Stocks Fall, Mortgage Rates Improve!
Rates improved today after a sharp decline in stocks!
PRICING EXAMPLE:
I was able to lock in a customer today at 4.875% on a 30 year fixed mortgage. The loan amount was $275,000 and it was a purchase loan for their primary residence. They put 20% down and had a 746 credit score. The APR was 5.023% and the origination fee was .875%.
The good news in this crazy market is that mortgage pricing yields are returning to normal after over a month of basically no difference between 5% and 6%! Higher rates are once again offering more yield to the lender so low / no-cost loan options will be back available at decent rates.
Tomorrow might be a good day to lock in based on market movement. There is a good chance rates will open very low tomorrow morning and could come back during the day. If you would like more information on rates and your specific situation, please call Olan Carder at 980-721-7478. You can also apply online at www.charlottemortgageonline.com.
