Answers
What is the best mortgage rate for a 30 year mortgage following the FED action this week?
with 5% down...if you have 720+ and the loan amount is over 200k...then 6.125%
Best Answer:
with 5% down...if you have 720+ and the loan amount is over 200k...then 6.125%
Answers:
If you've got good credit/income/assets and it's all documentable, you should be able to find a loan in the 6-7% range with no problem. I think, however that you are under the mistaken assumption that the 30 year mortgage rates are tied to the FED overnight interest rates and a 1/2 point drop in one should equate to at least a 1/2 point drop in the other. The fact is that although a change in the Fed Funds rate will effect bond rates of all maturities and therefore mortgage rates also, this is a VERY loose relationship.
The mortgage rate changes everyday and every bank and financial institute has their individual rate. You should ask a professional who has the authority to view all of the rates after you tell what rate you are acceptable.
5% but the mortgage rate changes everyday.
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http://all-mortgage-calculators.blogspot…
Good luck!
after the Fed cut, the fixed rates stayed about the same. The fed cut the Fed Funds rate, which can affect Mortgage rates... the market knew a cut was coming so your mortgage rates had taken the cut into account for the most part. It would be irresponsible for anyone to give you a rate based on your question. There are so many variables we don't know about your situation. You should only take seriously quotes you get from a Loan Officer who has actually seen your full credit report and full application. http://www.choicefinance.net/