I waited until now to post about rates, because this morning was one of the most volatile markets I have seen in years. Fannie and Freddie were down 40%+ this morning again, but have rallied back strongly since. The Dow is still down 200 as I am writing this, and mortgage rates have gotten worse in all of this turmoil.
The 30 year fixed is at 6.000% +/-
The 15 year fixed is at 5.500% +/-
The 5 year ARM is the strongest at 5.375% +/- (interest-only an option too)
While today is not the best for rates, there is an old saying that you never lock rates on Friday and Monday. Lenders hedge themselves ahead of any weekend news, and stock markets are typically strong on "merger Monday's." We are still in an upward trend, and the trend is our friend. Please visit me at www.wihomelend.com or http://wihomelend.activerain.com, or email me at firstname.lastname@example.org. Thanks for reading, and make it a great weekend.