Last week was a roller coaster ride for mortgage rate watchers. After a nice rally in the mortgage-backed securities market on Tuesday, the par 30 year fixed mortgage rate moved below 5.00% on Wednesday, however by Friday Treasuries and MBS prices had fallen back to Monday 's levels and mortgage rates consequently moved higher. This has been a consistent pattern lately, each time mortgage rates break the 5.00% barrier, they fail to remain below 5.00%. This implies, if you are considering a refinance and have yet to submit a loan application...you should do so to ensure that you are able to take advantage of the periods of mortgage rates below 5.00% (assuming you qualify).
Reports throughout the industry are indicating that the par 30 year conventional rate mortgage is in the 5.25% to 5.375% range for the best qualified consumers and 30Y fixed jumbo loans are at 6.25%. In order to meet the criteria of best qualified you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including 1 point loan. Looking at the national average in this volatile rate enviroment is like looking at last weeks temperature. To get a quote or a custom proposal contact us anytime.