Mortgage Interest Rate Market Guide

29 Jan, 2009

Daily Mortgage Interest Rater Observer 01/29/09

Rates — Posted by mikerogers @ 07:56
Today we saw two economic reports and both are disappointing for the economy.  1- jobless claims, economists were looking for 580,000 but number was 588,000.  2-  durable goods sales, economists where expecting a drop of -2.0% but the number came in at -2.6%. These reports should have helped push rates down but instead rates have gotten materially worse. 

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-

6.50%***. You can buy this rate down to 5.50% with a 1 point fee.

FHA-

6.75%*** with the below fee structure. You can buy this rate down to 5.50% 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. 

 


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