|
Program |
APR |
Change |
|
30 Year FRM |
3.87% |
Better by 0.03 |
|
15 Year FRM |
3.35% |
Better by 0.02 |
|
5/1 Year ARM |
2.98% |
Better by 0.01 |
|
Jumbo 30-Year FRM |
4.17% |
Better by 0.03 |
Here is today's look at best mortgage rates provided by HSH.com, Mortgage News Daily and other sources. These do not include discount points, origination points or loan-level, risk-based price adjustments. Note that average mortgage rates are typically higher than the best mortgage rates, because average rates include surcharges for risks associated with property types, down payments and borrower credit scores. To be eligible for the best rates, borrowers need excellent credit with a score of 740 or better, a sizable down payment or equity amount of 20 to 25 percent and stable, adequate, verifiable income. In addition, the property must be located in a healthy, not declining market and must be conventionally built. Condominiums, manufactured homes and farms do not apply.
LOCK ALERT *** STOCKS DROP LIKE ROCKS; MORTGAGE RATES IMPROVE ***
If you thought that Friday's announcement of a European financial rescue package signified the end of the eurodrama, you'll be disappointed. Ratings agency Moody's stirred things up by announcing plans to review the credit ratings of all European Union members in January 2012.
On this less-than-promising news, formerly smitten investors left stocks at the altar and returned to bonds and mortgage-backed securities, pushing the Dow down by more than 200 points and driving bond and mortgage-backed securities prices higher. This shift of money moves yields (rates) lower--which is great for mortgage borrowers looking for the lowest rates.
If closing in the next 60 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.
