Current mortgage rates are only so interesting for investors. Often times what we are most curious about is rate trends. Every week major panels of experts make predictions about where rates well go. In the past few years rates have been on a steady decline. However a revival of the economy may cause these rate declines to cease.
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Current mortgages, be as they may, can always be adjusted for your own purposes by in essence prepaying your interest. If you pay points on your mortgage you are paying for your interest upfront so your monthly payments will be lower. It is a common practice and a great way to minimize your month-to-month payment obligations and save on interest expenses over the life of your loan. Even better, points are usually taxing deductible in the year you buy your home.
Mortgage rates vary from lender to lender and the rate you get depends greatly on your credit score and also your debt to income ratio. Generally if your debt to income ratio is greater than 40% you may have difficulty getting the home loan you are after. Additionally, your credit score should be something above 600.
Current mortgage rates at the time of this writing vary from as low as 4.75% to 7% percent if you have good credit history. You can apply at Expo Financial to get as many as four mortgage rate quotes in your area with no obligation and no strings attached.