November 23, 2012
Mortgage rates were unchanged on Friday, based on the small minority of lenders who remained open. Taken together with the first three days of the week, rates moved higher at first and have now leveled off in conservative territory. In this context, "conservative" means "higher than they otherwise might be," and we'd ascribe that phenomenon to the lack of participation surrounding the holiday.
In other words, it's not uncommon to see rate sheet pricing be a bit more conservative into long weekends. Despite the fact that markets were technically open for half a day today, most lenders were not. Additionally, markets generally treat the Thanksgiving holiday as a four day weekend. Best Execution on 30yr Fixed Conventional loans remains at 3.375%.
(Read More:What is A Best-Execution Mortgage Rate?)
Today's Best-Execution Rates
- 30YR FIXED -3.375%
- FHA/VA - 3.25% (varies more between lenders than conventional 30yr Fixed)
- 15 YEAR FIXED - 2.875% - 2.75%
- 5 YEAR ARMS - 2.625-3.25% depending on the lender
Ongoing Lock/Float Considerations
- Rates and costs continue to operate near all time best levels
- Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating
- This will always be the case when rates operate near all-time levels, and as 2011 showed us, it doesn't always mean they're done improving.
- (As always, please keep in mind that our talk of Best-Execution always pertains to a completely ideal scenario. There can be all sorts of reasons that your quoted rate would not be the same as our average rates, and in those cases, assuming you're following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).