Daily, plain-English notes from our desk on the mortgage news that affects what you'll pay, with our lock-or-float lean for the day.
Mortgage rates eased this week for the first time since August. The Fed meets October 28 and most economists expect a hold, but nearly all expect a hike in December, so the risk of waiting looks larger than the likely reward.
Closing within about 30 days: locking on a better day like this one is the lower-risk choice. Fed news can reprice rate sheets the same afternoon.
Closing further out, or still shopping: there is time to watch. Get pre-approved now so you can lock quickly if rates dip again.
A general market view, not advice on your loan. Talk to us before you lock.
| Loan | Rate | APR | Since yesterday |
|---|---|---|---|
| 30-year fixed | 6.875% | 6.921% | unch. |
| 15-year fixed | 6.375% | 6.446% | unch. |
| 30-year FHA | 6.375% | 7.001% | unch. |
| 30-year VA | 6.490% | 6.654% | unch. |
| 30-year jumbo | 7.000% | 7.037% | unch. |
| 5-year ARM | 6.500% | 6.547% | unch. |
Purchase of a $750,000 primary home in King County with 20% down and a 760 credit score (jumbo: $1.8 million with 25% down; VA: eligible veteran, same price and down payment). Lowest rate with no points from today's wholesale lender sheets. Your rate depends on your credit, loan and property. Not a commitment to lend. Price your own scenario
Freddie Mac's weekly survey shows 30-year and 15-year fixed rates edging lower. It is a small move, but it breaks a run of weekly increases that started in late summer.
An executive order signed October 22 tells federal housing agencies to study cancelling mortgage insurance sooner, keep a title-insurance alternative for refinances, and lower VA and USDA loan rates. Agencies still have to write the rules.
Federal ReserveThe Fed raised its benchmark rate a quarter point in September. Most economists expect no change on October 28, but nearly all expect another increase in December.
Real lender pricing for your scenario, a pre-approval you can shop with, or a licensed loan officer on the phone.
General market commentary, not a rate quote or commitment to lend. Your rate and terms depend on your credit, loan amount, down payment, property and lender approval, and can change daily. This is a general market view, not advice on whether to lock your rate; talk to us before you lock. Mortgage Lending Group LLC, Company NMLS #1157983. Enrique Pelayo Jr., NMLS #131435. Equal Housing Opportunity.
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