William asks…
How might mortgage interest rates go by Sept 30th? How might the debt deadline affect them?
I can lock in a mortgage interest rate of 4.5% if I sign now. If I wait and schedule settlement for Sept 30th, how do you think mortgage interest rates might look then? The debt deadline is approaching and there is no deal in sight. How might that affect the rates?
admin answers:
I close mid August and am floating my rate. The deadline the government has set for defaulting on our obligations is around Aug. 2 or 3 so you can afford to float your rate waiting the market to stabilize after some anxiety in August. Me not so much. I can lock at 4.5 right now too and probably will in the next day or two because the closer we get to the deadline, the more the market will get nervous and more than likely rates will jump. If nothing else makes sense consider this: the chances of rates going much lower are extremely small but the chances of them going up are very good-we both stand to lose much more than we’ll gain by waiting. Don’t forget thought that with your closing so far out you’ll probably be paying extra fees to lock in now. Normally if you lock in under 30 days there should be no locking fees-check with your bank for their own rules-no need to pay anything unnecessary when you could wait this out until September…even late September and probably see the market flatten back out by then. Rates of course can do anything as does the market so it depends on your own stomach for risk vs. Savings. Me, I don’t have much time to wait so I’m pulling the trigger. You’ve got over 2 months to wait things out. Then again….you never know…
Charles asks…
How would fixed mortgage interest rates affect the UK if brought in?
Here in the Uk…..we have flucuating mortgage interest rates.
However in the US interest rates tend to be fixed for the entire life of the loan.
Any ideas of how the US system would afffect the UK if brought in?
admin answers:
Try using Google (it gets answers a lot faster 
) …
Carol asks…
How come 30 year mortgage interest rates aren’t rising?
I’ve been expecting 30 year mortgage interest rates to be increasing because of increased risk. I figure investors would want a risk premium for the risk of not being paid, and the risk that the value of the dollar will decline. Why would an investor want to invest in real estate mortgages right now? Therefore rates would have to rise in order to provide incentive.
So what’s going on with the 30 year mortgages? Are there any good website to explain what’s going on?
admin answers:
Rates are not increasing, recently they have decreased due to the US government taking control of Fannie May and Freddie Mac. This removed much uncertainty from the market because government backed securities are through to be “risk free”.
You can follow the 30 year rate at the following site:
http://www.mortgagenewsdaily.com/mortgage_rates/
Susan asks…
How to check as what banks are giving good mortgage interest rates ?
1) Is there a website where we can check as what banks are giving good mortgage interest rates ?
2) Do we have to look only local banks where I live ? If I live in ILLINOIS , do I have look for a lender or bank in IL only ?
3) Any suggestions as which bank is good ?
admin answers:
There are a few ways to check -
First Bankrate.com allows you to search based on interest rates and will list from lowest to highest if you want. Also, fill out the form at lendingtree.com and you should get up to four banks you can negotiate with.
A good mortgage broker can shop around for you and get the best rate going for your financial situation (remember that brokers make money off commission, so it is not always in their own best interests to get you the best rate).
Finally, call around yourself. You do not have to call just local banks as many national banks may be licensed to do business in your state. The state banking agency should have a list of all banks licensed to offer mortgages in Illinois.
Remember that rates fluctuate daily, if not hourly and the bank giving the best rate today may not be the bank giving the best rate tomorrow.
David asks…
How do I find out what the current VA mortgage interest rates are? Is there a web site i can check?
I’ve just been pre approved for a VA mortgage. I’m only in the looking phase and don’t plan to close til June. How do I find out the average interest rates on VA home loans. I don’t want to find out the last minute my interest rate would be high. I heard you can find them on the VA’s website, does anyone know the exact link to find it?
admin answers:
The VA Loan Guaranty Program does not provide the mortgage itself, the mortgage loans are made by private lenders such as banks, savings and loan associations, or mortgage companies. To get a loan, you must apply through a lender. Because the VA guarantees the loan, mortgage companies will more times than not offer you an excellent rate with a no money down but it still depends on your credit standing.
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