Question for the mortgage people around here

[SC4EVA]

What is a good rate to get on a mortgage right now? I understand that most it depends on credit rating, down payment, loan size, etc. - but I just want to get some sort of ballpark number.

Also - what is the difference between the rate and the APR?

 

[jnevin]

30 fixed is around 6.5% with no points as long as you can prove income, have enough down, etc.

The rate is what you pay. The APR is the amount financed plus your fees. If you're doing a purchase, the APR is kind of a moot point because you're paying the fees up front as opposed to wrapping them into the loan.

 

[yonkers weights]

6 3/8% at Citi right now

 

[SC4EVA]

The place I am going is offering 6.375%.

So now what happens if the rate changes between now and closing. I know when signing you "lock" in the rate against increases but if they lower rates again will I be able to take advantage?

My current place is only 5.3% =/

 

[jnevin]

The place I am going is offering 6.375%.

So now what happens if the rate changes between now and closing. I know when signing you "lock" in the rate against increases but if they lower rates again will I be able to take advantage?

My current place is only 5.3% =/

You can be locked the day you apply. Your guy should give you a lock in agreement when that happens. 6.375% is available today. I just checked another sheet. Rates usually start out shitty early in the week and get a little better as the week goes on. You can expect 6.25-6.5% though. Going by the way things have been.