| Program | APR | Change |
| 30 Year FRM | 4.12% | Better by .03 |
| 15 Year FRM | 3.60% | Better by .03 |
| 5/1 Year ARM | 3.21% | Better by .01 |
| Jumbo 30 Year FRM | 4.65% | Unchanged |
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 HSH.com, Mortgage News Daily, 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 percent) or equity amount, and stable, adequate, and verifiable income. In addition, the property must be located in a healthy (not declining) market and must be conventionally built (not a condo, manufactured home, farm, etc.). Finally the Freddie Mac rates are averaged over a week's time; the current mortgage rates on this site are updated daily.
LOCK ALERT *** RATES DROP AS STOCK STAGGER ***
As I predicted yesterday, rates did improve late in the afternoon. Lenders repriced for better in the late afternoon and first thing this morning. That respite may be short-lived; the Labor Department reported early this morning that the Producer Price Index (PPI) rose 0.2% last month while the core data reading rose 0.4%.This was stronger than analysts forecast, indicating inflation at the producer level of the economy. This was offset though by weakness in equities as tech stocks got hammered; investors had nowhere to go and so bond benefitted. Yields are down again, and while mortgage rates don't move in lockstep with safer Treasuries, they do take their cue from them. I'd expect rates to perhaps drop again slightly this afternoon. Those planning ojn locking might want to wait until the end of the day to do so.
If closing in the next 15 DAYS, I would LOCK my rate; otherwise, I'd 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.
