Mortgage Rates Skyrocket!
Mortgage Rates had been sitting around near all-time lows for a few months, but not any more. Qualified borrowers could have LOCKed in at 4.75% – 5.25% with standard closing costs and possible origination.
Mortgage Rates rose on Wednesday the 24th more than they have all year in 2010.
Conventional Mortgage Products lost about .25 in rate, Jumbo and FHA were not affected as much.
If you are looking to take advantage of the home buyer tax credit you have until the end of April to be under contract and you must close by the end of June.
The benchmark 30-year fixed-rate mortgagerose four basis points this week, to 5.25 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.41 discount and origination points. One year ago, the mortgage index was 5.19 percent; four weeks ago, it was 5.15 percent.
The benchmark 15-year fixed-rate mortgage rose two basis points, to 4.47 percent. The benchmark 5/1 adjustable-rate mortgage rose three basis points, to 4.49 percent.
If you have not LOCKed in your rate I would now and wait for them to come back down? I am thinking yesterday was a bit of an overkill.
Inquire within for current mortgage rates.
bc@smarterborrowing.com 617.771.5021
credit: WSJ, Bankrate, MND
bc@smarterborrowing.com
617.771.5021
