How did rates fair this week? There was much economic data this week that could have pushed interest rates hard either way. They were stagnant most of the week, though. Shows how people care about all the economic news lately. Oil dropped below $50/barrel Thursday (my local gas station must not have heard that tidbit) and unemployment figures were up slightly.

     As it may, Friday’s interest rates are the same as Monday’s rates. The averages rate for a 30 year fixed conforming (loan amounts under 417,000) were average 6.25%. Loan amounts over 417,000 (jumbo) average 6.5%. Monday, the rates were about a 1/8 lower across the board.

     Next week, there will be some more fluff numbers that may or may not affect the mortgage interest rates. Will there be a big change that should make you nervous? No.

     I would not rush to lock in a rate unless you were closing within the next 15 days and were satisfied with what was offered you. No need to lock in for 60 or 90 days—nothing will change that much.

     As I explained to a client this morning….why hold out for hopes of a 1/8 lower on a rate? Remember, 1/8 difference in your interest rate is 8 cents per thousand on your mortgage payment. For example, on a 100,000 mortgage @ 6% your monthly payment will be 600/month. A lower rate of 5.875% will make your payment 592/month. Wow….8 bucks! I think a latte and a muffin cost me more this morning at Starbucks!!