Mortgage rates broke out of their previous range recently for
30-year fixed rate conventional loans, moving higher both yesterday and today.
Rates are still reported for most lenders at 4.25% but this best-execution rate
likely won’t last very long if there is continued upward pressure. At the
moment you may find some lenders offering slightly higher-than-best-execution
rates or increased closing costs.
In spite of the best-execution rates holding steady (for now)
market watchers are calling today’s rates the highest seen since the government
shutdown. Many are waiting for GDP and Employment Situation Report data coming
later in the week to get a read on which way rates might be headed.
For now, borrowers should anticipate hold-steady rates or
slightly higher numbers in the day or two ahead, though breaking news or other
events could skew that. It’s never safe to make assumptions when it comes to
market reactions or behavior, but now seems to be a more unpredictable time
than in the last three weeks. The resumption of financial data flow from
government sources could be credited for part of that, plus the added attention
to those numbers after having been absent for several weeks.
For now, the standard wisdom prevails. If you find a rate
you’re comfortable with, it’s a good time to commit to it, and probably a bad
time to hold out for better. Later in the week there will be a better read on
which way rates could be heading after the Employment Situation Report and GDP
are both out and accounted for.
Here are the mortgage loan rates for November 5 2013. The
numbers seen here are reported as best execution rates. These rates are not
available to all borrowers or from all lenders. Your experience may vary
depending on your FICO scores and other financial qualifications.
30-year fixed rate conventional mortgages: 4.25%
VA and FHA mortgages: Between 3.75% and 4.0% depending on the
lender
15-year fixed rate mortgages: Between 3.25% and 3.375%
depending on the lender
5-year adjustable rate mortgages: Between 3.0% and 3.50%
depending on the lender
