The Mortgage Porter

I Just Quoted 4.5% for a 30 Year Fixed Rate

I just emailed a past client a Good Faith Estimate for a 30 year fixed rate of 4.50% priced with 1 origination/discount point (APR 4.629).  Here are the factors that qualified this family for this rate:

• Loan amount of $417,000.  Lenders have different price hits based on the loan amount.  A loan of $400-$417k may have better pricing than a loan amount of $200,000.   The rate would be priced differently if the loan amount is $417,001 or higher.

• Loan to value of 60% or lower.  This family has over 40% of equity in their home. If the loan to value (LTV) was over 60%, the rate may be impacted.

• Credit scores of 740 or higher.  Conventional mortgages are impacted by the lowest middle score of all borrowers on the Deed of Trust (mortgage).  If either the husband or wife had a middle credit score of 739 or lower, the rate may be impacted. 

• Borrowers are prepared to close 40 days.  This rate is based on a 45 day lock.  We require 5 days for shipping to the lender after closing and there is also a 3 day right of rescission that must take place with a refinance.  These clients are past clients and I'm confident they will quickly provide the documentation we request.

• Time the rate was quoted.  Tomorrow, the rate could be priced higher or lower...we're averaging 3 rate changes per day. 

• Taxes and insurance are included in the payment.  When you opt to waive your reserve account, lenders charge 0.25% or price it into the rate.

As you can see, there are many variables that impact pricing a mortgage rate.  Also not mentioned above (because of the low loan to value) is the type of transaction.  This is a rate/term refinance; if it was a cash out refinance (paying off a second mortgage or HELOC that was not from when you originally purchased the home is treated as "cash out" even IF you've never received equity from the property)--the rate may be impacted.   It's nearly impossible (or at least irresponsible) for a Mortgage Professional to quickly rattle off rates

We are entering a "refi boom".  Some of you may recall the last major wave a few years back (2003?) when 30 day closings turned into 45 or 60 days.  It's a simple fact that there are fewer real estate professionals in the industry today (from appraisers, to title and escrow).  In fact, many Washington State Loan Originators may be doing so without having renewed their 2009 license (another post to follow on that).   There are fewer of us to do the same job with much higher volumes.

Don't get me wrong...I welcome your business and will help any one I can with property in Washington State.  I just want to prepare you for the pending refi traffic jam...if you are currently purchasing a home, you should be able to "cut" in the front of the line or at least be in an "express way" an not caught up with all the refi's.  Hint: if you're buying a home right now, this would be a good question to ask your loan originator.

PS:  If you follow me on Twitter...then you all ready know about the rates I've been quoting this evening!

Related post:

Should You Wait for 4.5% Mortgage Rates to Refi?

Mortgage Rate Update

Conforming fixed rates seem to be hanging close to high 4's-low 5's for borrowers with 720 and higher credit scores priced with 1 point.  What's off the table is mortgages priced at zero points or no-closing cost refinances as lenders are currently not providing competitive rebate pricing.  Why?  We can only speculate that it's to avoid being burned by borrowers refinancing over and over again.  Banks count on retaining the mortgage for a certain period, if a home owner opts for a mortgage priced with zero points or priced with no-closing costs, it's much easier to refinance quicker.  It will be interesting to see how long this tactic remains in play with banks/lenders.

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000.  Rates are priced based on a low-mid credit score from 720-739. This scenario includes reserves (taxes & insurance) not being waived.   Rates quoted are priced based on a 30 day lock with no prepayment penalties.  For your personal rate quote with or without points, please contact me.

30 Year Fixed Priced w/1 Pt:  4.875% (APR 5.011%) ~ priced with 0 points: 5.500% (APR 5.552%).

15 Year Fixed Priced w/1 Pt:  4.625% (APR 4.745%).

Conforming Jumbo Rates. Pricing is based on the same criteria above (including zero points) except where the loan amount is $417,001 - $506,000 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.  

