More improvement today in the Mortgage Backed Securities Market. That translates into better pricing on 30 year mortgage rates.
At the time of this post, we’re up another 20 basis points in the mortgage backed securities market which should translate to an increase in your lender credit by about .20% of your loan amount. Another way to say this is that for every $100K you borrow, your credit is $200 more. If you’ve chosen a rate that is at a cost or below par, your cost would be $200 cheaper. So for a $300,000 loan amount, you would save approximately $600. Having your thumb on the pulse of the market is extremely important if you want to employ a lock planning strategy to take advantage of anomalies in the market and mitigate your risk of rising interest rates on a mortgage loan, especially a 30 year fixed mortgage. Call Chris Reese today to discuss your locking strategy and a free mortgage review at 916-502-1656. You can also visit Sacramento Home Loan Specialist to receive free reports about the mortgage and real estate market.
30 Year Mortgage Rates Today, June 26th, 2014
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