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Average Mortgage Rates Article
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Scoring a Low Mortgage Rate
from: Deb St. George - HomelessInKingCounty.comToday’s mortgage rates are at historically low levels. So, scoring a low mortgage rate when compared to other decades in recent history is not hard. The trouble comes in when you are trying to get the average low mortgage rate and your credit or finances keep lenders from offering you the going rate. Or, it could be that despite the going rate, you want something even lower. These are all reasonable scenarios and there are ways to work towards the mortgage rate that you envision.
Prepare Before You Apply
If you know that your credit is shaky, don’t bother to apply for a mortgage loan without first checking into your credit score. You can get your credit reports for free; however, you will have to pay to see your credit scores. You can use some of that payment to procure the services of a credit counseling agency that can recommend some strategies to help you fix your credit in preparation for applying for a home loan. Just be sure to check out the reputation of the counseling agency, as there are some agencies that are fraudulent.
There are also community services offered by state and local governmental agencies that can teach you how to start shaping up your finances to qualify for a good rate. They may have programs where you can even buy a house for less than 20% down payment and even some way to subsidize the mortgage rate, if you qualify based on income levels or special conditions. Check the website of the department of Housing and Urban Development (HUD) to see about the many different programs from FHA to VA and more.
Pay Down With Points
If you want a mortgage rate that is even lower than the one offered (and it’s pretty good as it is), you can still ask if you pay points to lower the rate. Points are 1% of the total value of the loan and paying more points can lower your rate on the life of the loan. Of course, this increases the money you need up front, but if you are shopping for a low mortgage rate, then this is a definite strategy.
Look at Unconventional Loans
This is where people in the housing bust got in trouble, but adjustable rate mortgages are still out there. Currently, the low mortgage rate offered by an adjustable rate mortgage (ARM) for a period of time is what influences people to get these types of mortgages. However, they do adjust and then the sticker shock can be substantial. So, when trying to get a low mortgage rate, make sure you understand whether it is for the life of the loan or a temporary period.
Average Mortgage Rates News
Fixed Mortgage Rates Hit Record Lows Again - MarketWatch (press release)
 USA TODAY | Fixed Mortgage Rates Hit Record Lows Again MarketWatch (press release) MCLEAN, Va., May 17, 2012 /PRNewswire via COMTEX/ -- Freddie Mac (OBB:FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates again hitting new record lows. The 30-year fixed-rate mortgage ... Mortgage rates fall to another record low 30-year mortgage rate falls to record 3.795 US 30-year mortgage rate falls to record 3.79 pct. |
HSH.com Weekly Mortgage Rates Radar: Renewed Eurozone Worries Drive Mortgage ... - San Francisco Chronicle (press release)
HSH.com Weekly Mortgage Rates Radar: Renewed Eurozone Worries Drive Mortgage ... San Francisco Chronicle (press release) The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM). Average rates for ... Eurozone drives mortgage rates downward |
Bankrate: Mortgage Rates Set 4th New Record in a Row - MarketWatch (press release)
 Best Syndication | Bankrate: Mortgage Rates Set 4th New Record in a Row MarketWatch (press release) NEW YORK, May 16, 2012 /PRNewswire via COMTEX/ -- Mortgage rates fell for the seventh time in the past eight weeks and set a new record for the fourth consecutive week. The average rate on the benchmark 30-year fixed mortgage rate dropped below the 4 ... Current Mortgage Rates Today – Citibank Lowers Rates while most lenders ... Fixed Mortgage Rates Drop Further Setting Another Record Low Announces ... Current Mortgage Rates: US Bank, Bank of America and PNC Bank Home Purchase ... |
UPI NewsTrack Business - UPI.com
 VEGAS INC | UPI NewsTrack Business UPI.com Long-term mortgage rates hit new lows ... News from United Press International. NEW YORK, May 17 (UPI) -- US stock markets headed lower Thursday with investors keeping an eye on the financial sector and the weekly job report. The Labor Department said ... April foreclosure rates down 7 percent Foreclosures Plunge to Five-Year Low in US: Mortgages Foreclosure filings up in Philadelphia region |
US mortgage rates for past 52 weeks at a glance - WBRC
US mortgage rates for past 52 weeks at a glance WBRC More >> By The Associated Press Average US rates for 30-year and 15-year fixed mortgages fell this week to record lows for the third straight week. The low rates make it one of the most affordable times in...More >> By The Associated Press Average US ... |
Mortgage rates hit another low - Newsday
 Newsday | Mortgage rates hit another low Newsday The 30-year fixed-rate mortgage averaged 3.79 percent with an average 0.7 point for the week, down from 3.83 percent last week. Last year at this time, the average was 4.61 percent. The 15-year fixed-rate home loan is also down a notch at 3.04 percent ... |
What mortgage rate will you really get? - MSN Money
 PBS | What mortgage rate will you really get? MSN Money The number of mortgage applications over the past two months is down. So what's going on here? Well, according to The Wall Street Journal, part of the problem is persistent unemployment. Rates and prices can be low, but if you are looking for work, ... Principal Reductions Won't Solve US Mortgage Mess Isakson On New Mortgage Requirements Fed's Duke Says Regulatory Uncertainty Hurting Housing |