Mortgage Blog

15 Yr fixed conforming 3% almost gone. And 30 yr fixed conforming rate back to 3.875%.
Lender will pay all or most of the closing cost for this rate.

And I do not know whether it is a trend, or just some opinion from some individual home owners. I had one borrower who tried to switch for 5/1 ARM 2.625% to 15 yr fixed 3%. Then because of the recent stock market correction, he held back, and wanted to wait for lower 15 yr fixed or may just stay with current ARM or refinance later with another ARM.

For my clients, the hottest loan program is Jumbo 7/1 ARM. It is indeed very interesting.

Also, if you want to cash-out, either a high balance or Jumbo, I can still get 3.125% for no closing cost(lender will cover for it).