Also, if you are trying to decide between 10 and 20 percent down, factor in Mortgage Insurance (PMI), which will add the equivalent of a half percent or more to the rate -- so, you may get a double hit -- first with possibly a higher interest rate for the rate itself, plus an additional PMI charge.
The situation gets uglier if it is a condo/townhouse. New Fannie Mae guidelines have reslted in lenders charging significantly more in terms of rates or points if you are putting less than 25 percent down on a condo.
The good news is if you are fortunate enough to have 30 or 40 percent down (or equity in your home, in the case of a refinance, of , say, 60 percent or so)you will get a really big break on rates.
Plus, the fact is we are in a historically low period for interest rates, so even if some buyers do get a higher rate with a smaller down payment, it's still a MUCH LOWER rate than they would have gotten a year ago.
If you would like to get a more exact figure based on the type of property you are buying, feel free to email me with the kind of property (condo, single family home, two family etc), the approximate size of the loan and I can narrow down the situation for you.
201 741 5269