Best Mortgage Rates August 8 2012: Bye bye sub 3%?
It’s a quiet week for economic news, coming off a long weekend. The unemployment report is out on Friday, but that’s the only real noteworthy item this week.
What will be making more headlines will be the increase in bond yields we’ve seen the last week or so, as much as 25 basis points (bps). At these levels lenders are starting to increase their rates and we’ve already had a few send us notice. This could mark the end of the sub-3% five year rates. We still have a few but unless yields reverse, more lenders will increase.
If you were sitting on the fence about whether or not to jump in now, this could be your wake-up call before all the rates bump.
Best to contact your mortgage professional and talk to them about getting pre-approved so they can lock in these rates for 120 days.
1 Yr – 2.39
3 Yr – 2.64
5 Yr – 2.89
VRM – 2.65
Lee Welbanks is a Mortgage Broker with Welbanks Financial Group, Lee will be posting these informative “Market Minutes” each week for you to enjoy. Heard about our awesome new home search tool? We’ve opened up the MLS just for you. Make sure you login to our custom Spring Realty Homefinder Tool and give it a spin! Find us on Facebook and Twitter too!