Its been a while since I have posted any rate updates. Mainly because we have been so busy growing and keeping up with our volume. Rates have remained very low thanks to the Federal Reserve’s purchase of mortgage back securities.
We have seen a pattern emerging of the last few months that each time the Fed starts buying Mortgage Backed 4.5% – 5.0% for FHA Fixed Rate loans making it possible for most homeowners to save money by refinancing. We even wrote a few 4.25% rates last week (with discount points) for a few borrowers who want to lock in the absolute maximum savings while rates are low.
Week of April 20th, April 21st, April 22nd, April 23rd, and April 24th Mortgage Rate Synopsis/Forecast.
FHA 30 Year Fixed Mortgage Interest Rate: 4.5 – 5.0% depending on credit score and points paid.
Conventional 30 Year Fixed Mortgage Interest Rate: 4.25% – 5.5% depending on credit score, loan to value, transaction type and points paid.