Mortgage Rates Hit New All-Time Lows!

In the current market, overfocus on lowest possible mortgage rates can lead to delays which can result in a higher rate than the one you were originally trying to avoid!

It's happened before and it happened again on Jan. 30: mortgages rates hit new all time lows. The conclusion is based on raw data from more than 20 leading lenders as well as feedback from the MBS Live community. The average Best-Execution rate, before rounding to the nearest eighth, hit its lowest level on record at 3.81 percent.

There's been a high degree of stratification in rates as lenders responded to the bond market rally at different paces. This continues to be the case today, but perhaps to a slightly smaller extent. When we say that rate offerings are more stratified, we're talking about various lenders offering increasingly different rates to the same type of borrowers. Among some lenders in our survey, best-execution rates are still at 4 percent, while the bulk have moved down to 3.875 percent and 3.75 percent. Do not believe everything you read about mortgage rates these days, unless the source examines multiple lenders and offers the caveat that they can only report averages while individual experiences may vary.

- Courtesy of Mortgage News Daily