Building on Friday's strength, Mortgage Rates have experienced an almost complete reversal of fortune versus the weakness that surrounded the EU Summit.  Movements.  We can clearly consider "The Wall" at 4.25% discussed last week to have held firm despite coming frighteningly close to breaking it on Thursday. 

Ironically, rates are much less frightening on Halloween as Best-Execution moved decisively lower to straddle 4.0% and 4.125% today. 

Today's Rates: 

• BESTEXECUTION 30YR FIXED -   solidly 4.125 for many scenarios, some 4.25%.
• FHA/VA - 3.75%, some 3.875%s
• 15 YEAR FIXED -  3.375%-3.5%
• 5 YEAR ARMS -  low 3% range, huge variations from lender to lender.

Today's Guidance: Locking and Floating remains the same kind of game it has been...  Rates in the low 4's, locking is the default guidance.  If you happened to move down TWO eighths today in rate, we'd lean even more heavily toward locking that in.  On Friday, we said "if you picked up an extra eighth of a point in rate today, it's worth considering that each additional eighth will be harder to get until after next week's events."  And now having moved down another eighth, possibly more, further gains get tougher and tougher.  It's not for nothing that the picture we keep posting to represent the range of rates over the past few months starts to more noticeably shift colors around the 4.0% mark.  We're not saying rates might not improve more, just that we're darn close to being firmly at a 4.0% best-ex and repeated visits to these levels suggest more risk than reward for all but the best-timed locks. 

(Keep in mind, if a scenario is anything other than flawless in every way, a note rate can certainly be over 4.25% these days.  Read the disclaimer at the bottom of the post if you need more clarification).