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: a pulse check
No surprise that mortgage rates fluctuate. If you are thinking about purchasing a home or maybe considering refinancing your current mortgage, then you want to be up to date on mortgage rates.
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 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for April 10, 2024 is 6.16%, indicating a 10 basis points increase from previous week’s rates.
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%.
Understanding the impact of mortgage rates on your finances
When it comes to determining your monthly payment, mortgage rates are a key factor to consider. Here are 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:
- 30-year conventional loan is 7.09%
- 15-year conventional loan is 6.29%
Based on the provided rates, a $279,082 30-year mortgage would result in a monthly payment of $1,874. Alternatively, a 15-year mortgage would require a monthly payment of around $2,399.
Experience a smooth mortgage process: Shop around and get pre-approved today!
Shopping around for mortgages and getting pre-approved can make your home-buying or refinancing process easier. Ready to take the plunge? Check Out mortgage rates now for the best options available.
