Reports from fellow mortgage professionals indicate the par 30 year conventional rate mortgage is holding in the 4.625% to 4.875% 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. There are a few lenders still offering 4.50% today for consumers with high FICO scores and low loan to values. If you are looking for a 15 year term, you should expect a par rate in the 4.125% to 4.375% range with similar costs.
These rates are at a record low....
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