Mortgage Rates: Pricing Improves this Afternoon
By: Bruno Mckenzie
Mortgage-backed securities prices, which drive mortgage rates in the opposite direction, are up today, +7/32. As a result, pricing on 30 year fixed mortgages has improved this afternoon. In other words, closing costs are down slightly for any given rate from this morning.
30 year fixed mortgages remain available at 4.75 percent to well-qualified consumers paying a standard .07 to 1 point origination.
The current 15 year fixed rate is 4.25, and 5/1 ARM rate 3.625 percent.