Mortgage Interest Rate Market Guide

The day started off in an uncertain direction then it picked a course and that course was for the better. I am thankful to say that at least on the mortgage rate front things are looking better, much much better. I'm not sure if it had much to do with the hearings for the car manufacturers but it could have. There was lots of deflationary news coming out of the hearings. Deflation good for rates, inflation bad** stagflation being the horrible exception.

30 year fixed conventional rates today are about: 5.875

30 year fixed FHA rates today are about: 6.0

Keep an eye on Fridays employment numbers. If they are worse than expected rates could improve.  

The above rates and information is offered as a guide for FHA and Coventional Fannie Mae/FNMA 30 year fixed mortgages. Lenders from region to region will differ in rates due to secondary market considerations. The following terms are for the "A" catagory borrowers in both the FHA and FNMA loan catagories. These rates are based on averages from five national mortgage companies in the western region.

Mortgage Market Guide

FHA mortgage rate: 6.125%
FNMA mortgage rate: 6.125

Market momentum today: Opening worse then bumpy but closing better.

Rate lock recommendation for files closing in 30 days: Lock with an ok to float a little.

Keep an eye on Fridays employment numbers. If they are worse than expected rates could improve.  

The above rates and information is offered as a guide for FHA and Coventional Fannie Mae/FNMA 30 year fixed mortgages. Lenders from region to region will differ in rates due to secondary market considerations. The following terms are for the "A" catagory borrowers in both the FHA and FNMA loan catagories. These rates are based on averages from five national mortgage companies in the western region.

Mortgage Market Guide

FHA mortgage rate: 6.125%
FNMA mortgage rate: 6.125

Market momentum today: Worse late day
Rate lock recommendation for files closing in 30 days: Lock

The above rates and information is offered as a guide for FHA and Coventional Fannie Mae/FNMA 30 year fixed mortgages. Lenders from region to region will differ in rates due to secondary market considerations. The following terms are for the "A" catagory borrowers in both the FHA and FNMA loan catagories. These rates are based on averages from five national mortgage companies in the western region.

We saw some great gains in rates last week and most of them held well today, even improving mid day. Whether this lasts remains to be seen.

Currently the MBS market is selling a little worse than it did early in the day. My recommendation is to always lock your rate if you feel the rate being offered is attractive. Currently I'm seeing most 30 year fixed mortgages hovering in the low 6's or high 5's without points. Does depend on credit scores also. Best rates are offered to those with credit scores above 740.

If you are closing your mortgage loan within 30 days my recommendation is to lock.