| Program | APR | Change |
| 30 Year FRM | 4.11% | Worse by .02 |
| 15 Year FRM | 3.57% | Unchanged |
| 5/1 Year ARM | 3.20% | Worse by .02 |
| Jumbo 30 Year FRM | 4.63% | 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 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 *** VOLATILE MARKETS; LOOK TOWARD MONDAY ***
Lenders this morning increased mortgage rates over yesterday's rock-bottom lows as stocks rebounded from yesterday's selloff. But then they "unrebounded" as the day went on; bad news from HP and concerns from Europe derailed the stock market comeback. Don't expect mortgage lenders to reprice for better today, though. They generally prefer to price cautiously on Fridays, building in a margin in case anything over the weekend pushes rates up. If not locked, I'd wait until Monday to pull the trigger.
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.
