What's the average % rate on a home mortgage loan?

[mike peters]

I'm curious because I'm house shopping at the moment and I want to find a rock bottom rate. thanx

 

[Perfection]

Well what section of the country are you in? In the south east it is %7.48. Go to Realtor.com, that should get you going in the right direction.

 

[Perfection]

I forgot to add that is on a 30yr conventional loan. Tell me about your situation. How much are you putting down, if anything? Are you a first time buyer. Would you qualify for FHA? ETC. Let me know if I can help.

 

[karson]

dude

im a mortgage banker. it depends on your credit, but I could get you 63/4

 

[cm3504jm]

I just signed on a refi at 6.15. With fees, it ended up being 6.45 on a 15 year fixed 75% L.T.V.


Provident Financial out of Santa Rosa, California

Now I can get my fucking swimming pool!

 

[OKIE]

My loan was @ 6.2% last year, but I was a first time buyer and it was a 30 year loan.

 

[mike peters]

So 11% on a 46k, 30 year loan is just tooooo much, right?

 

[mike peters]

bump

 

[TxLonghorn]

11%! That sounds like B or C paper. That or you are buying something like a condo, or other 'high-risk' mortgage.

Remember those rock bottom rates are for good credit. The more problems, and the more recent, the higher the risk, hence the higher rate. Also, the more you put down, the safer the risk to the bank/mtg lender, so a better rate.

At that rate, and amount, you should look into getting the seller to finance.