Mortgage Market Guide for 01/13/09
Yesterday was an uneventful day with mortgage rates. We opened up near the levels we closed at so mortgage borrowers didn't see much change in rates during the day. We did see a very small improvement this morning but nothing to write home about. Some lenders may not even pass that through to the customers. Stay tuned as things are bound to change one way or the other.
The Fed is doing a good job at supporting current mortgage rate levels through the MBS purchase program, not allowing the rates to increase too much above 5.375% for a 30 year fixed platinum.
Rates are staying stable at around 5.375% for a 30 year fixed platinum borrower with zero points paid. If you are getting quotes lower than this, double check if they are locked for 30-45 days or "floating". Any rate that floats is subject to change quickly.
