Is this a good rate?

[rngrwalker]

I got a message from my mortgage broker saying that we just locked my rate at 3.75% for a FHA loan 30 yr fixed in Pittsburgh, PA. My middle score FICO is 674. What do you think?

[ezdriver]

Yes.

[rngrwalker]

Really?  I thought 3.25 to 3.5 was the going rate right now. My loan already went to underwritting and we're trying to close before the end of the month, so I guess I really don't have time to shop around for a better rate do I?

[Anonymous]

3.75 is good for a middle score of 674

[rngrwalker]

Thank you!

[DallasLoanGuy]

remember: a rate isnt a rate.  you cannot compare just rates without comparing rate + fees

rate + fees = total price.

i have 2.75% on my rate sheet. want it? it costs you 3 points in extra fees.

take 4% and get negative points(i pay you extra points)

bottom line: you cant just look at the rate. you have to consider the amount of fees are associated with that rate.

[Sbrooks1]

Are the fees told to me upfront? And how? Are they disguised as things I might not know? Have not a home in my life so excuse my illiteracy !

[vinblastine]

The rate and apr can be different. I try and get loans where the apr and the rate are the same. If the apr is higher they are rolling in sneaky fees. A 2.5% rate is useless if the apr is 5%. Your rate is really 5%.