Posted To: Mortgage Rate Watch

For the first time in over a month, the Best-Execution rate for 30yr fixed mortgages rose from a rounded average of 3.875% to 4.00% today. The underlying borrowing costs associated with 3.875% didn't rise by a significantly painful amount, but the small increases across the board, combined with one huge move by a huge lender, was enough to bring the average rate closer to 4.0% than 3.875%. You may well wonder what the heck this all means. So we'll go into more detail tonight for enquiring minds. Our methodology for determining daily Mortgage Rates is somewhat complex, and involves an objective component based on lenders raw prices as well as subjective impression from our network of originators. We look at the rate sheet offerings from most major lenders and calculate the buy-ups and buy-downs...(read more)