|
Program |
APR |
Change |
|
30 Year FRM |
3.83% |
Better by 0.01 |
|
15 Year FRM |
3.28% |
Better by 0.02 |
|
5/1 Year ARM |
3.03% |
Better by 0.01 |
|
Jumbo 30-Year FRM |
4.05% |
Better by 0.02 |
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.
LOCK ALERT *** RATES HIT NEW RECORD LOW ***
Today's mortgage rates for the 30-year fixed-rate mortgage dropped to 3.83 percent for a 30-year fixed home loan, down from the previous record of 3.84 percent.
However, that 0.01 of a percent improvement isn't the big news for mortgage borrowers. It's the continuation of a trend of tiny movements in a downward direction that's important -- meaning it will take something pretty unexpected to shake up the trend and cause rates to lurch upward. In addition, this is a pretty light week for the schedule of economic report releases from the government and other players, so it's less likely there will be rate-changing economic news.
This falling trend is good for those who don't want to pay the added premium to lock a rate for more than 30 days. Things aren't likely to be much different in a few days or even a couple of weeks, so you can probably hold off without being punished.
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.
