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Today’s mortgage rates are hard to report since every borrower and their situation is different and every lender is different. There are even state differences.

With all the variables, people can be disappointed or surprised when they actually get a real rate quote after a loan officer or broker has looked at their situation.

Mortgage Rate Calculator

I wish there was a simple mortgage rate calculator for you to come up with a rate specific to your situation but there is nothing like that. Mortgage rates are produced by a wholesale lender which is different that other lenders. Then, it goes to a retail originator which is also different than other originators.

So, right off the bat, the rate you get will not be the same as the rate your neighbor. Then, take into account your credit score and loan to value. That is also unique to you. Then there are all the other criteria like cash out or no cash out, investment property, down payment etc.

I used to report wholesale rate data from one of our lenders but could not in good conscious keep that up. It did not have rates for all states and it gave people a false sense of where mortgage rates were for them.

Unless you have a 750 credit score with 40% equity, that rate would not work for you since that rate has no add ons or hits for credit and loan to value.

I probably say this in almost all of my posts but remember to ask about the add ons or hits for your credit score and loan to value. You can pay the add ons at closing and not include them in the rate. If you don’t ask your originator, they will just include them in the rate.

If you want to find out what today’s FHA mortgage rates are, they are usually .125% or an eighth higher than the conventional rates.

Mortgage Rate Trends

So if I am not going to post rates anymore, here are the averages so you can see what mortgage rates are up to. Also, included are the mortgage rate trends.

The only way you will know your specific mortgage rate is to know about what your credit score is and about what your home is worth or how much you are putting down if you are buying.

Then, talk with an originator. They will price everything out and get you a mortgage rate.

I know it used to be rates were easy to quote.

There were not all these add ons or hits for everything. But when the mortgage market tanked, lenders got scared and are now making almost every mortgage a risky one and therefore charging accordingly.

Another thing we have learned is we have to be more open to different kinds of mortgage shoppers. So, we have our book the Mortgage Advantage for folks who really want all the nuts and bolts. This is the book for you if you want to shop like a loan officer would shop for his or her own mortgage.

But we also found that is not appealing to all people. Some people just want to talk with originators and pick the one that is best for them. And that is why we have our rate quote service. You get quotes from 4 national lenders to choose from.

And if you are just starting the process, we have our mortgage payment calculator (I mean calculators – 13 of them to be exact) to help you decide what to do.

Good Luck!


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Author: Terri Ewing

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