How Did The Employment Report Affect Mortgage Rates?
by Victor Burek -

When looking back on the week that was, it seems like mortgage rates went on a wild ride. Lenders repriced for the better and lenders repriced for the worse, sometimes they did both on the same day. Yet, ahead of the most influential economic report released by the government, rates managed to find their way back to where they started the week: NEAR 2010 MORTGAGE RATE LOWS.

After all the commotion of the day, reports from fellow mortgage professionals indicate lender rate sheets to be pretty much the same as they were yesterday morning (some lenders are slightly higher). The par 30 year fixed rate mortgage remains in the 4.75% to 5.00% range for well qualified consumers. To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee. You may elect to pay less in closing costs, but you will have to accept a higher interest rate which is a great option for homeowners not planning on keeping present home for more than three years.