Mortgage Rates & Market Improvements

Mortgage Rates Unchanged Despite Market Improvements

Mortgage rates were generally unchanged today, although a few lenders offered slight improvements.  This stands in contrast to the noticeable improvements in underlying bond markets.  As we discussed yesterday, Treasury yields are leading the charge toward lower rates, and while the bonds that underlie mortgages are definitely lagging that move, they’re improving nonetheless.  But again, you wouldn’t really know it based on today’s rate sheets.

The absence of lender improvements on days like today is unfortunately par for the course.  It was only a half day for bond markets and tomorrow is a full closure for the Good Friday holiday.  As such, there’s additional risk involved for lenders dropping mortgage rates for 2 reasons.  First, the counterparties required to trade the underlying bonds are harder to find on either side of a holiday weekend.  Also, an extra day and a half simply creates risk of additional market movement between now and the next time lenders can update rate sheets.  If they price too low today and rates jump higher next week, today’s commitments would have cost lenders more money than a typical market swing.

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.5%
  • FHA/VA – 4.375%
  • 15 YEAR FIXED – 3.875%
  • 5 YEAR ARMS –  3.5-3.75% depending on the lender

Mortgage Rates

Ongoing Lock/Float Considerations

  • 2017 had proven to be a relatively good year for mortgage rates despite widespread expectations for a stronger push higher after the presidential election in late 2016.
  • While rates remain low in absolute terms, they moved higher in a more threatening way heading into the beginning of 2018
  • The scariest part of the move higher looks like it ended as of early February, and rates have been generally sideways since then
  • Even so, the potential remains for more weakness (i.e. higher rates).  It makes more sense to remain defensive (i.e. more inclined to lock) until we’ve seen a more convincing shift lower.
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are “effective rates” that take day-to-day changes in upfront costs into consideration.

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees.  We have been in the Mortgage Industry  for over 18 years and we offer the most competitive rates in Nevada, California and Arizona. At Superior we have NO ORIGINATION AND NO UNDERWRITING FEES.

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About Superior Mortgage Lending LLC

Superior Mortgage Lending LLC is a full service mortgage broker located in Las Vegas, Nevada. Our goal is to provide excellent service to you throughout the process. NMLS # 372130 Nevada License # 3582 California License # 603K964 Arizona License # 0119906 8867 W Flamingo Road STE 200 Las Vegas, NV 89147 (702)507-4170 / www.superiorml.com
This entry was posted in 15 Year Mortgage Rates, 30 Year Mortgage Rates, Best Mortgage Brokers in Las Vegas, Home Buyers Las Vegas, home loans california, home loans las vegas, Home Mortgage, Home Refinance, Las Vegas Mortgage Broker, Las Vegas Mortgage Lender and tagged , , , , , . Bookmark the permalink.

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