Mortgage Market Report - Brian Cavanaugh

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Mortgage Market

Mortgage Rates started the week on a very bad note, but reversed course with yesterdays weak read on the housing sector, and it was horrible! The Existing Home Sales data for July was released yesterday, this totals the number of previously owned homes that were sold during the previous month. Home Sales have fallen significantly and almost all economists have lowered their economic forecasts since the expiration of the home buyer tax credit a few months back. Mortgage rates are modestly better than yesterday, so if you have been floating you should look to take advantage of these recent gains. If you want to roll the dice and hope for better lender pricing tomorrow, keep an eye on the stock market. I think Mortgage Rates mirror what the Stock Market does over the next week or so.

The lowest 30 year conventional mortgage rate remain in a range between 4.25 and 4.625% for well qualified borrowers. To secure a par interest rate on a conventional mortgage you must pay all closing costs including an estimated one point loan discount fee. If you are looking for a a 15 year fixed mortgage, you should expect a rate in the 3.75% to 4.00% range with the same costs.

Inquire within for current Mortgage Rates or guidelines  617-771-5021

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