Quote:
Originally Posted by ageha
I shopped around earlier and all brokers came up with similar APRs eventually. I believe it wasn't a bad deal back then. I just don't understand why the national rate is going down so much but not mine.
My scenario is 130K purchase price in Texas, putting down 20%. I have good score 730~770 across 3 bureaus and we're going full doc.
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There is no "national rate". As I said earlier, national averages don't take into account many factors, and as such can be highly misleading and extremely inaccurate. Also keep in mind that many lenders and brokers use this type of confusion to solicit business. For example, I can't tell you how many commercials I see on the TV or hear on the radio that say something along the lines of "the Feds have cut interest rates, now is the time to refi!". However, any loan officer worth their salt will explain to you that the Fed funds rate and the Prime rate have absolutely zero to do with mortgage rates, particularly conforming fixed mortgage rates which are set by GSE bonds. As a matter of fact, usually when the feds cut rates it causes mortgage rates to move upward, mainly because the liquidity promoted by the rate cut usually finds it's way into the stock market and away from bonds of any kind. So take anything you see on the TV or on a website like Bankrate with a grain of salt.
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