What are the current mortgage rates, and as there signs of changing mortgage rates soon? I'm looking to get the best mortgage rates available today because my wife and I are looking for our first home. Can anyone point me in the right direction?
There is no such thing as a normal rate because there were 20 and 30 years ago. The rate you get depends on your credit rating, type of loan you want, the deposit will include the points that you pay in advance to buy the rate down and stuff.
The best thing to do is ask friends and family who have recently obtained a mortgage and he is happy with the service. While mortgage companies have big crooks working for them, use someone local, competent, and recommended. The rates are very similar between the companies because they are getting their money form the same source.
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I think that rates will remain low for some time. But when we begin to emerge from this recession, I think that inflation will jump quickly and mortgage rates too.
rates are low now because the gvpt done everything they can to keep them low. Notice that I said keep, not to lower them.
The rates should be higher and go higher. The banks want their high. It's a way to earn money. Refins are driving rates.
Posted on August 29, 2010.