30 fixed mortgage rate history in CA?
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Guys,
I am looking to purchase a house in the next 60 days. My loan will be about 400k, my credit is 790, my salary is above the average.
My broker has quoted me around 5.875...He has told me this about 2 months now. I have seen the apr for 30 year fixed go down, how come my rates isn't going down? Is there a history that I can print out and show him? I have looked on bankrate, but couldn't find anything.
Any advice would be helpful.
30 fixed mortgage rate history in CA?In all probability your mortgage broker has locked you loan interest rate in anticipation that the rate might go up.
It has gone down as you indicated, but this is a gamble that one takes when attempting to help a client out.
You may take the lock off by telling your mortgage broker that you want to take it off. This is another gamble. Make sure that you see if there are any penalties for taking the lock off your mortgage loan that has been approved.
If you are speaking of APR we are speaking of a different ball game. You will have to find out any and all charges being charged to you for your getting this loan. He should be able to explain your APR and how he arrived at it.
I hope this has been of some use to you, good luck.
30 fixed mortgage rate history in CA?Rates have not changed since August of 2006 and hopefully by this Wednesday they will not change again. If you are a First Time Homebuyer (FTHB) I would be wiery about the rate because FTHB can take a higher rate hit since they are a new liability to a Lender/Bank. If you have been a previous home owner and coming in with at least 20% down than the rate above seems little high. Right now you are still in a conforming loan so your rate should be a little lower. Since I dont know the full scenario like work history than I cannot be for certain if the rate in which he is giving you is working to the best of your ability.
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