30 Year Fixed @ 1 Pt: 5.250% (APR 5.392%).

JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $506,001-$650,000 (20% down).   The specific scenario used to price the rates below is a sales price of $850,000 with a loan amount of $680,000. 

30 Year Fixed @ 1 Pt:  7.375% (APR 7.532)

FHA.  Pricing based on credit score of 620 or better and loan amount of $362,790 for FHA in King, Snohomish and Pierce Counties with 1 discount/origination point.

30 Year Fixed @ 1 Pt:  5.375% (APR 6.052%).

FHA-Jumbo. Pricing based on 1 discount/origination point and loan amounts from $362,791 - $506,000 for King, Snohomish and Pierce Counties.  NOTE: 2009 FHA loan limits are posted here for Washington state.   

30 Year Fixed @ 1 Pt: 5.875% (APR 6.553%).

VA. Pricing based on credit scores of 620 or better based on loan amount of $417,000.   For VA loan amounts over $417,000, please contact me.

30 Year Fixed @ 1 Pt:  5.375% (APR 5.486%).

Prime Rate(what HELOCs are based on):  3.250%.   

12 Month LIBOR (what a majority of ARMS are based on): 2.09125% as posted in the Wall Street Journal.

Rates are as of Friday, December 26, 2008 at 9:00 a.m. and may change at any time.  Available programs may change at anytime as well.   This is not a guarantee nor is it a commitment of interest rate. 

Stay tuned with what's going on in the market by subscribing to Mortgage Porter (upper left corner) and Mortgage Porter Twitter for live rate updates (click Follow).

You Can Have (Almost) Any Mortgage Rate

The question is, how much do you want to pay for it?  I'm getting phone calls and emails from potential clients wanting to refi at the media-hyped 4.5% or even 4.875%.  Last Wednesday, for about 2 hour, rates did actually dip to those levels...did you lock?  Did you even know about it (Special Tip: if you follow my Twitter updates, you were ahead of the game--you can even have my updates set to send you text messages)? 

You can still have the rate of 4.750% for a 30 year fixed but instead of 0 points, it will now cost around 2 points.  On a $400,000 loan amount, thats $8,000 for what would have been zero dollars in origination/discount fees in just less than a week!

This morning's rate for a 30 year fixed based on a credit score of 720-739 for zero points (origination/discount, as reflected on lines 801, 802 or 808 of your Good Faith Estimate and HUD-1 Settlement Statement) for $400,000 loan amount and $500,000 sales price is 5.00% with 1 point (apr 5.238).   This is 0.5% higher to rate than last Wednesday's low point--$120.55 higher in monthly mortgage payment based on a $400,000 loan amount. 

What can you do?  Obviously shopping around or trying to catch the lowest rate can be very costly.  Locking your interest rate is just the first step in the mortgage process.  I've posted tips on what I would do if I were interested in refinancing here.   In addition, I would determine at what point does refinancing make sense based on how long it will take to break even (how long you plan on staying in your home/retaining the mortgage). 

For example, if you have a 30 year fixed rate at 6.5% and a principal and interest payment of $2550, you will break even on your closing costs in about 15 months by refinancing today at 5.00%.  (Based on $2400 closing costs plus 1 point/monthly savings of $403).  If you're planning on possibly moving in a year, then I wouldn't recommend this.  However, if your plans don't including moving--you're throwing money away every month after the 15 month period if you don't "catch" a low rate.

I recommend selecting a respected Mortgage Professional and agree to a "forward lock" where you start the application process and tell your Mortgagage Professional that "if rates get to X% at Y points/closing costs, please lock our rate".  When mortgage interest rates increase by 0.5% to rate in just a few hours, this may be your only way of securing the low rate you're striving for.  With that said, if you currently have a rate where it would make sense to refi at today's rates, I think you should seriously consider doing so--especially if you benefit from a no-cost refinance where you would break even immediately.  Should rates dip to the low media speculated levels, you can always refinance again.

