What are the current mortgage rates like and are there any signs of the mortgage rates changing soon?

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What are the current mortgage rates like and are there any signs of the mortgage rates changing soon?

Question by : What are the current mortgage rates like and are there any signs of the mortgage rates changing soon?
I’m looking to get the best current mortgage rates available because me and my wife are looking for our first home purchase. Can anyone point me in the right direction?

Best answer:

Answer by real estate guy
rates are low now because the gvpt is doing everything they can to keep them low. Notice that I said KEEP, not to lower them.

Rates should be higher and will go higher. Banks want them high. This is one way they earn money. Refins are driving rates.

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1 Comment

  1. glenn says:

    There is no such thing as a standard rate as there was 20 and 30 years ago. The rate you get depends on your credit rating, the type of loan you want, the down payment you put down, the points you pay up front to buy the rate down and other things.

    The very best thing you can do is ask friends and family that have gotten mortgages recently and is happy with the service. Even large mortgage companies have crooks working for them- use someone local, competent, and recommended. The rates are very similar between companies because they are all getting their money form the same source.
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    I think that rates will remain low for a while. But when we start recovering from this recession I think inflation will jump quickly and the mortgage rates will also.

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