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Mortgage rate update

Someone called the last week or so the 'eye of the storm.' The calm, rate dropping part of the storm. Rates have started to move back up on us. I locked everyone I know in last week, and I am glad I did!

Rate graph since the beginning of April. Red is bad, green is good.

Here is a pricing scenario:

740+ credit score, 20% down, purchase, conventional loan.

4.750% Rate (4.867% 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 4.500% (4.647% APR).

Each scenario will be different. Please let me know if you'd like me to run a scenario for you!

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