September 3rd Best Mortgage Interest Rates and Lock Recommendation
By: Freeman Liz
September 07, 2010
| Program | Rate | |
| 30 Year FRM | 4.38% | Worse by .03 |
| 15 Year FRM | 3.77% | Worse by .01 |
| 5/1 Year ARM | 3.52% | Worse by .02 |
| Jumbo 30 Year FRM | 5.56% | Worse by .01 |
Here is today's look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac's AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.
LOCK ALERT *** RATES INCREASE ON UNEMPLOYMENT DATA ***
| Program | Rate | |
| 30 Year FRM | 4.35% | Worse by .02 |
| 15 Year FRM | 3.76% | Worse by .01 |
| 5/1 Year ARM | 3.50% | Worse by .01 |
| Jumbo 30 Year FRM | 5.55% | Worse by .02 |
Here is today's look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac's AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.
LOCK ALERT *** RATES INCREASE IN ADVANCE OF JULY'S EMPLOYMENT SITUATION REPORT ***
| Program | Rate | |
| 30 Year FRM | 4.35% | Worse by .02 |
| 15 Year FRM | 3.76% | Worse by .01 |
| 5/1 Year ARM | 3.50% | Worse by .01 |
| Jumbo 30 Year FRM | 5.55% | Worse by .02 |
Here is today's look at best mortgage rates, (which do not include discount points, origination points, or loan level risk based price adjustments) provided by Mortgage News Daily, Freddie Mac, and other sources. Note that Freddie Mac's AVERAGE rates are typically higher than BEST rates, because average rates include surcharges for risks associated with property types, down payments, and credit scores. To be eligible for BEST rates, borrowers need spotless credit (740 score or better), a sizable down payment (20-25%) or equity amount, and stable, adequate, and documentable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built.
LOCK ALERT *** RATES INCREASE IN ADVANCE OF JULY'S EMPLOYMENT SITUATION REPORT ***
Revisions to June and July's monthly unemployment reports showed 123,000 fewer job losses than previously reported. This was more favorable than expected (increasing unemployment is negative for the economy but good for mortgage interest rates).?? While unemployment rose to 9.6% after the census workers lost their temporary jobs, this was expected. Overall, the news was good for the economy and so stocks rose and mortgage rates worsened for the third straight day. However, I would expect rates to bounce a bit over the net few weeks, as a positive economic trend has yet to be established.
Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.
