Daily Mortgage Rates Becoming Less Volatile [mortgagerates-tips.blogspot.com]
Question by Anna B: How do I check daily FHA mortgage rates? My lender hasn't locked rate for home purchase in CA. How do I check rates myself looking at internet. he says we will be able to lock once we get loan docks this week. I just want to see what kind of rate I'm looking at (ballpark) Best answer for How do I check daily FHA mortgage rates?:
Answer by Toni
Bankrate.com The site has been around for a decade - you can trust it...
Answer by Matthew
I disagree with the previous two answers. MOST rates on the internet are very misleading. Unless you understand the difference in rate and APR this will not be helpful to the average person. Also, many rates on the internet include points but the real question is how many. I recommend you shop several banks on the same day and get an estimate of the rates. This will help you determine who is comparable and who is out of the game. Just to give you an idea the average rate today on a FHA loan is 4.50-4.75%. 4.50% would be something most lenders charge additional points for. The 4.75% would traditionally be no points except for the traditional FHA charges. Under the new FHA program FHA charges 1.00% origination charge for the program. This is not a mortgage broker fee, it is a fee to FHA. I do agree with your current lender, he should not lock a rate until he has loan papers in han d. The reason is simple. Rates are quoted and locked based on the estimated time to close. Until your lender has loan papers he can not estimate how much time he needs for the rate lock. This is a KEY part of locking rates. I strongly recommend that you do NOT play the market for a better rate. Rates are showing strong signs of increasing. Most people in the industry are expecting a steady increase into the third quarter. Pick a lender you are comfortable with. trust there judgment and get your rate locked before they go up even further. I am not a mortgage lender, so the rates i quoted are based on my own research that i did today, however, I have a pretty good insight on this stuff. I hope this helps...
www.GoNorthwestLoans.com - Rates and pricing has improved today. Watch Eric explain what is happening in the market. View Eric's Daily Rate Watch publication on his website.
mortgagerates-tips.blogspot.com Improved Mortgage Rates Today - Eric's Daily Rate Watch July 29, 2011
รข€œWhen you can borrow at a rate below inflation, you're borrowing for free, Greg McBride, senior financial analyst with Bankrate Inc, told Bloomberg. Almost all lending rates are at record lows, and last week interest rates on 30-year mortgages dipped ... Zuckerberg refinances M mortgage- for almost no interest!
Daily mortgage rate are something that many home owners do not keep up with. Honestly, it seems that many Americans just take whatever rate that is offered to them that seems acceptable. Prior to the previous week, average rate were quite volatile involving swings as much as a full percentage point in less than a week. This makes it very challenging to decide what a decent rate offer is. Unfortunately, many Americans went to banks and got home loan rates that were much higher than they should have accepted.
When looking at Wells Fargo mortgage rates, you are likely to see quite unusual movement in the month of June. There was actually a two week period in which overall rates moved from 4.8% to 5.59% and back down to 5.39%. This is not good for anyone as the uncertainty pushes people away. Many Americans are afraid to sink their money in the housing market as it is, so fluctuating mortgage rates makes them even more fearful.
The best way to avoid this fear is to educate yourself on the market.
If you know where rates have been and where they are currently, you will have a much better chance at predicting where they are going to go. It is hard to imagine that many Americans who buy a home do not even consider making a mortgage rate prediction before going through the home buying process. Do home owners not realize that they could save over $ 20,000 during the years that they are making a mortgage payment? I guess the answer to that question is no. Recommend Daily Mortgage Rates Becoming Less Volatile Topics
