Mortgage Rates Still Sideways to Slightly Lower

The average mortgage lender continues to offer top tier conventional 30yr fixed rates in the “high 2% to low 3%” neighborhood.  Exactly where any given quote will reside in that neighborhood depends on several factors.  The most important of those is the re-introduction of the new adverse market fee for all conventional refinances.  If you’re not up to speed on that, here’s some additional background.
The adverse fee is the most important factor because it instantly accounts for a change of at least 0.125% in rate for refinances.  Purchase mortgages are officially unaffected, but they’ve been caught in the crossfire, to some extent, as many lenders are generally pricing more cautiously during the phasing-in process for the new fee.  After all, the fee significantly affects lender cash flows….(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