If you're now looking at a better rate than you once were, either you cash in your gains, lock, and move on or you float to see if you can get an extra eighth and resolve to lock if rates rise back to 4.25% Best-Execution levels.  Remember that any mention of floating really only applies to those scenarios who are flexible enough to run the risk of paying more closing costs, a higher rate, or potentially losing a deal altogether.  All others shouldn't really try to beat the market when rates are as close as they are to all time lows.