Not All Rates Are Cut From The Same Stone.
Please note that advertised mortgage rates are based on 720 credit scores and above with 20%down. The rates can very significantly depending on different factors:
Credit score
Down payment/equity percentage
Property type (owner‐occupied, 2nd or vacation home, investment property)
Reason for mortgage (purchase, rate/term refinance, cash‐out refinance)
Loan type
When looking at loan pricing on various scenarios, it’s extremely important for your mortgage broker to have full information on each borrower to do a preapproval.
This has turned out to be a volatile week for mortgage rates. They shot up from the mid 4’s to over 5%; that’s a half-percentage point rise in eight days. The mortgage bond market is skittish about our new President. If Obama’s Economic Recovery Plan is passed by Congress inflation could gather steam rather quickly. It relies on huge government borrowing and that is inflationary. A spike in inflation may make it harder for the Fed to drive mortgage rates much lower.
Rates appear to be on the rise but even the best of the best can’t predict what rates will be or when.
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