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i'm buying a house in PA soon, and was wondering about mortgage rates. i've been quoted 5.5% for a 30 yr fixed. it sounds good to me, but i want to educate myself more to make sure it's the best i can get.
my credit score is in the 700's, and have a $7k car loan. i have 2 credit cards, zero balances, with $15k available in credit.
does 5.5% sound about right?? i've just been seeing rates on the internet in the 4's, so just want to make sure!
i'm buying a house in PA soon, and was wondering about mortgage rates. i've been quoted 5.5% for a 30 yr fixed. it sounds good to me, but i want to educate myself more to make sure it's the best i can get.
my credit score is in the 700's, and have a $7k car loan. i have 2 credit cards, zero balances, with $15k available in credit.
does 5.5% sound about right?? i've just been seeing rates on the internet in the 4's, so just want to make sure!
Thanks!
Seems high unless your closing costs are very low or your loan amount very small.
wells fargo (with 1 pt) is at 4.875% for a 30yr.
Try HamiltonNAtional.com They are at 4.875% as well. (NO idea how good the bank is though but heard good things)
I locked in a few days ago at 5% with no pts.
Rate seems to have been jumping from 4.875 - 5.125 lately.
5.5% is high unless that is for a FHA or something.
i'm buying a house in PA soon, and was wondering about mortgage rates. i've been quoted 5.5% for a 30 yr fixed. it sounds good to me, but i want to educate myself more to make sure it's the best i can get.
my credit score is in the 700's, and have a $7k car loan. i have 2 credit cards, zero balances, with $15k available in credit.
does 5.5% sound about right?? i've just been seeing rates on the internet in the 4's, so just want to make sure!
Thanks!
Interests rate shouldn't be the only number you focus on. You need to look at all the fees associated with the loan. What is the APR for the 5.5%? The 5.5% quoted is probably not an APR and for a 30 years, that's on the high side. Score in the 700's is good but most lender will reduce some of the fees if it's above 750s..
Shop around, you should be getting rate about 5% APR.
okay...just talked to the broker...my rate is 5.25, no points. that's not so bad, right?
I just checked pricing with one of my lenders and here is what I found.
5.25% on a 30 day lock will pay 3%+ in yield spread premium which means your broker is looking to make 3+ points off you. The yield spread for the 5.5% he originally quoted you would pay about 4 points!
If you were willing to pay 1% origination the par rate would be 4.75% on a 30 day lock for a 30 year fixed FHA.
I don't have an issue with brokers making a living but come on, 3+ points is excessive. In my opinion 1-2 points is very reasonable depending on the loan amount.
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