In the past two weeks interest rates have dropped down to 5.35% and risen back up to 6% as of today causing a lot of stress to my clients. My clients don't understand why the mortgage rates are so volatile if the Federal Reserve is reducing their interest rates. To be honest I don't understand it either. Unfortunately many of the area lenders are taking the heat with upset purchasers who were hoping to get a 5.something rate learning that is not going to be the case. I feel for both the lenders who are trying to calm some very upset buyers and the purchasers who had been holding out thinking the rates would drop further only to be slapped inthe face with a raise in rates.
One lender that my clients have had good luck with is US BANK and Cara Latham. The US Bank website shows their updated rates so if you want to keep an eye on the interest rates for VA/FHA/or Conventional try this link:
https://customercare.fnfismd.com/usbank/rates/ratesheet.asp?src=homedropdown
It shows their updated "no point" rate as well as a 1 point buydown rate for many of their programs.
I hope that the rates sill steady themselves just under 6% for the sake of sanity - both for my clients and for my collegues in the mortgage field.