Mortgage rates are lower today which was considered the best levels for a month.
Considering that the average 30-year fixed quote is climbing toward 4.25 percent at the end of December, the numbers are now slowly returning to a lot more stable rate at 4.0 percent.
Usually there are varying numbers for every lender during this time of the year but usually things fall at their usual levels after the holiday are over, an article from Mortgage News Daily stated.
Lenders consider the current rate as an improvement despite this morning's employment data from ADP was stronger than ever. Usually, a stronger than expected result is not good for mortgage rates.
But on the other hand, rates prevailed and many lenders settled to even lower rates due to bond market improvements during the latter part of the day. Real estate experts have the following to say:
Ted Rood, Senior Originator from ADP said, "ADP's December employment projection was released today, and despite it surpassing expectations, pricing rallied about 25 bps on continued overseas market angst. Make no mistake, we aren't breaking any new ground here yet, just continuing to slide up/down through our recent range. It's too early to call the improvement a trend, but I'm all in favor of it continuing. I'll still take a conservative approach on locking, rather be wrong and locked than wrong and NOT locked."
Victor Burek, Churchill Mortgage said, "China worries and falling oil prices over come a much better than expected ADP employment report helping rates to stage a small rally today. I do fear this might be short lived since we have non farm payrolls hitting on Friday. I think it would be wise to look at locking in today if you are within 30 days of closing."
Hugh W. Page, Mortgage Banker, Seacoast Bank, said, "Rates seem to be benefiting from a rough start to the year for the Stock Market and further declines in Oil prices. With the Fed moving in the direction of higher rates I think we'll need a stronger impetus to push rates even lower in the near term. We may get that, but I would be cautious and tend to lock in these gains for now."
To recap, today's best rates for 30-year fixed mortgage is at 4.00 percent, FHA/VA at 3.75 percent, 15-year fixed mortgage at 3.25 percent and 5-year ARMS at 2.75 to 3.25 percent depending on the lender.