Another hazard on waiting for your rate is contended with appraised values of your home.  The appraisal is based on what 3-4 homes similar to yours located around your neighborhood has recently sold and closed for.  If they sold at a bargain price--guess what, you're home is now going to appriase for about that too.  If you have a oodles of equity (low loan to value) then this may not be a huge issue...however, with refinances, I would say appraisals have been the biggest nail biter. 

If you're a home owner, please do contact your local Mortgage Professional to see if it makes sense to refinance now (I happen to know of an excellent one who can help homeowners with property in Washington State).  If you have a set rate in mind, be sure to let them know what it is.  Work with a Mortgage Professional who has the ability to obtain you a lower rate AFTER you lock should they improve more than 0.125%. 

Last, don't rely on the media to tell you when mortgage rates are low.  The media is always late and with rates changing on average three times a day in our current market, they simply can't keep up (not to mention all the factors that go into pricing a rate). 

Refinance when it makes sense.

Rates for a Snowy Friday

Mortgage rates continue to be just as volatile as the Seattle weather. Wednesday morning I quoted 30 year fixed in the low-mid 4s which quickly jumped up 1% in fee by 11:30 that day. This morning, we're back to the same rates I published last Friday: 5.000%.  This is a huge swing for a short period of time.  If you're interested in securing a record low mortgage rate, you must be prepared to commit to a lock.

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000.  Rates are priced based on a low-mid credit score from 720-739. This scenario includes reserves (taxes & insurance) not being waived.   Rates quoted are priced based on a 30 day lock with no origination or discount points (for your personal rate quote with or without points, please contact me) and there are no prepayment penalties on any of the rates quoted below. 

30 Year Fixed Priced w/1 Pt:  5.000% (APR 5.143%). 

15 Year Fixed Priced w/1 Pt:  4.625% (APR 4.745).

Conforming Jumbo Rates. Pricing is based on the same criteria above (including zero points) except where the loan amount is $417,001 - $506,000 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.   NOTE: Conforming Jumbo loan limits for 2009 - lenders have all ready implemented the new loan limits.

30 Year Fixed @ 1 Pt: 5.250% (APR 5.392%).

JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $506,001-$650,000 (20% down).   The specific scenario used to price the rates below is a sales price of $850,000 with a loan amount of $680,000. 

30 Year Fixed @ 1 Pt:  7.375% (APR 7.532)

FHA.  Pricing based on credit score of 620 or better and loan amount of $362,790 for FHA in King, Snohomish and Pierce Counties with 1 discount/origination point.

30 Year Fixed @ 1 Pt:  5.375% (APR 6.052%).

FHA-Jumbo. Pricing based on 1 discount/origination point and loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.  NOTE: 2009 FHA loan limits are posted here for Washington state.   

30 Year Fixed @ 1 Pt: 5.875% (APR 6.553%).

VA. Pricing based on credit scores of 620 or better based on loan amount of $417,000.   For VA loan amounts over $417,000, please contact me.

30 Year Fixed @ 1 Pt:  5.375% (APR 5.486%).

Prime Rate (what HELOCs are based on):  3.250%.   

12 Month LIBOR (what a majority of ARMS are based on): 2.09875% as posted in the Wall Street Journal.

Rates are as of Friday, December 19, 2008 at 9:00 a.m. and may change at any time.  Available programs may change at anytime as well.   This is not a guarantee nor is it a commitment of interest rate. 

Stay tuned with what's going on in the market by subscribing to Mortgage Porter (upper left corner) and Mortgage Porter Twitter for live rate updates (click Follow).

The Lowest 30 Year Fixed Mortgage Rates I've Ever Seen -- Low to Mid 4's!

Based on the "true conforming" loan limit of $417,000 with 740+ credit scores and 80% loan to value for purchase or rate/term refinance - owner occupied....drum roll please....

4.375% priced with 1 point (apr 4.605)

4.625% priced with 0 points (apr 4.705)

For credit scores of 720-739

4.500% priced with 1 point (apr 4.731)

4.750% priced with 0 points (apr 4.831)

If you're serious about locking in your interest rate for your residence located in Washington State, please apply on-line.

