Realistic mortgage rates?

Asked by Anton, 10022 Sat Aug 9, 2008


I'm about to go to contract on a condo in Manhattan and have been negotiating mortgage rates with several banks. I feel that I am supremely qualified for a mortgage, but the rates seem a little high. I'm seeing 6.375- 6.5%. My qualifications are FICO of 772, $235K annual income and over $200K liquid assets with zero debt. Shouldn't i be getting something a bit closer to 6% or am I misjudging the market?

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Tripel, Home Buyer, New York, NY
Thu Aug 14, 2008
gotta love how the banks are sticking it to us w the extra scrutiny, as though we were the idiots who securitized all that bad debt
1 vote
shong, , New York, NY
Mon Aug 11, 2008
Rates have been in the 6.375% - 6.5% range lately and actually a little higher today. Rates havent been around 6% for almost a couple of months. The bank doesnt decide on a rate jus because the customer has great credit, assets, etc. Those are pretty much a given in this market. Rates are very volatile so it really depends on the day you lock in-. We offer a free float down option if rates drop after lock-in.
1 vote
Antolin Du B…, Other Pro, New York, NY
Sat Aug 9, 2008
6.375 is a very good rate for our area. It hasn't been 6% for at least a month since oil spiked and inflation fears reared its ugly head. It is what it is.
1 vote
Chris L. Chr…, , New York
Sat Dec 12, 2009
I assume that this is a 30 yr loan. You also must tell us the purchase price, loan amount and closing date before we can fairly answer. Will you be locking at application?
0 votes
Christopher…, , New York, NY
Tue Dec 2, 2008
Rates have dropped significantly. Please free to call me at 646.519.7551 for a free quote.
0 votes
Debt Free Da…, , 85260
Thu Aug 14, 2008
The market is not that good anymore. That's where rates are at. Are you paying any points?
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0 votes
Chris L. Chr…, , New York
Mon Aug 11, 2008
Realistic mortgage rates come only after an experienced and licensed mortgage planning specialist runs your credit, reviews your assets and income documentation. The specialist can determine what you can afford reasonably afford. Then depending upon your circumstances and the current loan programs, realistic rates can be persented to you.
The rate(s) that mortgage bankers quote you change daily and sometimes more than once a day. The prices of mortgage backed securites are set by traders in the "mortgage market", especially those based on FNMA and FHLMC. Select your mortgage specialist carefully and this can be explained to you in greater detail.
Good luck and keep in touch.
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