what are the current interest rates?

Asked by Christine, Philadelphia, PA Fri Jan 11, 2008

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Timothy Garr…, Agent, Philadelphia, PA
Mon Mar 15, 2010
Hi, Christine.

I know this is an old post, but are you still looking for help with a mortgage? If you're interested in looking at today's interest rates, programs, and payment scenarios, please let me know as I know a number of reputable lenders in the area.

Best of luck to you!

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Dirk Knudsen…, Agent, Hillsboro, OR
Mon Feb 8, 2010

The answer is two years old! I think you have your answers but it would be nice to know what the correct interest rates were 2 years ago. About 5.75% I think.

Not sure what happened here.

Anyway Good luck!


Dirk Knudsen
Web Reference:  http://www.theknudsens.com
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Brian Burke, Agent, Highlands Ranch, CO
Sun Feb 7, 2010
Good Catch Rudy! You may be one and only guy who noticed the question is 2 years old. The ability to answer questions should have a time limit or something.
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, ,
Sat Feb 6, 2010
This question was asked on January 11th, 2008. Over 2 years ago! Why are people still answering it?
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Delia Peters…, , Jenkintown, PA
Sat Feb 6, 2010
Interest rates are a floating variable from one day to the next and don't mean much of anything until the day you are ready to lock a deal (thus your interest rate) with a lender you choose. If you are using interest rates to shop or decide whether or not to buy, please stop immediately.

The interest rates that are quoted are usually the lowest rates and are only factual to someone with stellar credit. The lower your credit score the higher that quoted interest rate will be proportional to the risk the lender feels they are taking in lending you money for your purchase.

A better way to shop for loans and/or decide if now is an affordable time for you to purchase a new home would include: discount points, origination fee, pre-payment penalties, and any other fees the lender discloses are charged to you.

If you will do FHA financing the fees quoted by the lender on the Good Faith Estimate have a ZERO TOLERANCE, meaning they cannot change. One of those fees would be transfer tax. Keep these things on a list in front of you when speaking with lenders and compile a longer list as you hear fees they mention that you didn't know about. Ask them to explain the fees and if you have options with the fees, such as insurance, you can shop for you own insurance in most cases.

Also, you can check you credit free online annually from all three credit bureaus at http://www.AnnualCreditReport.com
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Jeff Hutchis…, , Chicago, IL
Fri Feb 5, 2010
Hi Christine. Please visit my website for information on rates and financing. 30 year fixed fannie mae rates are under 5.0% based on 720+ score, 20% equity. 30 year fixed FHA rates will not have the credit score requirements of fannie mae or the equity requirements. thanks, Jeff Hutchison

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John Badalam…, Agent, Wayne, PA
Mon Jan 14, 2008
What you may really want to know is "what are the best current rates for Christine"? As my learned colleques noted below, there are many variables and there just isn't one right answer.

You may want to go to MyFico.com and for a a small fee, get a sense of what YOUR interest rate might be given your current FICO score (Fair Issac Corporation) - and what type of mortgage instrument might work best for you. Pulling your credit report on MyFico.com will not reduce your score (as it often does when a lender pulls your credit).

MyFico.com also offers advice on things you can do the help improve your credit score to get a better mortgage rate and it monitors it for you.

You can always seek out a bona-fide lender who can also help you with your question(s).
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Dale Archdek…, , Philadelphia, PA
Mon Jan 14, 2008
I wouldn't recomend Lendingtree, or bankrate or any of those sites, they are just lead generators for mortgage companies. They get folks to give their contact info and then they sell that info over and over again to any mortgage company willing to pay for the leads. So they aren't necessarily the lowest or most competitive qoutes a person can get. the best bet is for a borrower to get a referral from a friend, real estate agent or family member, for a reputable mortgage broker to take care of them. Unfortunatly, borrowers tend to get hung up on rates, the bigger picture is going with a proffesional mortgage person who can help plan your mortgage for now and the future.
Web Reference:  http://www.liveinphilly.net
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Infinity Rea…, , Saratoga, CA
Fri Jan 11, 2008
Asking for rates is not a good question, and one that should be answered on a forum like this. There are to many unknown variables. Bankrate.com is an ok place to see rates, but far from accurate. The box is small for most banks on that website, and most wont fit in it.

Best back sit down with a bank or broker.
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Edmund Choi, Agent, Paoli, PA
Fri Jan 11, 2008
Rates are sub-6. Sellers are willing to compromise on price. It's a great time for you. Good hunting!
Web Reference:  http://PhillyandBeyond.com
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Dirk Knudsen…, Agent, Hillsboro, OR
Fri Jan 11, 2008
We had 5.5% yesterday. That was a 30 year fixed with one point. But you also need to ask what program you are looking at. Is that a Jumbo Loan? If so it will be much higher. If it is an FHA BOND for first time buyers than maybe it will be 5.125% on a 30 year. Than there are ARM's and so on. Bankrate.com is a good way to look. If you go to some lenders like Wells Fargo they are offering discounts for people that open new accounts. You may wish to try Lendingtree.com as they have the lowest rates through their lenders who compete for your business!

Best of luck and good question.


Dirk Knudsen
"The Real Estate Doctor"
Web Reference:  http://www.nwhomecenter.com
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Brian Burke, Agent, Highlands Ranch, CO
Fri Jan 11, 2008
Your rate also depends on your credit and loan to value.
Now the rates are about 5.75 or so. Good Rates!
Web Reference:  http://www.kennaandco.com
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Bill Seufert, Agent, Lancaster, PA
Fri Jan 11, 2008

yesterday I was able to lock in 5.75 for a client, but a good site to check out is http://www.bankrate.com. It gives a pretty good estimate of whats happening.
Web Reference:  http://www.yorkshometeam.com
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