Good Morning,
In the mortgage world, it’s been a fairly uneventful week with interest rates hovering almost as low as we have ever seen. Will they go lower? There is always a possibility that they will, one can never be 100% certain. This Friday, the jobs report will be released and that traditionally can cause some volatility in interest rates. I’d advise anyone trying to wait out interest rates that locking in is always the prudent and wisest choice if it makes financial sense to refinance. I have had clients that have ended up refinancing a few times over the past 2-3 years but the key for that making sense is our choice to utilize no closing cost loans so they don’t have to consider a break-even point on their savings.
On the purchase side, borrowers don’t have to worry much about rates changing anytime soon. It’s always more important in my opinion to find the house you want over trying to play the interest rate game.
Have a great week!
Matt
Rates: 30 year fixed at 3.25% (APR 3.385) and the 15 year at 2.75% (APR 2.992), FHA: 2.99% (APR 3.792): As always rates change with individual credit scenarios and programs, APRs are estimated based off of a $250,000 purchase price with 20% down and a 740 credit score, if you want an exact quote, call. These are not quotes, merely a baseline measure to gauge how rates change from week to week.
Matt
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
612-232-7646 c
651-770-0637 o
651-294-1001 f
www.MattRoyer.com
mroyer@homesmortgage.net
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