This can often be the case in the wake of several days of weakness and some lenders tend to be more conservative with rate movements on Fridays.
The net effect is a Conventional 30yr Fixed Best-Execution rate that is now shying away from a move higher to 3.5% and sticking around at 3.375% despite threatening to move higher yesterday. The minor improvement today is nice in the short term, and the outright levels are also excellent in the overall history of mortgage rates, but in the intermediate term, this is still quite a bit weaker than last week's pricing. Bottom line, if you were quoted a rate last week, it's still not likely to be available under the same terms today.
Loan Originator Perspectives
"Nice MBS rally today should lead to better rates, but after a rough week leading up to today, we're not seeing lenders adjust pricing meaningfully better. Yet. Could come this afternoon Pacific time. If better pricing comes out, we'll look to lock certain clients. Otherwise floating into Monday. " -Julian Hebron, Branch Manager, Loan Agent, RPM Mortgage.
"Nice to see price improvement on a Friday for a change. We haven't recouped all the ground lost over the past week or two, but something is better than nothing. Trying to convey that to my clients who procrastinated and failed to start their loans when rates were 3.25%. It's ALWAYS better to have the loan in progress, whether you float or lock, than to wait until the exact, sometimes fleeting, moment when rates hit their lows!" -Ted Rood, Bank Star
Today's Best-Execution Rates
30YR FIXED - 3.375%-3.5%
FHA/VA - 3.25% (varies more between lenders than conventional 30yr Fixed)
15 YEAR FIXED - 2.875%
5 YEAR ARMS - 2.625-3.25% depending on the lender
Source:
mortgagenewsdaily.com
