The mortgage market is changing rapidly! In applying for a mortgage, your situation can change weekly. It is important to watch the numbers....Here is the weekly report from Mickey Carlton:
Mortgage interest rates have experienced an interesting few days. Conforming fixed rate loans (less than $417K) have declined about an eight since last week. These loans can be obtained for a range of 6.5% to 7% without discount points. The actual rate depends upon loan size and the creditworthiness of the borrower. Non-conforming rates that would include jumbos (over $417K) and niche products such as No Income Verification and Option Arms have skyrocketed in price. Fixed rate jumbos, for example, are now priced at least 1% higher than conforming fixed rate loans. One of my option arm programs increased 3.625 discount points in price last week. These increases are caused by the withdrawal of funding from increasingly nervous Wall Street investment bankers.
