30 Year Mortgage rates

[MrScott81]

I know it will be different for different people, but just curious to see what kind of rates people are getting.

 

[toant103]

i think around 5.5%. Depending on the fico score

 

[MrScott81]

another question...do you think i'd get the best rates (in general) by appying online, or going locally to banks, etc?

 

[toant103]

the rate i just gave you is for a 15 years. But i think 5.5% if kinda off. Depending on the company, they might give you a low rate but they will charged you points or origination fees.

 

[MrScott81]

bump for the morning crowd.

 

[zbalat]

I'm building a house this summer and got 6.0% fixed 30 year.

 

[MustISO]

Check out bankrate.com. I used the site when I was looking to refinance.
Always get a good faith estimate from any lender. It's easier to compare written estimates than going by what rate someone has.

 

I got 6.0% back in October. I think it's around a half-a-point less now.

 

[WHipLAsh13]

National average right now is 6.39. Don't know where you people have been but the Mortgage rate has gone up almost a pont in the last 2 months.

 

[blackdogdeek]

we got 5.5 in october

 

[royaldank]

Check a credit union or two if you have one available. Those can be a great place to get a mortgage. Also, check for any independent mortgage companies that aren't tied to a specific bank. They can pull rates and loan programs from a variety of sources and offer more choices.

 

[Doggiedog]

There is no way its 5.5% for a 30 year now.

When the fed said that interest rates will go up, the rates went up at least 25 BP.

 

[rh71]

We got 5.875% in August... refi'd from 6.125% for free (Wells Fargo) about a year ago. It's definitely at least 6% right now.

 

[MrScott81]

bah, so i guess now is the time to buy a house then? rates will probably keep going up?

 

[royaldank]

Originally posted by: MrScott81
bah, so i guess now is the time to buy a house then? rates will probably keep going up?

Rates will probably continue to slowly rise.

Still a good time to buy. Heck, five or ten years ago folks were doing good to get loans in the 7-8% range. If you can find something you like go for it.

If you think you might move within 4 or 5 years or are just buying a starter home to build equity, you might want to consider an ARM loan. Lower rates that can adjust each year. Start off low, and then hopefully move or re-fi before the rate gets higher than a regular 30 yr loan.

 

[foofoo]

it's 5.875 for a conforming fixed 30 year right
here
i used them when i refied a year ago. they had the best rate that i could find at the time. i'm sitting at 5.00 fixed for 30 right now.

 

[alkemyst]

That 5.875 lender had over $2k in closing costs. In my area truly no cost loans are in the 6.6% range.

These are 30 year fixed conforming loans.

ARMs (adjustable) can be had for below even the money the bank can borrow at right now, however these are bad moves as rates can only go up and often these discounted ARMs have caps that are insane. An ARM only makes sense right now if you are planning on selling before the first adj. date.

As long as rates are 8% or less people will buy homes a lot....only the refi market will take a hit now. Once loans approach and pass 10% you can expect a serious decrease in purchasing. However, I doubt we will see that anytime soon. I think loan rates will creep up and settle at or near the 7.5% mark over the next year or so and then slowly go up and down around that.

 

[Leejai]

i just refied to 4.375 ( two loans) 5YR ARM

 

[MrScott81]

can someone briefly explain what points are? im assuming they're not good since loans with points are often at a lesser rate than those with no points.

 

[FeathersMcGraw]

Originally posted by: MrScott81
can someone briefly explain what points are? im assuming they're not good since loans with points are often at a lesser rate than those with no points.

A point is 1% of the loan value. When you pay points, you are paying additional money up-front to lower the loan interest rate. There's nothing wrong with paying points, but you do need to do some calculating to figure out where the break-even point is (divide the amount paid in points by your per-month savings at the lower interest rate -- if you hold the loan for less than that time, it's not worth your while).

 

[MrScott81]

Just wanted to say thanks to everyone for answering my questions.

ATOT rules! :beer: for you all! :beer::beer: