Your Questions About Mortgage Rates Today

Mary asks…

Where are the mortgage rates at as of today? Read on….?

I have a mortgage rate & wanted a better one. I was suppose to get a new rate at 6% but the guy doing the work said they have gone up again. Is this true? I keep seeing where mortgage rates are suppose to be at 4%. Which is right?

admin answers:

Mortgage rates are based on prime rate not rates given by the feds to banks…you are right on the 6% but these rates are only given to a select few..how ever recession,stagflation has forced the banks to work with feds and drop the prime rate ..keep in mind this was just recently done and the home mortgage rates have fallen to 5.74% which is a turn around, but as i said this is only for a select few based on credit scores and the home value in your area,look to see even more cuts..to the banks ,some is better than none as long as they still make good profits

Linda asks…

what are today’s home mortgage rates in Houston Tx?

admin answers:

The rates now are the same as they were Friday Evening. So, my point is, you should ask this again in a few hours, in the morning because they will have changed by then.

Carol asks…

My mortgage is paid in 5 yrs. How do I refinance at today’s low rates in a 5-year term mortgage?

I would end up paying more when the term is longer (10-15 years) even though the rates are 2% higher and I would continue current payment plan.

admin answers:

If you are done in 5 years, just keep making the payments. You are basically just paying the principle now. To get a new mortgage, you will pay many fees at closing. It could easily be $2,000 on the low end. There are not many 5 year mortgages anyway. Some banks have home equity lines of credit, at between 3-3.25%. They usually have no fees for a low amount. They use a 15 year payout though. You could pay it off ahead of time, but you still may end up paying more interest over the next 5 years. I would just keep the mortgage you have. Good Luck!

Sandra asks…

What are the mortgage interest rates for today?

admin answers:

30 year fixed 4.05%
15 year fixed 3.4%
Stay away from ARM mortgages
http://www.bankrate.com/

Chris asks…

what is the lowest mortgage rate today?

admin answers:

+/- 6.0 %

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