Mortgage Rate Update
Mortgage rates are getting a little bit better this morning, basically offsetting the losses we had on Friday.
Not really much movement over the last 6 weeks, as pricing has stayed in the same range. Here red is bad, green is good.
Everything is saying to lock in rates as the FOMC meeting is coming up, where there is a good likelihood that they will raise rates.
Here is a pricing scenario for you to get an idea of where things are at:
740+ credit score, 20% down, purchase, conventional loan.
4.625% Rate (4.712% APR)
I always tell people that they can have any rate that they want. I priced this scenario with no extra cost for the rate, and no lender credit. If you wanted to pay about 1% of the loan amount towards a discount in the rate, you'd be looking at 4.375% (4.481% APR).
Each scenario will be different. Please let me know if you'd like me to run a scenario for you!