Mortgage Rates: Sharp Improvements

By
Real Estate Mortgage Broker with West Town Savings Bank

We experienced some wild price swings today but consumer borrowing costs improved in the end. In many cases those improvements were significant.

CURRENT MARKET*: The BestExecution 30-year fixed mortgage rate is between 4.00 and 4.250%. More lenders are willing to offer 4.00% and 4.125% is widely available. On FHA/VA 30 year fixed BestExecutionis 4.00%. Some lenders are willing to quote 3.875% without extra closing costs. 15 year fixed conventional loans are best priced at 3.625% but we're seeing aggressive quotes as low as 3.375%. Five year ARMs are still best priced at 3.25. ARMs seem to have bottomed out.

JS

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Rainmaker
138,748
Faith LaRosse
Realtor(R)
Springer Realty Group

I'll take a little good news, Jon! 

August 11, 2011 07:32 AM
Rainmaker
316,807
Marco Giancola
Realtor (305)608-1922, Miami Beach Florida
Majestic Properties

Good morning Jon-when you say rates are improving do you mean for the consumer or the lender? I would assume for the consumer as they are so low but what to clearify this term as I have heard it before.

August 11, 2011 07:34 AM
Rainer
30,868
Jon Starr
West Town Savings Bank

Faith thank you for your comment as for your question Marco I am speaking more about the rates that are being offered to the consumer. One warning is that the best execution rates are not always published by the banks to the consumer sometimes they have no confidence in what has happened, good or bad, and they hold their rates.

 

August 11, 2011 07:43 AM
Rainer
225,723
Daniel H. Fisher
MCRP - Charlotte Real Estate, NC or SC
www.FisherHermanRealty.com (704) 617-3544

Getting a 30-year fixed mortgage at an interest rate between 4.00 and 4.250% is incredible.  Buyers who could have made a purchase now will definitely regret it when rates begin to rise.  For the average Charlotte NC and SC home, today, every 1/2% increase in rates is roughly equivalent to a $5,000 decrease in purchasing power.

August 11, 2011 08:06 AM
Rainer
30,868
Jon Starr
West Town Savings Bank

Daniel I completly agree we need a lot more people out there buying. Home pricing is low and rates are even lower. A 30 year fixed at 4% on a $100,000 is only $477.42 a month. If you look at a $300,000 purchase with 20% down your Principle and Interest payment is only $1145.80 a month. Veterans can get the same rate with nothing down and just about anyone can get the same rate with as little as 3.5% down with FHA. (need at least a 620 mid credit score) Why isn't every realtor calling all renters and showing them how to buy for less then they are paying in rent??????? Even second or vacation homes are seeing 4.25% or better on a 30 year fixed as well??

Pre-qualifications? Want to know if they or you qualify? call me Jon

August 11, 2011 08:24 AM
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Rainer
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Jon Starr

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