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 FOLLOWING  RETAILS SALES REPORT***

Today’s rates increased following the release of the Commerce Department’s February retail sales data, which was more favorable than expected. The report showed that sales exceeded forecasts by a wide margin, increasing this morning’s mortgage rates by approximately .125 - .250 of a discount point. This was slightly offset by the University of Michigan’s Index of Consumer Sentiment, which at 72.5  was lower than forecast and is  good news for mortgage rates.

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.

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 *** TREASURY AUCTIONS WENT WELL, LOOK FOR RATES TO DROP***

Today’s rates opened flat on slightly weaker than expected unemployment data and slightly stronger than expected trade balance figures. At 1pm EST, the Department of Treasury released the results of today’s $13 billion 30 year bond auction, and they were favorable for mortgage rates. Demand for US debt remains high. Prior to the auction, benchmark yields were rising and MBS prices were falling. Look for lower mortgage interest rates this afternoon.

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.

Shopping online offers advantages you might not have thought about. First, you can’t really compare lenders’ offers if you get them piecemeal, some of them on one day, others the next — because mortgage rates can change in a matter of hours. Comparing a quote from Monday with one on Wednesday isn’t meaningful. Shopping online means that you can contact many lenders at once and get quotes from the same day.

In addition, shopping online protects your privacy. Worried about discrimination? Mortgage lending has come a long way,  and overt, deliberate discrimination is almost entirely a thing of the past.  Today, discrimination is more likely to be unintentional, according to the Federal Reserve. But unintentional or not, if you can avoid it, why not do so? The fact that you are shopping online gives lenders a heads-up, letting them know that you are no pushover and are shopping around. And they have no idea who you are.

Want good information? Be prepared to provide information. The best and most reliable mortgage quotes come with Good Faith Estimates, which are legal commitments by the lender to honor the rate and fees disclosed.  Worksheets or scenarios don’t come with the same guarantee, so a GFE is better. But lenders can’t provide one without a lot more information from you — your credit scores (or SS number so yor scores can be obtained), the property address, its value or sales price, your down payment or equity (if refinancing, you’ll need the payoff on your current loan), the purpose of the loan (cash out refi, purchase, rate and term refi), and the property use (primary residence, rental, vacation home). If you are able to provide all this information, the lender should be willing to furnish a GFE — no excuses.

What difference does it make? A lot.  Paying 5.25% instead of 5% on a $300,00 mortgage means paying $47  more per month, and  $17,123  more over the life of the loan — probably worth a few hours of shopping when you get your next refinance.

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 UP SLIGHTLY, MAY CHANGE AFTER TREASURY AUCTION***

Today’s bond and mortgage-backed securities markets opened in negative territory in advance of today’s Treasury auction of ten-year notes. The stock markets are showing small gains, and the bond market is currently down 8/32, which translates into a morning rate increase of approximately .125 - .250 of a discount point.

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.

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 FLAT, NO RELEVANT DATA TODAY***

Today’s bond and mortgage-backed securities markets opened up slightly, but not enough to improve mortgage rates. The stock markets are showing minor gains with the Dow up 13 points and the Nasdaq up 9 points. The bond market is currently up 4/32, which should keep this morning’s mortgage rates at yesterday’s levels.

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.

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 BEFORE TREASURY AUCTION***

Bonds and mortgage-backed securities prices continued downward today (increasing mortgage pricing by about .125% discount point)  as investors anticipate an oversupply of American debt. The government will begin auctioning $74 billion of Treasurys starting Tuesday. The auctions are scheduled to include $40 billion in three-year notes, $21 billion in 10-year debt, and $13 billion in 30-year bonds.

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.

Lower Mortgage Rates Offer Flexibility

Lower mortgage rates can assist with buying your next home in several ways:

• Lower monthly payments. Given identical fixed-rate loan amounts and repayment terms, lower mortgage rates yield lower monthly payments. You can use the APR (annual percentage rate) when comparing mortgage quotes; the APR is a single rate that takes into account the costs of a particular mortgage loan, including mortgage rate, lender fees, and closing costs, assuming you hold the mortgage for its entire term. If low monthly payments are a priority, you might consider pay more in up-front costs to receive the best mortgage rate.
• More buying power. Because of the lower monthly payments, lower mortgage rates can allow you to borrow more. If you’ve found a home you want at the higher end of your budget, getting the lowest mortgage rate can help with affordable financing. Getting preapproved for a mortgage loan can also enhance negotiating power with sellers, who will know you’re financially qualified to make an offer.
• Pay off your mortgage faster. The less interest you pay, the faster you can pay down your mortgage balance. In an amortizing loan, during the first years of making payments, most of your payment is credited to mortgage interest. As you get farther into your loan term, more of your payment will be applied toward your principal balance. The lower your interest rate, the sooner you can start making a dent in the balance. Another option with low mortgage rates is to see if you qualify for a 15-year mortgage. Your mortgage payments will be higher than with an equivalent home loan with a 30-year term, but if you can support the payment, you can save thousands of dollars in interest charges with a shorter mortgage repayment term and be free and clear in less time.

Our live database of current mortgage rates can help you find the best mortgage rates in your area.

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 UP ON FAVORABLE EMPLOYMENT DATA***

Today, the US Labor Department reported that the U.S. unemployment rate remained at 9.7% in February, when analysts expected a 0.1% increase. 36,000 jobs were lost instead of the expected 65,000 jobs. Both of these readings are bad for bonds and mortgage-backed securities and good for the stock markets since it indicates a healthier labor market than anticipated. Expect rates to increase by .25 discount point.

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.

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 VOLATILE, LOOK FOR DROPS***

Today’s ADP Employment Report  indicated that private employers dumped 20,000 jobs last month, matching economists predictions.  However, last month’s report was revised worse from a first reported loss of 22,000 to a much larger loss of 60,000 jobs! This was offset by today’s ISM non-manufacturing index, which concluded the service sector of our economy improved much more than expected registering a 53.0 reading (anything over 50 means expansion and is bad for interest rates).

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.

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 FLAT, WAITING FOR TOMORROW’S EMPLOYMENT DATA***

The 4th quarter Productivity Index was revised up to an annual rate of 6.7%. That means that employees were more productive in quarter 4 than previously thought, which is good news for bonds and mortgage-backed securities because the economy can grow more easily without inflation concerns when productivity is high. Tomorrow morning brings us one of the most important reports we see each month. It will be February’s Employment report and that could really move mortgage rates.

If closing in the next 60 days, I would LOCK my rate; otherwise, I would FLOAT my rate. This is only an opinion–what I would do if I were closing a mortgage at this time. Your decision may depend on other factors such as the strength of your loan approval and your tolerance for risk, and must be made with those in mind.

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.