Once again, Mortgage Rates have improved very slightly.  This wasn't necessarily the case this morning, but market movements during the day resulted in several lenders offering small improvements.

Most of those improvements will be seen in terms of slightly lower closing costs as Best-Execution remains centered on 4.0%. 

Today's Rates: 

  • BESTEXECUTION 30YR FIXED -   Centered on 4.0%
  • FHA/VA - 3.75, fewer 3.875%
  • 15 YEAR FIXED -  3.375%-3.5%
  • 5 YEAR ARMS -  low 3% range, huge variations from lender to lender.

Today's Guidance: Rate offerings from lenders over the past month have been like a temperamental pitching machine in a batting cage-generally getting the ball across the plate, but with no really juicy pitches.  But now Friday and Today's rates have been akin to nearly perfect pitches.  Sure... you've seen better, but not by much.  How many more will you count on before calling it a day?  Personally, I'd like to end my batting cage session with a nice hit.  The more "pitches" you wait for with rates already at a 4.0% Best-Ex pushing 3.875% soon, the greater the risk that the next pitch will be a curveball.  To drop the metaphor, although rates this low CAN go slightly lower, the improvements are fairly minimal compared to how much higher they could go.  Still, if you're not in any particular need to refinance and are operating on a longer-term perspective, we continue to feel good about that "wall" at a 4.25% best-execution level as a good stop-loss point for inclined floaters.