I need to know the following in order to lock or quote:

1. Full legal names
2. Social security numbers
3. Estimated credit scores of each borrower:
   1. 740 or higher mid scores
   2. 720 - 739
   3. 700 - 719
   4. 680 - 699
   5. 640 - 679
   6. below 639 
4. Property address
5. Balances of mortgage(s)
6. If there is a second mortgage, was it obtained when the home was purchased or afterwards?
7. Estimated value of property based on what other homes similar to yours have sold for in your neighborhood (this is probably the toughest factor).
8. How long do you plan on retaining the property/mortgage?

Those who are able to commit to locking are top priority over those who are still shopping rates--this is true with all Loan Originators--they just may not admit it.

11:30 update: I'm all ready receiving rate sheets for the worse.  Mortgage rates are still very attractive...just not as pretty as they were this morning.  This is why you must in a position to commit to a lock...or lose the rate.   Currently, rates are about 0.5% HIGHER TO RATE than what I quoted here this morning.

Santa Ben and the FOMC Deliver Lower Rates

Just in time for the holidays, the FOMC surprised everyone by cutting the Fed Funds rate to a range of zero to 0.25%.  This 0.75-1.00 reduction is more than the widely anticipated 0.50% rate cut.  The Fed also reduced the Discount Rate by 0.75% to 0.50%. 

Bernanke and the FOMC didn't stop with the giving there...they reiterated their commitment to buying mortgage backed securities which keeps mortgage interest rates low.

"...over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant".

You can read the entire FOMC Press Release by clicking here.

The markets reacted joyously with the DOW closing up 359 points and mortgage backed securities performing nicely as well.  Loan originators did not see rates trickle down as much as they should have today...I'm anticipating that we'll have improved mortgage rates tomorrow.

Do keep in mind that the mortgages that will be impacted are conventional (Fannie and Freddie) and not Jumbo's (loan amounts of $506,001 and higher in King, Snohomish and Pierce counties)...unfortunately.  With these lower rates, we will be entering into a "refi boom".  This means that refinances may take longer (regardless of what your loan officer promises you) because every aspect of the industry will not only be inundated; there are fewer folks employed in this industry.  

Speaking of employment, another reason to not delay your refinance is the uncertainty of jobs in this economy.  I do recommend refinancing now--you can always refinance later should rates justify.

Our current rates are a gift from Santa Ben...don't wait!  Contact your local mortgage professional to see if it makes sense for you to refinance based on your personal financial scenario.

How to get your personal bailout

Kenneth R. Harney had a great article syndicated in the Seattle Times this weekend "Be Ready for Your Own Little Bailout". 

Perhaps my favorite part:

"So what do you do if you're already well along in your shopping, you've found a house at a great price, and you're ready to apply for a mortgage at 5.5 percent but don't want to miss out on potentially lower rates?

Ask your broker or loan officer whether you can lock in today's rate but still have the ability to move down should cheaper money become available to you.

Not all lenders can accommodate such requests. Some brokers offer 60-day locks with that option; others may charge you."

By the way, this applies to refinances too.  Do check with your loan originator before you commit to a lock what their lock policies are. 

Another reason to lock in lower rates now with a lender who has the ablity to provide you a lower rate, should they drop further, is the plan that Obama's team is considering.  From Bloomberg:

"While Paulson’s team is only exploring an initiative for new purchases, the incoming administration wants to go beyond that and address the record surge of foreclosures. Some industry lobbyists have urged the inclusion of refinancing for existing homeowners, up to one-fifth of whose loans are bigger than the value of their properties, estimates show....

“It’s a much more efficient use of the government’s balance sheet to do this as a purchase program” only, said Nicholas Strand, a mortgage analyst at Barclays Capital Inc. in New York. He estimated the cost of a plan to buy 4.5 percent loans for new purchases at about $300 to $400 billion. Adding the refinance option could cost up to $3 trillion, he said".

If you benefit from restructuring your mortgage with today's low rates, you may want to consider securing (locking) a rate now with a lender who has the ability of providing a lower rate should it become available prior to closing...if it happens.

