Mortgage Rates are NOT on Vacation

Mortgage Rates Are NOT On Vacation

Summer is here, but Mortgage Rates Are Not on Vacation!

In weeks like this, Mortgage Rates usually take their directional guidance from the general sentiment of the stock market. Very simply, if stock market indexes rise, Mortgage Rates will rise; if the stock market falls, Mortgage Rates drop. Since stock market sentiment has been highly negative recently, Mortgage Rates remain at all tme lows.

As of July 8, 2010, the best par 30 year fixed conventional Mortgage Rates remain in a range between 4.375% to 4.625% range. To secure a Mortgage Rate in this best rate range, borrowers should have a FICO credit score of 740 or higher, a loan to value at 80% or less, and expect to pay at least one point plus all closing costs. Clients with  lower FICO scores or a higher loan to value are encouraged to consider a FHA loan. FHA Loans, and USDA Rural Housing Development loans on properties in select areas of CT, offer similar rates but with lower FICO score requirements, higher loan to value and larger seller concessions.

Mortgage Rates are holding at lifetime lows and I continue to advise my  clients to lock as soon as possible as the risk that rates will rise far outweighs the rewards one might see from floating. Let me repeat, Mortgage Rates are once again at the best level of our lifetime ... Now is the time to Buy or Refinance