Still More Risk than Reward in Floating

Reports from fellow mortgage professionals indicate that lender rate sheets are slightly worse today. The par 30 year conventional fixed mortgage rate remains in the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs with an estimated one point loan origination/discount/broker fee. If you are seeking a 15 year term, you should expect a par interest rate between 4.25% to 4.50% with similar costs. Because rates are not far from recent five month lows, there is more to lose from floating than to gain, so I am still advising my clients to lock in their rates….(read more)
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