One of the most common questions we get about the VA streamline refinance is “what are interest rates at today?” so we thought we would add excerpts of commentaries that we see experts talking about. From MortgageNewsDaily:
Loan Originator Perspectives
“Finally gaining back some ground in MBS last few days, and today continued the streak. We’re still a long way from the low rates of late 2012, but at least we’re headed in the right direction. Calling my clients who haven’t yet refinanced, this is a great opportunity for them to move forward!” –Ted Rood, Senior Originator, Wintrust Mortgage.
“We’re locking loans as purchase clients get into contract and as refinance clients send in all materials to be properly pre-approved. Holding for rates to return to record lows has proven futile since January. Some miscellaneous dips of .125% have occurred in the past 2 months then rates rise again within 1-2 days. That’s more upside risk than most clients are willing to take.” –Julian Hebron, Branch Manager, RPM Mortgage.
Today’s Best-Execution Rates
30YR FIXED – 3.75%
FHA/VA – 3.375-3.5% (varies more between lenders than conventional 30yr Fixed)
15 YEAR FIXED – 3.00%
5 YEAR ARMS – 2.625-3.25% depending on the lender
Ongoing Lock/Float Considerations
Rates have risen moderately but consistently since hitting their all-time lows in September and October 2012.
Regardless of global or domestic economic weakness, the subsiding fear of a disorderly EU breakup will continue to prevent rates from getting back to those lows.
This is very likely to be the case unless a similarly panic-inducing event were to come into focus, or if a disorderly break-up regained the spotlight.
Sequestration, negative growth, and generally choppy political and economic environments around the world DO NOT constitute that sort of panic.
This is a “rising rate environment” until further notice, though pockets of recovery and consolidation can provide smaller-scale opportunities against the larger-scale backdrop.
(As always, please keep in mind that our talk of Best-Execution always pertains to a completely ideal scenario. There can be all sorts of reasons that your quoted rate would not be the same as our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).
If you are in the market for a refinance, have a VA loan and are thinking about the VA streamline refinance program, be sure to get your application started with the loan officer so that when the time is right, you can lock in at the best rates possible.
Get your free VA streamline refinance quote today!