 

Blustery Mortgage Interest Rates for the Seattle Area

Rates dipped down this week and have since popped up slightly to about what I posted for rates last Friday. We are still averaging about 3 rate changes per day with the lenders we work with. If you're considering buying or refinancing a home and are eyeing lower rates, you must be in position, willing and able to lock in that rate.   Yesterday, I was able to secure rates for 30 year fixed mortgages in the high 4's (priced with 1 point) for a few clients.  Rates will continue to be volatile.

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000.  Rates are priced based on a low-mid credit score from 720-739. This scenario includes reserves (taxes & insurance) not being waived.   Rates quoted are priced based on a 30 day lock with no origination or discount points (for your personal rate quote with or without points, please contact me) and there are no prepayment penalties on any of the rates quoted below. 

30 Year Fixed @ 0 Pts: 5.500% (APR 5.557%) ~ Priced w/1 Pt:  5.000% (APR 5.143%). 

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.750% (APR 6.901%).

15 Year Fixed @ 0 Pts: 5.125% (APR 5.218%) ~ Priced @ 1 Pt: 4.750% (APR 4.993%).

Conforming Jumbo Rates. Pricing is based on the same criteria above (including zero points) except where the loan amount is $417,001 - $506,000 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.   NOTE: Conforming Jumbo loan limits for 2009 - lenders have all ready implemented the new loan limits.

30 Year Fixed @ 1 Pt: 5.375% (APR 5.517%).

JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $506,001-$650,000 (20% down).   The specific scenario used to price the rates below is a sales price of $850,000 with a loan amount of $680,000. 

30 Year Fixed @ 1 Pt:  7.375% (APR 7.532)

FHA.  Pricing based on credit score of 620 or better and loan amount of $362,790 for FHA in King, Snohomish and Pierce Counties with 1 discount/origination point.

30 Year Fixed @ 1 Pt:  5.375% (APR 6.052%).

FHA-Jumbo. Pricing based on 1 discount/origination point and loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.  NOTE: 2009 FHA loan limits are posted here for Washington state.   

30 Year Fixed @ 1 Pt: 5.875% (APR 6.553%).

VA. Pricing based on credit scores of 620 or better based on loan amount of $417,000.   For VA loan amounts over $417,000, please contact me.

30 Year Fixed @ 1 Pt:  5.375% (APR 5.486%).

Prime Rate (what HELOCs are based on):  4.000%.   Note:  Next scheduled FOMC meeting is Tuesday, December 16, 2008.

12 Month LIBOR (what a majority of ARMS are based on): 2.52875% as posted in the Wall Street Journal.

Rates are as of Friday, December 12, 2008 at 10:00 a.m. and may change at any time.  Available programs may change at anytime as well.   This is not a guarantee nor is it a commitment of interest rate. 

Stay tuned with what's going on in the market by subscribing to Mortgage Porter (upper left corner) and Mortgage Porter Twitter for live rate updates (click Follow).

An Example of Rates I've Quoted Today...So Far

Mortgage rates are trending at very low levels right now.  Here is an example of a few rate quotes I've provided before noon today.  Note: if you "follow me" on Twitter, you've all ready seen these rates.

Client A: 30 year fixed rate-term refinance (no cash back) with 740 or better credit scores, loan amount of $417,000 and 80% loan to value and a 45 day lock:

• 5.75% (apr 5.772) for a no-closing cost refinance. 

• 5.50% (apr 5.459) priced with a 0.5 point and closing costs. \

• 5.00% (apr 5.113) priced with 1 point and closing costs.

Client B:  30 year fixed rate refinance at 5.125% for a loan amount of $218,000 and estimated value of $300,000.  Priced with 0.625% points and closing costs (apr 5.253%) with a 45 day lock.  Borrower says their credit is excellent (740 or better for scores).

