Mortgage Rates Steady - Trying to Move Lower

Mortgage rates held steady today after some up and down movement in the Mortgage backed Securities (MBS) with the mortgage rates trying to move lower with the changes.  The 10yr traded between 2.58% and 2.63% before settling in at 2.60%, and the stock market continued its intraday volatility.  The most prevalently quoted conforming 30yr fixed rate for best-case scenarios moved closer to 4.125% for the first time since late October 2013, though 4.25% is still the rate being quoted.

If you've been floating a rate for more than a few days, we're getting into levels where it makes a lot of sense to lock.  The recent price gains on MBSs may be getting long in the tooth, so far only one day since April 29th when MBS prices closed lower on the session. We have ridden the horse for two weeks and pocketed nice gains while helping consumers achieve better closing costs and rates. As long as our outlook for a sell-off in stocks doesn’t occur, the main thing holding rates low is Ukraine/Russia.

In summary, rates have been quite favorable all week but trying to continue floating your rate here and wait for better pricing just seems like you're asking for trouble and especially if you're closing date is within 30 days. Locking here just seems like the prudent thing to do as we start to head towards the weekend. Getting greedy may cost you.