Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

What is the average current interest rate for mortgages right now. is it above 6% for a 30 year fixed?

I was looking to buy a home soon and I was not sure if interest rates were really low right now like in the 5% range. If I were to get a 30 year Fixed rate what do you think the industy norm would be on interest. I am guessing 6.5% give or take. Any help would be appreciated. TY

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  • 1 decade ago
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    It all depends on how much of a down payment you are going to put down. A confroming (under $417,000) 1 st mortgage at a 80% LTV (loan to Value) That means at least 20% down is currently at 5.75% par in California. Par means there is no rebate so all the closing points and costs would need to be paid up front. You need a minimum of a 700 score with full documentation ( no stated income) and a debt ratio of under 45% to get that. There are tons of variables. You need to be more specific. It is impossible to quote a rate unless we know LTV, type of loan, income type (self employed of wage earner), debt ratio (monthly income verses monthly bills), length of loan time, type of porperty, SFR, Manufatured Home, Mobile, Investment, Owner Occupied, etc etc.

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  • 1 decade ago

    For Average Weekly Rates Nationwide:

    http://www.freddiemac.com/

    Also keep the following in mind:

    A lot people giving advice are also looking to give you a loan (its not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL!

    Remember Buddha's advice:

    "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (its not advice, its advertising). Don't buy "it."

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  • 1 decade ago

    I was just on Bankrate.com. They're a great site to check daily and there's a ton of info to really educate you regarding the different types of loans that are available and much much more. The current rate on a 30 yr. fixed is 5.88% with good credit, of course. Good luck.

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  • Anonymous
    1 decade ago

    Interest rates are regional or specific to markets. What might be 6.5% in Cleveland, could be 6% in Orlando. I priced 5.875% in Florida earlier today. My opinion, going to get better real soon.

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  • 1 decade ago

    Today I saw 5.5% for a 30 year conforming loan (under $417,000) with good credit.

    Source(s): Realtor in CA
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  • 1 decade ago

    5.79% for a fixed term or 5 yrs and amortised over 35Years.

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