Daily Mortgage Interest Rate Observer 01/27/09
Yesterday a handful of large corporations announced layoffs. These announcements threw cold water on any rate increases that we may have been experiencing in the last two weeks. We are seeing a slight improvement this morning.
My recommendation is to lock if you are closing within 15 or 30 days.
The average rate for the top 15 national banks with the following terms: Owner occupied homes, 30 year fixed mortgage, RATE LOCKED FOR 30 DAYS, platinum borrower*, zero origination, zero discount points is-
5.75%***. You can buy this rate down to 5.0% with a 1 point fee.
FHA-
6.0%*** with the below fee structure. You can buy this rate down to 5.0% with a 1 point fee.
15 bank closing cost averages (title, escrows and settlement not included)- appraisal, credit, underwriting, processing, tax service, flood certification, document drawing, etc.-
$1560***
***The lower the rate the higher the fees. The higher the rate the lower the fees. Like a teeter totter.
See my prior posts for new rate/fee adds introduced by Fannie Mae for conventional loans.
