Are mortgage rates on condos generally higher than houses?
I locked a rate of 5.25% earlier this week and my mortgage broker mentioned this was the rate for a condo. Are the rates for a condo different than a house? I’m wondering if I got a good rate, especially since rates have recently gone up.
If that;s a 30 year fix, thats a good rate.
Will I get less than the average mortgage rates if I have great credit?
We are thinking about buying a house, and I just want to know if we have enough for a 10% down payment, decent income, and a great credit score ; can we expect to get below the average mortgage rates that are listed online? Thanks.
We will be get pre-approval before we decide to go house shopping, but I am just wondering this right now.
Great credit scores get the best rates.
A lender told me that many online calculators put on a rate for an average credit score, but some quote the best rate available.
Do not forget to compare more than interest rate between lenders. Closing costs, especially with online lenders, can be very different from shop to shop. Ignoring closing costs and only looking at interest rate can cost you thousands of dollars.
What is the largest site for published mortgage rates?
Is there an independent site (besides bankrate.com) that publishes daily mortgage rates? Ideally, I am looking for a datafeed I can integrated into a project.
Most sites, Including bankrate use rates offered by many lenders.
And although they are all in the ball park, might differ a bit.
I do this for a living. If you want a feed, you may be stuck picking one you trust, else you can get historical data from some FNMA, or government sites. But not streaming daily or hourly data.
Are large local banks less likely to give great mortgage rates to borrows with great credit scores?
I’ve been shopping for a low interest rate (30 year fixed). I have excellent credit but it doesn’t seem to help me much when I go into large local banks. It seems like they just run the basic numbers to make sure I qualify for a conforming loan. They then tell me their printed rate on their website. My experience with smaller mortgage companies is that they collect more information and they have quoted lower rates.
Is this typical?
You are best off securing a great mortgage from a Credit Union or a Community Bank.
Why would the failure (or need for government support) by Fannie or Freddie cause mortgage rates to rise?
How does that correlation work?
How do mortgage rates respond to the circumstances of Fannie and Freddie?
There is a risk correlation. The more and bigger failures there are, the higher rates will go. The higher rates serve to help pay the off the bad debts from all the other bad loans.
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