Today's Mortgage Rates for Refinance and Purchase

By BILLS.COM

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Comments (19)


Grant M.
May 21, 2013
Are rates rising, and should I lock in a rate in the current low mortgage rate environment?
Bills.com
May 21, 2013
Mortgage rates constantly fluctuate. I recommend shopping around for a mortgage that fits your budget and has the right mix of interest rate and fees. Locking your rate is a great idea if you know the time frame that you will close the loan. Most loan offers have a 30-day lock period. If you pass the time of the lock, you may need to pay additional fees.
Natalia R.
September 09, 2012
Cars and houses are quite expensive and not everybody is able to buy it. However, loans are created to support different people in such kind of situations.
Mark C.
Playa Del Rey, CA  |  January 24, 2012
Are mortgage rates on HARP loans higher than on conventional loans? What about the fees? Thanks!
Bills.com
January 24, 2012
Mortgage rates and fees for HARP loans, will be similar to rates on other conventional loans. However, due to the fact that HARP loans are offered by fewer lenders, you can expect a premium on the price. Many people are restricted to going to their original lender/servicer, due to a high DTI. If that is the case the room for negotiating is low. I recommend that you shop around for the best rate. The automated underwriting systems for new lenders will be available in March 2012.
Kelly H.
Palm Bay, FL  |  November 12, 2011
I went through a divorce in 2005 and found out that my name was not on anything we were paying on. So even though we owned 2 homes and paid on time always, my FICO credit score right now is 530. I know this is really bad. I am in the position now to be able to put at least $20,000 down on a home listed at $87900. Do you think anyone will give me a loan with this awful credit score. I do have a steady income and very low bills. No credit cards or other debt. only utilities and rent right now. Even with my down payment is it going to be implossible to find someone to approve me for a mortgage loan?
Bills.com
November 14, 2011
I doubt you will qualify for a reasonable loan when you have, essentially, no credit history. Focus your energy on building your credit history.
Fonda C.
Pratt, WV  |  August 02, 2011
I became disabled in 2008 and lost income of about $85,000 a year so my husband & I exhausted all of our savings and filed bankruptcy. We kept our home and our cars out of the bankruptcy. The administrator of his 401-K is Merrill Lynch. We tried for a hardship withdrawal of $11,000, which was 2 months house payments, 2 years R/E taxes on our home, 2 years personal property taxes, State Income Taxes from last year, A new Heating & Cooling System because ours was hit by lightning on July 8, and the only thing they approved was the 2 house payments. Why is it so hard to get your own money? My husband's plan only offers 1 loan at a time and we have that already, and I know of some administrators that offer 2 loans. Why doesn't everyone have the same rules? It's our money. How else can I get this money from my 401-K? Am I missing something. Can someone go directly to the IRS and be approved over the administrator or even Congress? I need help in a bad way.
Bills.com
August 02, 2011
I do not have a solution, but I do have an explanation. When Congress wrote the 401(k) law, it presented its rules as guidelines or boundaries that employers were free to interpret tightly. For example, some employers choose to not allow loans against an employee's current balance, or allow any hardship distributions under any circumstances. I realize this is not helpful, but it explains the discrepancy between plans you noticed.
Carl J.
San Diego, CA  |  December 16, 2010
Why are the closing costs the same across the board?
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John C.
Daly City, CA  |  December 16, 2010
Could be rates from the same lender?
Ron A.
Huntington Beach, CA  |  December 16, 2010
Mortgage rates are going past 5%. Bill, do you think rates will go back down to 4% in the foreseeable future?
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Vincent C.
Chicago, IL  |  December 16, 2010
Rates are bound to increase sometime and rates now are already at historical lows. When you look at 04 and 05, mortgage rates were at 6-7%. I would refinance now if you still can.
Mike M.
Reno, NV  |  December 09, 2010
What causes interest rates to vary? I don't mean why do some people qualify for a lower rate than others. What caused rates 10 years to be so much higher than they are today?
Bills.com
December 09, 2010
Ah, macro-economics. There are probably a dozen ways to explain why interest rates are so low today, and a dozen factors that go into the market settling on the rates we see. I have one simple explanation I use to understand interest rates, and I encourage readers to share their own.

I look at mortgage interest rates as a function and outcome of supply and demand. As I write these words in late 2010, the world's industries and consumers are in a recession, and there is little demand for money. Consumers are hesitant to borrow, and businesses large and small are not borrowing a large amount of money to build their businesses. Investors must compete to gain the attention of people willing to borrow. As a result, borrowers can demand ever-lower interest rates.

Contrast this with boom times. When captains of industry are optimistic and are investing in factories and equipment, and consumers are fully employed and see their paychecks growing in size, both industry and consumers borrow money. In that situation, lenders can demand ever higher interest rates because if one potential borrower doesn't take the loan, the next one will.

Of course, there are other forces at work. Nations manipulate interest rates and the value of their currency. Governments overspend, print more money and drive up inflation. Investors react to the events of the day. The US Federal Reserve can manipulate the interest rate by buying U.S. government debt. And so on.
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Sylvia B.
New York, NY  |  December 09, 2010
An adequate but incomplete explanation. There is a great deal of debate whether national monetary policy has much of an effect on interest rates. Employment rate usually inversely correlates with interest rates, which suggests there may be causation.
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Mike M.
Reno, NV  |  December 09, 2010
Where will mortgage interest rates be in six months?
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Sylvia B.
New York, NY  |  December 09, 2010
Depends on the speed of the economic recovery and the employment picture. There is also an unprecedented number of foreclosures that have yet to work their way through the courts and private foreclosure systems, and the longer it takes to reach the bottom in housing prices the longer it will take for the new-housing industry, a significant employment engine, to recover.
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Jeremy L.
Fremont, CA  |  December 10, 2010
Mortgage rates in the past 2 days have increased by close to 20 basis points. It's widely expected that mortgage rates will at some point increase from the 3-4% that we're at now. People who are still in the market for a refinance should monitor rates closely.
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