|30 Year FRM||4.66%||Better by .03
|15 Year FRM||3.95%||Better by .03|
|5/1 Year ARM||3.29%||Better by .01
|Jumbo 30 Year FRM||5.15%||Better by .03
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%) 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 *** RATES IMPROVE ON SOFT ECONOMIC DATA ***
424,000 new claims for unemployment benefits were filed last week, up from the previous week. This is good news for mortgage rates because it indicates a slightly weaker employment picture. In addition, the government reported that gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 1.8% in the first quarter, down sharply from the 3.1% of 4th quarter 2010. Stocks moved down, and bond prices increased, pushing rates down.
If closing in the next 60 DAYS, I would LOCK my rate; otherwise I would 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.