April 8th, 2011 9:23 AM by Eric Fang
I have borrowers asked me all the time,what's the current market rate, shouldI refinance now?
There is an easy way to do it. Click the yahoo link here, the normal trading rangefor 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 bondreaches 3.25 level.
You will not be able to get better ratesuntil the bond is below 3.25%.
Is it easy? Have a good weekend.