September 28, 2015
On Friday, mortgage loan rates were generally found within the range of rates reported previously (see below). There was some upward movement on rates but in general 30-year fixed rate conventional mortgage loan interest rates are, best execution, between 3.875% and 4.0%.
As of Friday FHA mortgage rates were in their best execution comfort zone of 3.75% and as always borrowers may notice more variation among participating lenders than with conventional counterparts.
Best execution assumes ideal conditions such as outstanding FICO scores and other financial qualifications. The numbers reported here are not available to all borrowers or from all lenders. Your experience may vary.
There are some scheduled economic data releases due this week, so it’s possible we could see some alteration of rates within the range, but Friday’s employment data could be the real event to watch–it’s described by some industry professionals as the most important scheduled economic data release of the month, especially where wage inflation numbers are concerned.
Industry professionals seem to agree (based on our sources) that locking now if you are within 30 days of closing is something to seriously consider. As always, it’s best to get some advice from your lender and make the most informed choice possible. Floating is never without risk, though at times that risk may be decreased due to certain market forces or conditions.
Do you work in residential real estate? You should know about the free tool offered by FHA.com, designed especially for real estate websites. It’s a widget that displays FHA loan limits for the counties serviced by those websites.
It’s simple to spend a few seconds customizing the state, counties, and widget size for the tool; you can copy the code and paste it into your website with ease. Get yours today: http://www.fha.com/fha_loan_limits_widget
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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