Current Mortgage Rates:
At JB Mortgage Capital, Inc. we update our current mortgage rates frequently and encourage you to bookmark the page for future reference. 30 year fixed mortgage rates, 20 year fixed mortgage rates and 15 year fixed mortgage rates are all covered and we also discuss what might move mortgage rates over the coming days and weeks. Click this link for current mortgage rates on koloans.com and let us know if you would like us to cover a specific topic in future posts.
Important Checklist About Online Mortgage Rates:
Reviewing online mortgage rates is a great way to get current mortgage rate information however it’s important to know that “advertised” mortgage rates with some mortgage companies are sometimes too good to be true. Here is an important checklist to remember when visiting different websites to review current mortgage rates:
- Most mortgage companies post their absolute best possible rate/terms online; very few homeowners and homebuyers qualify.
- Mortgage rates don’t disclose the total cost of fees; that is something you’ll have to ask for when you request a quote from a mortgage company.
- The APR is great but it’s routinely miss calculated when it comes to online mortgage rates. Too many people focus on the APR when shopping around; the APR is not used calculate your payment and does not give a full description of the fees associated with the loan. Also; the APR for an adjustable rate mortgage is even more difficult when it’s properly calculated.
- Conforming mortgage rates differ from non-conforming mortgage rates; make sure you’re reviewing the correct set of mortgage rates when looking online.
- When you visit online sites like bankrate.com: those lenders listed are paying to have their listing there.
The Details – Credit, Capacity And Collateral:
Here’s a question that generally get’s asked first when someone first talks to a Loan Officer: “What are the current mortgage rates?” and as a Loan Officer you can’t just throw out a number. One thing many borrower’s don’t know is that not everyone gets the same mortgage rate. The mortgage interest rate you are quoted is based on the value of the property, your credit score and your ability to repay the loan. In the mortgage industry we call it the three C’s: Credit, Capacity and Collateral. Someone with a low credit score; low income and no down payment is not going to get the same low mortgage rate as someone with a high credit score, high income and a sizable down payment. Also keep in mind not all mortgage rates are the same. Meaning a 4.00% with one lender is not a 4.00% with another lender because of the fees associated with the loan. One mortgage lender may have minimal fees like $500 and the other may have high fees like $10,000. When you ask “What are the current mortgage rates” don’t forget to ask what are the total fees associated with the mortgage rate.
Remembering The Thee C’s:
So when you ask yourself how do I get a low mortgage rate, remember the three C’s. Make sure your credit is the best it can be; generally you’ll want a 740 or higher mid credit score. Capacity; if all your monthly debt payments, including your mortgage payment, are above 40% of your gross income you run into the possibility of being considered a higher risk than someone below 40%. Collateral; if possible don’t max out the equity on your home with a refinance or when buying do your best to save for a down payment of at least 10%; if not 20%. Following the three C’s will help you get the best mortgage rate possible.
Be sure to connect with us on Social Media:
Facebook: JB Mortgage Capital, Inc.
Reddit: Loan Officer Kevin O’Connor
Current Mortgage Rates Vary From State To State:
Mortgage rates in California can be different than mortgage rates in Kansas so it’s important to get current mortgage rate information specific for your state. At koloans.com we provide mortgages in the State of California which generally has slightly higher mortgage terms then other states. The difference is less now (2019) then it was 5-10 years ago but that could change as the years go on.
Why Are Mortgage Rates Different:
The simple answer is that states with higher rates of foreclosure generally have higher mortgage rates. California, Florida and Arizona had high rates of foreclosure post 2008 and thus mortgages rates for these states moved higher than mortgage rates in states with a lower rate of foreclosure (generally speaking).
Mortgage Rates Can Change Daily:
Keep in mind that “current” mortgage rates change all the time; in fact they can change more than once in a day. Reason is that current mortgage rates are tied to the Mortgage Backed Securities market (MBS) and depending on the movement during the day we may see mortgage rate terms adjust two, three or even four times in a day. So when someone asks what the current mortgage rates; it’s important to understand that your quote is based on where rates are at currently but that may change 5 minutes later, the next day and so on and so forth.
JB Mortgage Capital, Inc.:
If you are looking to refinance your current mortgage or buy a new home feel free to contact us about current mortgage rates with us. We have a top rating with the Better Business Bureau and more than a dozen years of experience. Our direct number is 1-800-550-5538.