April 7, 2008 AM Mortgage Rates Update
Mortgage rates ticked up a little this morning due to some volatility in the mortgage bonds market. This may just be “Monday morning” reaction to Fridays drop and the gains the mortgage bond traders are able to take advantage of.
Every time we have hit the low level of rates we saw on Friday we see a dip shortly there after, but there is usually a window of a few days to take advantage of the rates.
FHA 30 Year Fixed: 6.0% (average)
Conventional 30 Year Fixed: 6.375% (average)
The gap between Conventional and FHA Rates continues to widen as mortgage investors lose faith in non government back loans. If you are not working with an FHA Approved lender, you may want to consider it.