Blissful, don’t see how you could have been quoted the above rate TODAY. Although treasuries are as low as Wednesday, mortgages are not. A 30 year fixed which on Wednesday AM could be had for 4.5%, is now 5.375. Today the 15 Year you speak of was at 5.125% with no origination and no discount points. Getting to 4.75 would have FOR SURE cost you points.

HLS, the 4.625% I got Wednesday @ 10:30am was done by the bank I work for. I’m not in the mortgage business per se, but since our company’s mortgage officers are salaried, there are no commissions when they do loans for employees or clients, so that saves the mortgage broker fee (which is what, around 0.50%)?

The no-employee “client” rate would have likely been 4.75% or 4.875%.

On that note, I can do a loan for nearly anyone qualified to get a loan approved (good credit, assets, etc) for no broker fee, and typically closing costs are around 1% of the loan size (this is not a discount point, just escrow, title, appraisal, doc fees, etc). You could compare HUD to any other mortgage broker and it will 95% of the time be the best rate AND lowest fees. I’ve only done about half a dozen loans this year (by design, loans are incidental business to my main business), but since Wednesday I’ve locked in 6 additional clients. That’s how low rates got on Wednesday….