cindergretta Posted March 2, 2012 Share Posted March 2, 2012 So, what are good interest rates for a home loan? We got our "fixed rate" today and I am curious if it is as good a rate as the mortgage broker seems to want us to think it is. So, :lurk5: & :bigear: ! Tell me about good rates for a 30 year, fixed rate, loan. :D Quote Link to comment Share on other sites More sharing options...
acurtis75 Posted March 2, 2012 Share Posted March 2, 2012 It varies based on your credit score, the loan to value (how much the home is worth vs what you are financing) among other things but I think the current rates for great credit are a little under 4 percent. If your credit is below 720 you can usually plan for 1 percent increase per 100 points below 720. It will also depend on whether you are paying points up front to buy down the rate. Quote Link to comment Share on other sites More sharing options...
cindergretta Posted March 2, 2012 Author Share Posted March 2, 2012 Hmm, so under 4 is good? Quote Link to comment Share on other sites More sharing options...
DawnM Posted March 2, 2012 Share Posted March 2, 2012 For a 30 year, something between 3.75% and 3.99% is probably what you are looking at if you have excellent credit. Quote Link to comment Share on other sites More sharing options...
Dana Posted March 2, 2012 Share Posted March 2, 2012 Hmm, so under 4 is good? Yup. And historically it's ridiculously low. When we bought our house we got 7% and my mom was impressed at what a great rate we had. When they bought a house in the 70s they had 13%. Our federal student loans were a floating rate but capped at 8.25%. Those were typically the lowest rates you could get. We're in a pretty amazing times for interest rates. That said, I'd be sure your loan is fixed and not an ARM. Quote Link to comment Share on other sites More sharing options...
cindergretta Posted March 2, 2012 Author Share Posted March 2, 2012 Phew! Ok, as you can see, I am pretty ignorant about this. :blink: Our rate is fixed, not an ARM. The rate is 3.75. Feeling better and better about this! :D Quote Link to comment Share on other sites More sharing options...
StephanieZ Posted March 2, 2012 Share Posted March 2, 2012 Phew! Ok, as you can see, I am pretty ignorant about this. :blink: Our rate is fixed, not an ARM. The rate is 3.75. Feeling better and better about this! :D Sounds great to me. I've heard as low as 3% for 15 year when the owners had lots of equity (40-50%). But for a more typical 30 yr rate, anything close to 4 is AWESOME. Quote Link to comment Share on other sites More sharing options...
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