I have a mortgage rate & needed a better one. I was suppose to receive a new rate at 6% but the guy doing the work said they own gone up again. Is this true? I keep seeing where on earth mortgage rates are suppose to be at 4%. Which is right?
Answers: mortgage rates are based on prime rate not rates given by the feds to bank...you are right on the 6% but these rates are only given to a select few..how ever recession,stagflation have forced the banks to work near feds and drop the prime rate ..keep within mind this was only recently done and the home mortgage rates hold fallen to 5.74% which is a turn around, but as i said this is singular for a select few based on credit score and the home value contained by your area,look to see even more cuts..to the bank ,some is better than none as long as they still make well-mannered profits
They fluctuate daily - you'll simply have to keep watch on them. I'm no expert on this, but I would suggest you have a look here,at hand is expert's ideas you mayfind.http://mortgage.specialistideas.info/was...
Answers: mortgage rates are based on prime rate not rates given by the feds to bank...you are right on the 6% but these rates are only given to a select few..how ever recession,stagflation have forced the banks to work near feds and drop the prime rate ..keep within mind this was only recently done and the home mortgage rates hold fallen to 5.74% which is a turn around, but as i said this is singular for a select few based on credit score and the home value contained by your area,look to see even more cuts..to the bank ,some is better than none as long as they still make well-mannered profits
They fluctuate daily - you'll simply have to keep watch on them. I'm no expert on this, but I would suggest you have a look here,at hand is expert's ideas you mayfind.http://mortgage.specialistideas.info/was...