| Program | APR | Change |
| 30 Year FRM | 4.68% | Worse by .02 |
| 15 Year FRM | 3.80% | Worse by .02 |
| 5/1 Year ARM | 3.26% | Worse by .01 |
| Jumbo 30 Year FRM | 5.02% | Worse by .01 |
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 documentable 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.).
LOCK ALERT *** COSTS UP 0.25 POINT THIS MORNING ***
Friday, the rumor mill predicted that the debt talks were progressing and that a deal was expected to raise the debt ceiling and drop the national debt. however, talks fell apart over the weekend and posturing on both sides has financial markets very nervous. All three major credit rating agencies have warned in the past week that they are considering a downgrade of the nation's debt, which would raise the costs of borrowing for all and cause the best to go up anyway. You could hang in there and hope for a solution if refinancing, but if you're under a contract to buy a home I recommend locking.
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.
