What are Mortgage Rates at?
The answer to this question is not as easy as it may seem. If someone tells you what mortgage rates are and does not know your middle credit score, your loan to value (how much you are borrowing divided by the sales price or value), the program you are applying for and the amount of the loan you will be taking, they are doing you a disservice.
Important Questions that affect the Quoted Rate
- Did you want to pay points to buy down to a lower rate? A point is a percent of the loan amount paid at closing that allows you to get a lower rate.
- Did you want a loan with 0 points?
- Are you doing a Conventional, FHA or VA mortgage loan?
All of these factors affect the rate you will be quoted.
Mortgage interest rates are at there lowest levels in the last 40 years. Conventional and FHA rates in most cases are currently below 6%, but be aware you need to be armed with the questions above to get an accurate quote.
Rates are quoted in real time and change with market factors. The rate you saw last week online or in the paper is about what it is old news.
Save yourself from frustration, don’t just ask “What are the Mortgage Rates?” Be armed with your middle credit score, loan to value, loan amount and program. Speak to an experience professional and if someone doesn’t ask you those questions, don’t trust the rate you are told.
Guest Author:
Kenneth A. Wojnowski, Sr.
1st Priority Mortgage, Inc.
Regional Sales Manager
Office: (716) 651-5626 Ext. 240* Fax: (716) 651-5640
Email: Kwojnowski@1stPriorityMortgage.com
