Latest mortgage rates - calling all mortgage gurus! (loan, credit, rate)

[aphorista]

Just trying to find out if I am getting the run around from my mortgage broker. I locked last Thursday at 4.375% 30 years with APR at 4.553 (no points). We have great credit but only have 17% equity in the home. I spoke with her today and she says that mortgage rates have not gone down since last week. Is this true? I am wondering if I should shop around some more. What do the mortgage gurus say????

[VictorBurek]

are you doing a FHA or conventional loan?

[mumra]

it should be around 4% for 30yr

[VictorBurek]

Originally Posted by mumra

it should be around 4% for 30yr

not necessarily. depends on FICO score and type of loan. If that rate is a conventional loan with lender paid MI it is a good deal.

With the information provided, nobody can say it is good or bad...well, it is a really low rate either way, but could be lower.

[aphorista]

Thanks for the quick feedback! It is a conventional loan with no money needed at closing except we had to pay for the appraisal.

[VictorBurek]

do you have MI...and what is your middle FICO?

[swoonef]

I think im the one getting the run around...i have little to no equity and i was given 4.375 for a 20 year loan with approx 2000 closing and good credit.

How you like them apples!!!

[round4]

Is it for primary or investment property?

[TimtheGuy]

fyi-there are way to many variables for people to just throw rates out there to compare.

[oldraider]

It could be more about the 17% equity in the house, with the poor compables available in most markets for the appraiser to use in the current market situation, your home value may have dropped enough to eat up the 17% you had. It would create a bigger risk factor for the lender.