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View Full Version : What are the going mortgage rates now?

jay90si
07-29-2005, 06:54 PM
Okay i know this is a broad question so i'll try to narrow it down.. purchase price will be $169k, 3% down. This is my first home, my credit is good but i just dont have a lot of it. I was quoted a rate or 5 3/4 or so about 2 weeks ago, now that i'm getting close to closing he said he was able to lock now a 6% rate. This seem alright? I've looked around online seems like most places around here are advertising around 5.375 to 5.60, with some outliers at 5.00% and 6.275 %. So if anyone can let me know if this seems alright ... in the ballpark :) thanks.
_Charles_
07-29-2005, 07:04 PM
First, it's based on credit score...so don't always expect the lowest, and 2nd, rates flucate daily. SOmetimes good, sometimes bad.

maybe a mod could answer this question better...I'm just a flunkie

Charles
jay90si
07-29-2005, 07:06 PM
First, it's based on credit score...so don't always expect the lowest, and 2nd, rates flucate daily. SOmetimes good, sometimes bad.

maybe a mod could answer this question better...I'm just a flunkie

Charles

Yeah im not expecting the advertised rates, those are most likely their lowest rates possible. I'm just wanting to check if 6% seems in the ballpark, which i think it is, just not sure.
Epicman
07-29-2005, 07:10 PM
With 3% down I can get you 5.5% on a 30 year fixed with no prepayment penalty. When are you planning on closing?
Amortized
07-29-2005, 07:11 PM
If thats a fixed rate, thats a very good rate for 97% LTV. If its an ARM @ 97%, its just so so.
Epicman
07-29-2005, 07:14 PM
If thats a fixed rate, thats a very good rate for 97% LTV. If its an ARM @ 97%, its just so so.

What I quoted is on a 30 year fixed.
Amortized
07-30-2005, 12:22 AM
What I quoted is on a 30 year fixed.

and I was refering to his first offer, not yours. Good luck getting the loan closed at par at that rate, especially not even knowing his scores or dti.
Epicman
07-30-2005, 01:22 PM
and I was refering to his first offer, not yours. Good luck getting the loan closed at par at that rate, especially not even knowing his scores or dti.


If he has been approved already at 6.275 his DTI will probably not be an issue. As far as his score, that is not very important if he is putting down 3%. I've done a couple of loans for people with scores in the mid 500s at that rate.