|
Program |
APR |
Change |
|
30 Year FRM |
3.97% |
Better by 0.01 |
|
15 Year FRM |
3.37% |
Better by 0.02 |
|
5/1 Year ARM |
3.01% |
Unchanged |
|
Jumbo 30-Year FRM |
4.22% |
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 loan-level risk-based price adjustments imposed by Fannie Mae and Freddie Mac. 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.
*** POOR STOCK EARNINGS DRIVE MORTGAGE RATE DECREASE ***
U.S. and European stock markets wilted today in the face of disappointing earnings reports from companies like Travelers, Verizon and McDonald's. Apple was the only bright star, reporting record-setting sales last quarter. Greece was once again cause for concern as it struggles to put togather a deal to avert a March default on its 14 billion euro payment.
But wait, there's more! The International Monetary Fund dropped its expectations for the world economy, warning that Europe's debt problems are reaching crisis proportions. Bonds and mortgage rates saw a tiny benefit from the turmoil, and rates dropped a couple of basis points.
If closing in the next 30 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.
