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Mortgage Rates Disclosure & Assumptions
FreeRateUpdate.com is not acting as a lender or a broker ("Service Provider"). The information provided by you to FreeRateUpdate.com is not an application for a mortgage loan nor it is used to pre-qualify you with any lender. Leading Service Providers, who participate in our matching engine, may have loan products available, matching the criteria you submit via our forms. If you are contacted by Service Provider(s), advertising within our partner network, your quoted rate may be higher, depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and other factors. FreeRateUpdate.com does not guarantee that the rates or terms offered and made available by participating Service Providers are the lowest rates available in the market or the best terms available; not all Service Providers in our network offer the products that we advertise. Completing our forms does not obligate you to purchase a service or product from the providers, nor does it obligate a provider to offer to you any particular service about which you may have inquired.
*2.3% or 2.3% 30-yr Mortgage Rate refers to a 5/1 Adjustable-rate-mortgage (ARM) at a note rate of 2.3% and APR of 2.725% (Amortized over 30 years, a 5/1 ARM becomes adjustable after the initial fixed 5 year period. 2.3% rate assumes loan-to-value of 70%, FICO of 720 and two points paid at closing. Payment of $641 does not include tax or insurance and is simply principal and interest. Actual payment will be greater.
*2.7% or 2.75% 30-yr Mortgage Rate refers to a 3/1 Adjustable-rate-mortgage (ARM) at a note rate of 2.75% and APR of 3.088% (Amortized over 30 years, a 3/1 ARM becomes adjustable after the initial fixed 3 year period. 2.75% rate assumes loan-to-value of 70%, FICO of 720 and two points paid at closing. Payment of $653 does not include tax or insurance and is simply principal and interest. Actual payment will be greater.
*2.5% 3Rate refers to a 3/1 Adjustable-rate-mortgage (ARM) at a note rate of 2.5% and APR of 2.913% (Amortized over 30 years, a 3/1 ARM becomes adjustable after the initial fixed 3 year period. 2.5% rate assumes loan-to-value of 70%, FICO of 720 and two points paid at closing. Payment does not include tax or insurance and is simply principal and interest. Actual payment will be greater.
*3.1%, 3.12%, and 3.125% Mortgage Rate refers to a 5/1 Adjustable-rate-mortgage (ARM) at a note rate of 3.125%. Amortized over 30 years, a 5/1 ARM becomes adjustable after the initial 5 year fixed period. 3.125% assumes loan-to-value of 70%, FICO of 720 and two points paid at closing.
*3.8%, 3.87%, and 3.875% FIXED Mortgage Rate refers to a 15-year fixed-rate mortgage at a note rate of 3.875%. 3.875% fixed-rate assumes loan-to-value of 70%, FICO of 720 and two points paid at closing.
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"I was looking at a 4.375% with Wells Fargo, my local bank, before stumbling upon FreeRateUpdate.com via a google search. They hooked me up with a longstanding savings and loan bank of which I closed on a 30 year fixed rate of 3.75% with. I'd recommend anybody looking at refinancing or buying a home give free rate a shot."
-Joe Klien, Detroit, MI
Mortgage Rates: Low Mortgage Rates Remain After Markets React to Fed Meeting
By: Rosemary Rugnetta | January 26th, 2012
Low mortgage rates remained the same today after markets continued to react to the Fed’s meeting that took place yesterday. Once again, stocks have gone down while investors turn to safe assets.
Current 30 year fixed mortgage interest rates are at 3.500% and 15 year fixed mortgage rates are at 2.875%. 5/1 ARM loan rates are at 2.250%. While having good credit is essential to receive these low mortgage rates with 0.7 to 1% origination fee, it is also necessary that borrowers meet all other lender guidelines. The current real estate environment has opened the door to homeownership for many consumers with low home prices and low mortgage rates. Many existing borrowers have used these low mortgage rates to reduce their monthly mortgage payments by refinancing. With the current Harp 2.0 refinancing program, guidelines are easier and appraisals are not necessary in order to help underwater borrowers.
Today’s FHA 30 year fixed mortgage rates are at 3.250% and FHA 15 year fixed mortgage interest rates are at 2.750%. FHA 5/1 ARM loan rates are at 2.750%. FHA mortgages continue to be consumer friendly for all borrowers, even those in a higher income bracket. With a loan limit of $729,750 depending on location of the property, FHA reaches out to all consumers in a variety of markets. FHA has several options for down payments that can be as low as 3.5%. By allowing gifts, housing grants or loans, sweat equity and even bridal registries, FHA mortgages have helped many consumer become homeowners. Even though FHA closing costs (APR) tend to be higher because of the upfront mortgage insurance premium and other related FHA fees, FHA allows these costs to be rolled into the loan.
Current jumbo 30 year fixed mortgage rates are at 4.250%, jumbo 15 year fixed mortgage rates are at 3.375% and jumbo 5/1 ARM loan rates are at 2.500%. In order to receive these lowest jumbo mortgage rates with 0.7 to 1% origination point, borrowers must be well qualified and have excellent credit. Documentation for income, assets and debt is required in order to receive lender approval. Lenders will verify this information for accuracy and request further documentation if deemed necessary. Jumbo mortgages are not government insured nor are they sold to Fannie Mae or Freddie Mac and are, therefore, considered a high risk to the lender.
Today’s Wells Fargo California 30 year fixed mortgage rates are at 4.000% (4.180% APR).
MBS prices (mortgage backed securities) are up +14/32 which is higher than earlier pricing at +7/32. Mortgage rates are affected by MBS prices and move in the opposite direction. Today’s reports included Durable Goods for December which rose 3.0%. This was higher than expectation. The Labor Department reported that jobless claims increased, but was close to predictions. The Commerce Department reported that New Home Sales were down 2% for the month of December which was weaker than anticipated.
FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1% point origination fee.