Current Mortgage Rates Holding Steady [mortgageloan-processor.blogspot.com]

Current Mortgage Rates Holding Steady [mortgageloan-processor.blogspot.com]

Yesterday was an up-and-down day for mortgage rates. A late sell-off of mortgage backed securities following the release of the Fed statement ultimately caused rates to rise on the day. In early trading we are seeing mortgage rates improve, but I ... Current Mortgage Rates for Thursday, July 12, 2012

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mortgageloan-processor.blogspot.com Current mortgage rates

Current mortgage rates have remained very low over the past several months. Refinancing is still very popular, and we've even seen non-conforming loans make a comeback thanks to jumbo mortgage rates becoming more and more attractive. Over the past few years, mortgage rates spiked a bit during the summer months and then dropped as we entered the fall and winter seasons. Some analysts predict that this year will display the same trend.

It's hard enough to predict whether the rates will be on the rise or decline in the future. Even day-to-day, mortgage rates can bounce around significantly. A borrower's primary concern when looking for a mortgage is the interest rate since this is typically a 30 year commitment. Here are two chapter summaries taken from the Current Mortgage Rates 101 textbook, to provide a little more insight for borrowers as to why rates vary on a day-to-day basis.

Shelf Life of rate quotes-
Mortgage rates are adjusted everyday by lenders.

More often than not, the rates can be updated several times throughout a day, depending on existing market conditions and volatility. This is the reason why when you are looking for current mortgage rates, you may get several different figures over the span of a day or two. The changes can range in severity, but most of the time the changes are minor. You might call in the morning, and find out a few hours later that the rate is no longer available. On the other hand, you might be able to get a lower rate if the markets improve. Just be mindful that the rate you were quoted on one day may not be the same in the near future.

Competition and Current Mortgage Rates-
You might think that banks want to remain competitive to some degree.

This is generally true of most businesses, but during certain times, lenders do not want your business. When lenders have a sudden increase in volume, a common tactic is to temporarily increase mortgage rates. This is to deter business (at least until they catch up on their work), and to offset the cost of having to pay employees to take on the extra volume. Borrowers do need a healthy balance sometimes, especially those who are purchasing a home and need to close by a specific date. It may not do a borrower any good to save 1/8th on a rate if the lender takes several weeks to issue an approval or clear conditions due to their high volume. Don't fret, if you are primarily concerned with obtaining one of the lowest mortgage rates, there will always be a lender out there to meet your needs.

Now that you have further understanding of how and why current mortgage rates jump around so frequently, you will be better prepared when it comes time to lock in your rate.

Recommend Current Mortgage Rates Holding Steady Issues

Question by : What are the current mortgage rates like and are there any signs of the mortgage rates changing soon? I'm looking to get the best current mortgage rates available because me and my wife are looking for our first home purchase. Can anyone point me in the right direction? Best answer for What are the current mortgage rates like and are there any signs of the mortgage rates changing soon?:

Answer by real estate guy
rates are low now because the gvpt is doing everything they can to keep them low. Notice that I said KEEP, not to lower them. Rates should be higher and will go higher. Banks want them high. This is one way they earn money. Refins are driving rates.

Answer by glenn
There is no such thing as a standard rate as there was 20 and 30 years ago. The rate you get depends on your credit rating, the type of loan you want, the down payment you put down, the points you pay up front to buy the rate down and other things. The very best thing you can do is ask friends and family that have gotten mortgages recently and is happy with the service. Even large mortgage companies have crooks working for them- use someone local, competent, and recommended. The rates are very similar between companies because they are all getting their money form the same source. ************* I think that rates will remain low for a while. But when we start recovering from this recession I think inflation will jump quickly and the mortgage rates will also.

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