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What is the current interest rate for home loans?

Blue Haired Old Lady - 2008-10-02 08:24:37 - Credit

Can people even get home loans right now? What is the current rate? Where do you find such information?

Best Answer:

PJ it depends on where you are and what bank/lender you are using. There's no "one rate fits all" situation. Of course you can still get mortgages but they have to be done the right way which is in my opinion the only way there should have ever been. You need to be able to service the debt as in be gainfully employed for at least a year. Come up with a minimum of 5% down and have a healthy credit score/report minimum of about 650-680 depending on the lender. Take a look at the finance/rate section of msn.com or just visit the website of your local bank and look up their mortgage rates.

Answers:

Yes, they can. There is no "one" rate - it varies.

It's probably around 6.5% or a bit higher depending on the person.

I work for a private mortgage lender and qualified borrowers have no problem accessing home loans. We did over a billion worth of loans last month. The problem in the credit market is overnight loans between banks and corporations to cover immediate costs. Not necessarily the home loans market. A good rate now if your credit is 680 or more and you have a good down payment or equity is around 6%. Bankrate.com is good to find base average rates on home loans, car loans, school loans, anything financial in nature.

PJ it depends on where you are and what bank/lender you are using. There's no "one rate fits all" situation. Of course you can still get mortgages but they have to be done the right way which is in my opinion the only way there should have ever been. You need to be able to service the debt as in be gainfully employed for at least a year. Come up with a minimum of 5% down and have a healthy credit score/report minimum of about 650-680 depending on the lender. Take a look at the finance/rate section of msn.com or just visit the website of your local bank and look up their mortgage rates.

It is around a little over 6%. It is not a matter of interest rates. You can get a loan but they will want a 20% down payment and will look at your income and finances very carefully. The days of 0% down for houses and borrowing more than what your finances allow are long over! The following website has the info on loans based on where you live. http://www.bankrate.com/

Mortgage rates have been all over the map recently. For example, Friday's 30 year fixed rate was around 6%. And the 15 year rate was around 5.5%. Naturally, mortgage rates are determined several ways. Credit score,debt to income,job history,down payment all affect the final mortgage rate one might get. Also, if one went with a 15 year mortgage rate--these are lower than the 30 year. Your best bet is to find a local mortgage broker or bank so they can give you exact rates. http://mylendingplace.com/mortgage/rates/30-year-fixed-rates/ Texas Mortgage Broker 512-996-8194