Where can I find a 5yr fixed with a start rate between a 1 or 2 percent and with a full rate between a 6 or 7 percent?
Where can I find a 5yr fixed with a start rate between a 1 or 2 percent and with a full rate between a 6 or 7 percent?
Wow! You know what you are looking for... so first of all, congrats on doing your financial homework (you are in the minority of consumers of financial products, unfortunately).
What you are looking for is a pay option ARM. 1% - 2% percent on the Negative amortization payment is possible, but a fully indexed rate between 6% - 7% is not out there currently.
The only place that could possibly offer something like this is World Savings because they're a portfolio lender. I also know that Quicken Loans is pushing hard on Pay Option Arms these days as well.
If you want an introduction to pre-screened mortgage lenders, Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at:
https://www.bills.com/mortage/refinance/
Sounds like you are a pro, but to learn more about refinance loans, I encourage you to visit the Bills.com Home Refinance Information page at http://www.bills.com/home-refinance/
If you enter your contact information in the Bills.com Savings Center at the top of the page, we can have several pre-screened lenders contact you to discuss the refinance options available to you. I wish you the best of luck in finding a loan the meets your needs, and hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.Bills.com
Mortgage market update: the latest
It is expected that mortgage rates are subject to change. Homebuyers and those refinancing their mortgages should pay close attention to the latest mortgage rate
Mortgage rates April 10, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of April 10, 2024 stands at 6.88%. This reflects a 6 basis points increase from the previous week's rate.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from last week’s rates.
What does the mortgage rate mean for you?
Mortgage rates play a vital role in determining your monthly payment. Let's take a look at the avergage interest rates (APR) for April 14, 2024 based on Zillow data for borrowers with a high credit score (680-740) in the United States:
- For a 30-year conventional loan, the interest rate is 7.09%.
- If you opt for a 15-year conventional loan, the interest rate stands at 6.29%.
Using the rates mentioned above, a $279,082 30-year-year mortgage would result in a monthly payment of $1,874. On the other hand, a 15-year mortgage would require a monthly payment of approximately $2,399.
Explore your options and secure pre-approval today!
To make your life easier, we highly recommend shopping around for mortgages and getting pre-approved. This will streamline the home-buying or refinancing process and make it a breeze. Ready to get started? Check Out mortgage rates now for the best options available.
