@Anonymous wrote:
Can someone explain why the rates on the homepage are so much lower than what I am seeing in other places? Bankrate has 4.98% on a 30 year fixed rate, but myFico is showing 4.48% APR for my loan. I am in the 706+ credit range, and have shopped around between my bank and two mortgage brokers, and the best I am seeing without points is 4.875%, which ends up being over 5% APR. Amy I not shopping rates in the right places? Maybe this is covered elsewhere on the forum but the descrepency is so large that I feel I must be missing something.
Those rates are a national average and they might/might not include fees like paying pts and they are not updated frequently. One states average could be 4% and another 6% yet the average if just going by the two is 5%. In my area the lowest rate going without paying pts is 5 - 5.125. So to get a rate below 5, pts would have to be paid. My sister knows someone about two weeks ago that did a refinance through the internet (not sure with who) and got 4%.
Message Edited by steelfan on 04-10-2009 12:22 PM
