current mortgage rates

Okay, I am freaking out alittle now.

I keep readings posts on here about people locking in rates as low as 5.5%

Right now I am lock in a 6.375 for a 30 year fixed rate mortgage. We only put 10% down on a conventional loan. We are paying absolutly zero points, neither to the broker or the lender to lower the rate.

As far as I understand the rates aren't as easy as "okay today they are 5.5%".

It all matters how much down, credit score, length of mortgage, etc....

Right????

So these rates people are posting of low 5%'s could only be because they are putting down 20 or more % or are only having a 15 year mortgage.

I hope this makes sense. When I read the posts online I feel like I am being ripped off with my rate, I call my broker and start bombarding with questions saying we need to renegotiate down, but he explains it to me like I did above.

Is this true, or are we being taken for a ride? We already re-negotiated once down from a 6.5 to a 6.375.

The last we spoke, I have to wait until 3 days before our closing for the rate to expire. Then we can either extend the rate and close w/ it, or let it expire and lock into the current rate that day. But my worry is that if we needed to switch lenders we would be out of time, unless I chose to delay the closing then.

Need help and advice. Thanks

Re: current mortgage rates

rates depend on alot of factors

but last week they really dropped

I think they are back up in the 6s now

I know last week they were 5.5%-5.75%

basically if you called up my DH now and asked him for the rate on a 30 year fixed he would tell you what it is that day for the best case - same as any other bank or broker- the rate quoted in the begining and the rate you get once you are in contract can vary

because once you actually start going thru the process - the bank can come back with a higher rate based on all of those things (credit, DP, debt to income ratio etc)

for example- we were buying an investment property

the bank came back and said in order to get this rate- you need to put $5K more down

Re: current mortgage rates

Thanks.

Does anyone know, how much exactly a 1/8th or 1/4th of a point in intrest rate will affect a monthly payment.


On approx 310k loan, I was told its about 40 dollars per 1/4 % point in the montly payment. So if we had 6.375 ISO 6.5 we would pay 40 bucks less every month.

Doest sound like much, but when you think about that over the course of a year and then the loan it amounts to alot.

Re: current mortgage rates

The more I read some posts and online, the more frustrated I get. LOL..


We don't want to walk away from closing feeling we got screwed....



Just venting now.

Re: current mortgage rates

Re: current mortgage rates

DH and I locked in last week at 5.7 and we're putting 5% down....no points.

Re: current mortgage rates

Re: current mortgage rates