Much to the surprise of all, mortgage rates continue to drop. Inflation remains extremely low exerting downward pressure on rates. At the Fed’s meeting today, the vote was 9 to 1 not to raise the short interest rates. Despite some challenges due to low appraised values, we are closing plenty of loans, saving customers tons of money in their monthly mortgage payments. Not everyone will qualify for exactly the same interest rate. Don’t get “sucked in“ by the endless stream of ads on radio and TV. Your interest rate will depend on many factors including credit scores, collection of escrows for taxes and insurance, whether the loan is for a purchase, rate and term refinance or a “cash out” refinance, etc.
Here are several examples of rate quotes available at close of business today:
30 year fixed for $200,000 at 4.5% with 1 point origination, APR is 4.668%; with no origination points the rate is 4.75%, APR of 4.836%
5/1 ARM for $200,000 at 3.5% with 1 point origination, APR is 3.66%; with no origination the rate is 3.75%, APR of 3.828%.
Please remember, Mortgage Bonds are traded on the open market and the price moves everyday. We can only guarantee a rate when it is locked in.
The larger the loan, the less the difference needs to be to make this worth while VS your current rate.
Check out my Mortgage News site for a handy mortgage calculator.
Call me today and I will review your options. E mail me at union-mortgage@atmc.net
We are a Mortgage Banker and now do loans in North Carolina , South Carolina , Virginia , Maryland , Delaware , DC, Georgia , W VA and Pennsylvania
No comments:
Post a Comment