Your Questions About Mortgage Rates Today

Daniel asks…

“Bankrate.com lists 15 year fixed mortgage rates for today 2/6 at 4.95%. Why can’t I get that rate from

a local loan company? They can only offer me 5.375% on a fixed 15-year mortgage.
I don’t understand, please help.
Thanks

admin answers:

The 4.95% is the APY rate offered by larger banks to borrowers with near perfect credit. APY means the interest rate without figuring in all of their fees. With fees added in, your true rate, APR, may be closer to 5.3%. Some companies, such as Countrywide, claim to have no upfront costs, thus lowering your APR to near the APY.

Remember that the lower your credit score, the larger your risk and the higher your interest rate will be. What I’ve also found is that local banks tend to feel that they have you at a disadvantage and will charge more than larger banks.

Doing an internet search for larger mortgage companies may help you to locate a lower rate.

Thomas asks…

Is there any way the market today can affect the mortgage rates?

admin answers:

Rightnow, it does not affect on mortgage… Housing market would be worsen until 2009…unless and until U.S $ become strong/economy…. People do not buy house because dollar value /economy is worst…

Chris asks…

I just bought a house today! What’s going to happen with the Mortgage rates? ?

What are they saying about the interest rates? Will the rates go up or down after this week? My Mortgage Broker is telling me to lock in now! What do you think? Should I wait? HELP!

admin answers:

I’m assuming you mean that your offer was accepted but that you haven’t closed on the house yet.

In my opinion rates will drop once the bailout is passed into law. If you have another week or so to wait I would float. Rates are going to fall later this week and by mid week next week would be a good time to lock in the rate.

Mary asks…

Are mortgage rates down today March 13th, 2008?

admin answers:

I was once in your situation. Don’t worry, everything will work out for you =)

A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.

Http://www.help-my-house-mortgage.org

Good Luck!

Ken asks…

Lock mortgage rate today or Monday? Help!?

I’m purchasing a home and have resisted locking in the rate as long as possible. My mortgage consultant is insisting I lock in either today or Monday. Which would you do if it were you?

* I’m especially curious whether the Fed Chairman’s speech today would affect rates at all.

I realize no one knows for sure, but I would really appreciate you giving your best guess.

admin answers:

Lock in now, long term loan rates are going up.

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