what is the average mortgage rate and APR I should be getting with today’s crazy economy?
Written By: admin on August 21, 2009
6 Comments
I am a first time home buyer with a excellent credit score ( i was told it was like 790 or so) and was quoted at a 6% rate. Is that typical or is that high? Based on a 30 year fixed. Thanks!
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That’s excellent for your qualifications. Just make sure you have that down payment before you go looking at homes!
APR should never be more than roughly 1/2-3/4% more than your base rate. If it is, your broker is charging far too many fees and you should shop around for a new broker.
That would be about right.
we are also first time home buyers w/ excellent credit and were quoted at 6.125% (30 year/fixed) w/ an FHA loan.
6% is excellent but also depends on what your paying to get that rate. Double check your costs.
Rates are around 6% right now for excellent credit borrowers. It’s been jumping around a bit–a bit more volatile than historically. Work with a excellent mortgage broker (when you’re ready), and he/she can lock you in during a dip.
6% is what they will tell you is the lowest in years. I have 2 homes currently… I just got lucky and bought at the right times. in 2002 I got a 5.1% which was fantastic. I bought my second home 8 months ago and have a 6.275%. I also have an Brilliant credit rating and didn’t have to place any money down. 6% is a excellent rate, but lock it in quick. Make sure you know all the costs though. Shop around for the right insurance. When I did that, the prices varied by hundreds of dollars a year for the exact same coverage. The HUGE thing to watch for is the PMI, Primary Mortgage Insurance. It will most likely be required for the loan and will add quit a bit extra to the monthly payment. So just make sure you are given ALL of the information for the final monthly payment before you jump in.