Without indications from MBS (the Mortgage-Backed-Securities that most directly influence rates), there was no unified theme among lenders, though perhaps a bit of "uncertainty premium." Some rate sheets were unchanged from Friday's while others barely budged from yesterday's much-improved levels, though some lenders were markedly weaker. On average, the change over yesterday's offerings is merely an adjustment to cost/rebate for the same note rates. That means that the Conventional 30yr Fixed Best-Execution rate remains intact at 3.375%
Loan Originator Perspectives
"I think until the markets are up and can fully digest the ramifications of Hurricane Sandy, lenders will price less aggressive. I would give it a few days to lock as you might see thin volumes being traded tomorrow. Good luck! " -Tim Elkins, CEO, Crossline Capital.
"I think Sandy is going to create huge mess in the month of Nov and beyond for borrowers in the NE. Clean up is one thing, but re-inspections are going to delay $billions in closings. Rates will have to extended and extra costs incurred by borrowers. One big headache.... " -Mike Owens, Partner with Horizon Financial, Inc.
Today's Best-Execution Rates
30YR FIXED -3.375%
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
