Mortgage rates remain at all-time lows today, Monday, September 17th. Rates are in line with the all-time lows that were seen earlier this year on July 23rd across the board. According to Mortgage News Daily the Best Execution rate for a 30 year fixed Conventional loan varies depending on the lender ranging from 3.375% to 3.5%. At Prospect Financial, you will see a rate of 3.375%, which is rock bottom.

Since every borrower is different and has a different level of income, credit history, property value, etc. it is impossible to give an exact quote for each borrower before speaking to them directly and collecting details for an exact quote. That's where the Best Execution rate comes into play. The Best Execution rate refers to the absolute "Best-case scenario." It is important that one understands that they may receive a different quote based on their credit history and financial back ground. To get your customized rate quote, give us a call at (858) 605-0952.

As we mentioned last week, the Federal Open Market Committee's third round on quantitative easing (QE3) asset purchases is directly responsible for the low rates. The Federal Reserve will be purchasing $40 billion of mortgage-backed bonds in an attempt to lower the U.S. mortgage rates and positively stimulate the housing market.

While the Federal Reverse will continue to purchase these mortgage-backed bonds until it deems the purchases as no longer necessary, it is important for you to take advantage of these low rates now. Do not try and get too far ahead of the market by attempting to guess how long the rates will remain at rock bottom. If you are floating, we suggest giving us a call and seeing what rate we can lock you in at.