Mortgage Blog

I have borrowers asked me all the time,
what's the current market rate, should
I refinance now?

There is an easy way to do it. Click the
yahoo link here, the normal trading range
for the current market is between 3.25%
and 3.5%. For refinance, if it's over 3.5%,
I will wait; if it's close to 3.25%, then
you can lock.

Also, here are the current best rates for the
refinance:
Conforming(<=417k)
30 yr fixed 4.75%
15 yr fixed 3.875%
5/1ARM 2.75% to 2.875%

Hi-balance(<=729k)
30 yr fixed 4.875%
15 yr fixed 4.125%
5/1ARM 3.125% to 3.375%

You can lock the above rates, when bond
reaches 3.25 level.

You will not be able to get better rates
until the bond is below 3.25%.

Is it easy? Have a good weekend.