Client C:  30 year fixed rate refinance at 5.125% priced with 1 point for a $356,000 loan amount with an 80% loan to value (apr 5.393).  This refinance includes a first mortgage from when they purchased, however the original second mortgage (from the purchase) has been refinanced and lenders treat that as a "cash out" refinance which has an hit to pricing.  Borrowers estimate their mid credit scores at 700 and 740+.  Rates and underwriting are based on the lower of the two scores.  If the home owners mid-credit score winds up being 699 or 720, the rate quote will be impacted worse or better.

Client D:  30 year fixed rate for a cash out refinance at 5.25% priced with zero points (apr 5.297) with a loan amount of $417,000 and 80% loan to value.

That's all for now--looks like I need to contact "Client A" to let them know rates have improved since their quote this morning!

Morning Mortgage Rates for Washington State

The first Friday of the month is when the Jobs Report is released.  November's figures reveal the worst figures in 34 years with 533,000 payroll jobs lost and unemployment at 6.7%.  Downward revisions were also made to October and Septembers figures and hours were cut back significantly for part time employees.  

On a happier note, rates have significantly improved since my last Friday rate update.   

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  The conforming rate quote below is based on owner occupied, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000.  Rates are priced based on a low-mid credit score from 720-739. This scenario includes reserves (taxes & insurance) not being waived.   Rates quoted are priced based on a 30 day lock with no origination or discount points (for your personal rate quote with or without points, please contact me) and there are no prepayment penalties on any of the rates quoted below. 

30 Year Fixed @ 0 Pts: 5.500% (APR 5.557%) ~ Priced w/1 Pt:  5.000% (APR 5.143%). 

30 Year Fixed with 10 Year Interest Only @ 1 Pt:  6.750% (APR 6.901%).

15 Year Fixed @ 0 Pts: 5.125% (APR 5.218%) ~ Priced @ 1 Pt: 4.750% (APR 4.993%).

Conforming Jumbo Rates. Pricing is based on the same criteria above (including zero points) except where the loan amount is $417,001 - $506,000 for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.   NOTE: Conforming Jumbo loan limits for 2009 - lenders have all ready implemented the new loan limits.

30 Year Fixed @ 0 Pt:  5.625% (APR 5.675%) ~ Priced @ 1 Pt: 5.125% (APR 5.262%).

JUMBO (Non-Conforming) Rates. Pricing is based on the same criteria above, with the exception that the loan amount is $506,001-$650,000 (20% down).   The specific scenario used to price the rates below is a sales price of $850,000 with a loan amount of $680,000. 

30 Year Fixed @ 1 Pt:  7.500% (APR 6.903)

FHA.  Pricing based on credit score of 620 or better and loan amount of $362,790 for FHA in King, Snohomish and Pierce Counties with 1 discount/origination point.

30 Year Fixed @ 1 Pt:  5.625% (APR 6.305%).

FHA-Jumbo. Pricing based on 1 discount/origination point and loan amounts from $362,791 - $567,500 for King, Snohomish and Pierce Counties.  NOTE: 2009 FHA loan limits are posted here for Washington state.   

30 Year Fixed @ 1 Pt: 6.125% (APR 6.806%).

VA. Pricing based on credit scores of 620 or better based on loan amount of $417,000.   For VA loan amounts over $417,000, please contact me.

30 Year Fixed @ 1 Pt:  5.625% (APR 5.739%).

Non-owner Occupied/Investment Property.  Pricing based on 25% down payment with $400,000 sales price with low-mid credit scores of 720-739.

30 Year Fixed @ 1 Pt:  6.750% (APR 6.929%)

Prime Rate (what HELOCs are based on):  4.000%.    

12 Month LIBOR (what a majority of ARMS are based on): 2.64875% as posted in the Wall Street Journal.

Rates are as of Friday, December 5, 2008 at 8:30 a.m. and may change at any time.  Available programs may change at anytime as well.   This is not a guarantee nor is it a commitment of interest rate. 

Stay tuned with what's going on in the market by subscribing to Mortgage Porter (upper left corner) and Mortgage Porter Twitter for live rate updates (click Follow).