Melissa's Mortgage Minute
The 10-year bond yield closed down today at 2.39%. Which is the lowest yield in three weeks! While stocks had modest gains, growing political uncertainty in Europe sent investors back to the safety of bonds. Anti-establishment candidates in France, Germany, and the Netherlands, have investors worried. Promises of leaving the EU from a French candidate is just yet another political upheaval in the making.
Meanwhile, Mortgage rates remain mostly unchanged as yields slowly go down. The average 30-year fixed is still 4.25% with 0 points. Some banks are lower and some much higher! When buying a new home, we all want the best rate but, sometimes the bank with the best rate may not be the right bank for you. Those that offer the best rates demand the perfect deal.
In today's less than perfect world, we buy in buildings that are great but may not meet traditional guidelines. There are banks that understand this and will approve the building, yet the rate may be a bit above market.
What if you ave less than perfect credit? Need a co-signer? Or even a new job? While these may be issues for some banks, others are happy to approve your mortgage.
There is always more than one way to skin the cat!