Mortgage Rates Drift Down to 2-Week Lows

As of last Wednesday, mortgage rates were right in line with 1-month highs.  They’ve drifted nicely lower since then and are now at their best levels in exactly 2 weeks.  That leaves the average lender quoting conventional 30yr fixed rates just over 3% for ideal scenarios.  As has been the case since last fall, an “ideal” mortgage scenario excludes almost any refinance transaction (a vast majority of which are subject to the latest adverse market fee imposed by Fannie/Freddie and implemented by lenders between September and November). 
Cash-out refinances add even more cost, and that’s before getting into the traditional mortgage rate “hits” like lower credit scores and higher loan-to-value ratios.  At the end of the day, a prospective borrower without an ideal scenario could be a lot closer to 3.5% than 3.0%–just a reminder that everything’s relative….(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.
Source: mortgagenewsdaily.comNew feed