What is the current lowest intereste rate for a new mortgage?

**gregory** · 02-05-2008, 09:06 PM

Hi people,

With all this late changes and new laws I am not sure what is the lowest possible interest rate to purchase a home. If it makes any difference my wife and I are currently looking into buying a home in Souther Califorina, price about $280,000. She is a school teacher and she was prequalified in early december. The loan officer (CountryWide Home Loans) stated that she could get a %5 interest rate through the Cal FHA-Extra Credit Teachers Program. At the time that sounded like a sweet deal but with the rates going down on January 30 I don't know if its is that sweet any longer. This is why I would like to know what the lowest rate is at this time or is this 5% still a good deal?

Thanks,
Greg

**krolfe** · 02-06-2008, 08:18 AM

I would recommend asking the loan office that you were dealing with. If you still are not sure after speaking with them, I would get a second opinion from someone in your area. Congratulations on the soon to be purchase of your house.

**Mike Taylor** · 02-07-2008, 04:46 AM

Yes you need to shop your mortgage around to get the best rate possible. The rates can vary wildly right now so make sure you a quote from 2 or 3 people on the same day.