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02-13-2009, 09:00 AM #1
Fixer Upper
- Join Date
- Jan 2009
- Posts
- 60
Mortgage Rates and APR?
Anyone know what the current rate is for FHA 30year fixed mortgage loan...? Or the name of the web page where I can find this valuable information instead of looking at listings from various banks and mortgage lender's sites which never tell the facts? Thanks a lot.
Also, what is it that causes this rate to change?
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02-13-2009, 09:16 AM #2
Fixer Upper
- Join Date
- Feb 2009
- Location
- Stoutsville, Ohio
- Posts
- 59
Try mortgageloan.com to get a feel for what the rates are. I also have rates posted on my web page. 30 year fixed is about 5.00% right now with most lenders. Give or take .125%.
APR is not your interest rate. APR is the cost of your credit as a yearly rate and is affected by the amount of closing costs on the loan. Sometimes a higher APR could mean you pay more in closing costs but if the rate is lower it may be the better deal over time. So do not let it be the most important factor in making your decision.
The market as a whole and competition cause rates to change daily if not several times a day. The largest individual factor is mortgage bonds.
The rate can change based on your situation. Items such as down payment, credit score, type of loan, amount borrowed versus the value, and so on.
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