Weak Jobs Data Helps Keep Mortgage Rates Near Four Month Lows
Mortgage rates moved a few basis points lower yesterday after the bond market experienced what AQ and MG refer to as a "forced rally". Stocks were selling the dollar was stronger and the market was generally nervous about a weak Jobs report after Goldman Sachs revised their Non Farm Payrolls forecast for the worse. This equation resulted in a heavy flight to safety rally in the fixed income market which essentially snowballed as market participants looked to keep up with rapidly appreciating prices. As a result, mortgage backed securities prices closed at levels not seen since May. Following the rally in Treasury and MBS markets, lenders republished rate sheets for the better and consumer borrowing costs fell.
Reports from fellow mortgage professionals indicate the par 30 year conventional mortgage rate has dipped to 4.5% to 4.75% range for the best qualified. To secure a par 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 including an estimated one point loan origination/discount/broker fee. If you are seeking a 15 year fixed rate, you can expect a par rate from 4.00% to 4.25%.
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