Mortgage rates have progressively hit newer and lower all time lows every day this week, but there’s one massive catch. Rates and fees have been extraordinarily different depending on the lender. Some are offering conventional 30yr fixed rates that are as high as 3.5%–even for top tier qualifications. On the other side of the spectrum, more than a few lenders are quoting 2.875% for the same scenarios. The average lender is somewhere in between, but that average is nonetheless an all-time low.
There’s actually one other catch emerging as of this afternoon. Those were the rates as of this morning. Markets began to move in the other direction as the day progressed and multiple lenders pulled back their all-time low rate offerings. We asked whether a similar pull-back was the beginning of the end of low rates on Monday afternoon. We concluded that it wasn’t (probably). I would echo that sentiment, but should clarify that this time could be a bit different.
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Source: mortgagenewsdaily.comNew feed