Mortgage bonds continue to rip saw higher and lower. As with the stock market, we continue to see volatility. Mortgage bonds have been up as much as 72bps today (that would normally mean a decrease in rates of .125% to .25%). However, since the highs of the day, mortgage bonds are back to being up 19bps (essentially making rates unchanged from Friday).
For borrowers who are paying their own closing cost, with excellent credit, equity and an escrow account, the 30yr fixed rate conventional mortgage is approximately 5.75%. Borrowers who are not paying closing cost can expect rates slightly higher than that.
I will continue to update the blog. With the sudden drop in rates we have had a large influx in e-mail and phone calls. We are doing our best to return calls and e-mail as quickly as possible. Thanks for your patience. I can assure you we will do our best to serve every client as quickly as possible.
