|30 Year FRM||4.32%||Better by .01
|15 Year FRM||3.71%||Better by .03|
|5/1 Year ARM||3.55%||Better by .03|
|Jumbo 30 Year FRM||5.52%||Better by .04|
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 Mortgage News Daily, Freddie Mac, 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.
LOCK ALERT *** RATES IMPROVE FOLLOWING BOND SALES***
Today's 7-year Note sale was met with a robust demand from investors, building on the momentum started by Tuesday's 5-year Note sale, which also went well. It shows there is still a good appetite for mid- to long-term securities, which is good news for mortgage rates. Investor demand for these type of instruments is needed to keep mortgage rates low.
Liz Freeman has more than a decade of mortgage lending experience. She writes about mortgage and finance issues and is a regular contributor to Mortgage News Daily.