Mortgage loan rates fell again this week, with average rates for a 30 year FRM decreasing from last week's 4.94% to 4.87%, rates for a 15 year FRM falling from 4.36% to 4.33%, and rates for a 5/1 ARM decreasing from 4.42% to 4.35%. In order to get these rates, you can expect to pay about .70 in points. You would pay about $1400 in points for a $200,000 mortgage loan.
Compare Mortgage Rates for Your Best Deal
Getting mortgage quotes from a few lenders can help you locate the best mortgage terms specific to your needs. Evaluating loan terms and closing costs carefully can potentially help you save more than only comparing mortgage rates. Ask questions and use mortgage quotes for negotiating with mortgage lenders.
Low Mortgage Rates: Don't Wait Too Long
Today's low mortgage rates are helping first time buyers and homeowners wanting to refinance find the right mortgage loan at the right price. Low rates can help you qualify to borrower more, buy a larger home, and get the money you need at a lower interest rates. When comparing mortgage quotes, check the annual percentage rate (APR). This figure measures the total of all financing costs expressed as a percentage for easier loan comparisons.
Financial Concerns? Avoid Jumping in Head First
If you're financially prepared for buying a home or refinancing, current mortgage rates provide great opportunities. On the other hand, if you're concerned about employment or are carrying too much debt, it may be better to wait. Having adequate savings and a solid down payment can help ensure your ability to keep and enjoy your home.
If a down payment is the only factor keeping you from buying a home, ask lenders about first time homebuyer programs in your area. These programs typically offer low cost loans that help with meeting your down payment and closing costs.
Our live database of current mortgage rates can help you find the best rates in your area.