Your Questions About Mortgage Rates

James asks…

Mortgage rates?

I keep hearing that mortgage rates will probably hold steady until mid-2008. They’ve already increased from 6.15 to 6.75 in the past 6 weeks. I’m building a house, and won’t be able to lock in a mortgage rate until probably mid-August. Should I “buy” my mortgage rate at 6.75% now for $750, or should I hold off?

What are the odds that rates will top 7.25% within the next three months?

admin answers:

If you can lock at that rate right now for 750.00, my advise would be to do it. No one has a crystal ball, but rates show no signs of falling any time soon. As you stated previously, rates have risen by over .5% in the last couple months. Take the bird in the hand. It’ll give you peace of mind.

Sandy asks…

mortgage rates?

i was thinking of refi my mortgage but i hear that the mortgage rates are going to drop ever lower. any experts think thats going to happen?

admin answers:

You’re on the edge now…..if you have a high FICA score….go for it now….

Susan asks…

Mortgage Rates?

Which mortgage companies have the best rates right now? I am trying to get preapproved for a mortgage and buy my first home. I have been preapproved through BB&T but the rate they quoted me was 6.25%. I felt this is high. I have good credit (score in the mid-to-high 700s) and no credit card debt.
Are there any other lenders I should check with?

admin answers:

It is too high. I suggest a company i used – they treated me great, i found them on this yahoo answers and i got a great rate after searching through tons of other places. They also were able to talk to me so i could understand them and explained everything that i needed to know. My daughter just got pre-qualified at a lower rate through them as well this past weekend and it was under 5.75. – look at the rate calculators posted

Joseph asks…

What caused the home mortgage rates to sky rocket, causing people being unable to pay their monthly mortgages?

The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high?

Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses.

Big businesses then had to cut back on expenses and began to lay people off the the thousands.

So what caused the mortgage rates to go up so high that started this financial mess in the first place?

admin answers:

Barney frank,chris dodd,ACORN,and all other democrats forcing banks to give loans to PEOPLE WHO COULD NEVER PAY THEM BACK..

Mary asks…

What are mortgage interest rates based on and how do I estimate what my ARM rate will be when it adjusts?

My 5-1 ARM adjusted last year and went to 6.25%. It will adjust again this November. Are mortgage rates based on the feds fund rate? Or something else? How can I estimate what my new rate will be?

admin answers:

There are multiple indices that are used by mortgage holders to adjust a mortgage rate. Some are tied to t tresury bills, some are tied to the LIBOR rate.
You will need to check with the mortgage holder, (or just check your original mortgage contract) and find out what index your mortgage is tied to, and what the”spread” is. (The spread is the additional % added to the index).

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