After improving for the first time in almost two weeks yesterday, Mortgage Rates increased back to Wednesday's levels.

In many cases, this raises best-execution an eighth of a point, but there continues to be a lot of variation in pricing between lenders.

Today's Rates: 

  • BESTEXECUTION 30YR FIXED -   4.25%.  A few lenders higher or lower by an eighth
  • FHA/VA - Straddling 3.75 and 3.875%
  • 15 YEAR FIXED -  Solidly back to 3.5% today
  • 5 YEAR ARMS -  low to mid 3% range, variations from lender to lender.

Ongoing Guidance At 4.25% Best-Execution Levels: you can approach the upcoming days in one of two ways: either rates will continue higher, and the general range of rates would be 4.25-4.75% in terms of Best-Execution, OR we've hit a wall of sorts, and can either bounce lower or hold steady.  The more days you wait to determine this, the more money you'll lose if the first scenario plays out and the more you'd gain if the second scenario plays out.  If rates don't look like they're holding steady or improving by the end of this week, we'd be locking everything (and fairly close to that sentiment already, but feel it's at least one day too soon to say for sure).

New Guidance: Here we are on Friday and I'm somewhat struck by the fact that the "ongoing guidance" written several days ago might as well have been written today.  Technically speaking, rates are still holding steady at 4.25, but if things get just marginally worse in the Secondary Mortgage Market, we'll be in one of those "forced to lock at a loss" scenarios.  If that sounds particularly unpleasant to you, and you're OK with today's rate, locking now isn't a bad decision.  Markets certainly aren't making it easy.  Rates have been pushed right to the very edge of the following spectrum.  As soon as it goes off the right hand side, everything changes.