Home Buying in 93065>Question Details

homebuyer123, Both Buyer and Seller in Simi Valley, CA

Question about interest rates

Asked by homebuyer123, Simi Valley, CA Wed Mar 28, 2012

After negotiating with two different lenders at the same time, as of today, the lender I chose is giving me 3.750% interest rate for a conventional loan with 10% down.

A couple of weeks ago, he was giving me 3.25%. But I understand interest rates have gone a little higher in the last few days.

Question... Where do I go online to determine the lowest interest rate I can ask my lender on particular day? In other words, how can I find out if today I can bargain toward 3.25%, but maybe tomorrow the maximum I can expect is 3.750%?

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Answers

4
Janey Bishop’s answer
Are you in escrow? The only way to hold a rate is to lock it in but that is for a finite period and there is a charge. I agree with Scott - it is a balance of rate and fees that contribute to the total cost and then you factor in good, reliable service. Saving pennies may be more headache than its worth.
0 votes Thank Flag Link Tue Apr 10, 2012
Rates vary just like sales prices at stores for the same item. Lender A can vary their rates everyday with no real justification in picking todays rate, they can use a gut feeling or watch CNN for todays news event to decide. Tomorrow it can change and some may think a certain day of the week is a good one to raise rates. What you want to ask is if I lock the rate and it goes down, then what.
0 votes Thank Flag Link Wed Mar 28, 2012
Rates have not gone up that much. You have to be careful with looking for th elowest rate as many have higher ciosts and fees to make up for it. All banks are pretty close in rates, it is the service you get and the fees they charge that will change sharply. Choose a local and trusted bank or mortgage company and avoid the shopping trap.
Web Reference: http://www.ScottSellsNh.com
0 votes Thank Flag Link Wed Mar 28, 2012
If you click on the link below it will take you to bankrate.com which is on website that will give you information about interest rates. You can click on the search button where it says find a mortgage rate and then enter your city or zip code and the loan amount and it will give you a list of rates in your area.
Web Reference: http://www.bankrate.com/
0 votes Thank Flag Link Wed Mar 28, 2012
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