Day to day (sometimes even hour to hour) mortgage rates fluctuate. So when asked this question I think the important thing to look at is the big picture. Mortgage rates are currently priced at aggressive levels. The forecast for the months to come is that mortgage rates WILL move higher. This is based on current and forecasted market conditions. One of the biggest factors is the statement that the Fed will not extend their mortgage backed security program after March 31st. The governments purchase of mortgage backed securities has been the driving factor in keeping rates low. The current rates offered are "artificially" low. They are driven lower by government assistance and not current market conditions.
While floating a loan day to day may result in a small reduction of closing costs the risk of a rates raising is high.
| Mortgage Rates | Feb 5, 2010 |
| Feb 8, 2010 |
| Conventional 30 year | 4.875% | ↔ | 4.875% |
| Conventional 15 year | 4.250% | ↑ | 4.375% |
| FHA/VA | 5.000% | ↔ | 5.000% |
| USDA | 5.000% | ↔ | 5.000% |
| Utah Housing | 4.750% | ↔ | 4.750% |
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