Your Questions About Mortgage Rates Today

Sandy asks…

Where is the best source to find the current (today’s) mortgage interest rates percent for my state?

for the Maryland/Washington DC metro area.

admin answers:

Couple things – rates don’t really vary by state, but they do vary by a lot of things you don’t mention.

The thing to remember is that mortgage rates are based on risk – meaning the risk the lender takes on to lend you money. Getting a rate online will give you a very rough idea, but not necessarily what is right for you. To give you an accurate rate, someone needs to know about the property, how much will be financed, your credit, your assets and your income. Those things produce your risk which dictates the mortgage rate you get.

If you want a clear, accurate idea of what rate you can get, you should talk with a lender or use a qualification calculator that can give you loan options and rates.

Hope that helps!!!

David asks…

what are the mortgage intrest rates at today?

looking to refinance when they drop below 5%

admin answers:

Go to bankrate.com to get today’s prices.
Not likely to drop any further – trust me on this one.
Obamas plan is putting the hurt on banks.
Now banks know that anyone in the future can refinance and cost the bank money.
Banks may also have to write down your future loan even if they don’t want to.
So interest rates will go up soon.
It will also make it harder to refinance- please refi now.
Definitively before summer – when the summer buying season starts.
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Donald asks…

Should we lock a mortgage rate today?

We close in 27 days – we can lock a rate of 5.375 today which is down 3/8ths from last week. Should we lock in today or wait a week??

admin answers:

No; it’s probably a good idea to lock. The market is favorable for you today. Follow this advice. New rates are issued at about 11am est. Wait until Wed. After 11am est and THEN LOCK. That rate is great..don’t get greedy.

Paul asks…

What are the average rates for mortgages today?

Is their a good website to look at these? Trying to figure out when a good time might be to lock in our rate. If they are going to drop in a few weeks I just might wait.

admin answers:

Here are a couple good websites:

http://www.hsh.com/

http://www.bankrate.com/

Lisa asks…

With bad credit, can I refinance my mortgage to the lower rate or will my bad credit prevent me from refi?

I have heard conflicting reports on this.

Now paying rate: 6.25%
Mortgage Rates today: 4.5%

Can I get the lower rate with bad credit?
So I guess the gentleman on Good Morning America does not have his facts straight. He said even with bad credit your mortgage company will refinance because the lower rate will help you stay current on your house note.

admin answers:

Actually it might be possible under the new “Home Affordable Refinance Program”, this requires most Fannie Mae and Freddie Mac lenders to work with you, if you have certain circumstances. Here is a website to check it out:

http://www.makinghomeaffordable.gov

GOOD LUCK!

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