Upstate New York best rates?

[rubu]

Hi All,

I would like to know a good reference point for when I am fishing for a good rate. I am in Upstate NY. My credit score is in 800s and I have a good job which provides 6K+ gross per month. No debt at all. I will be doing 20% down. With this information what would be considered a really good rate for 30yr fixed rate conventional loan without points? 

I went to Wells Fargo and they said they would give me a 3.5% or little lower without points. Is that a good rate? With my background could I get a better offer? 

[JM-AM]

Thats about where it is today.

[Autumnslight]

I'm also in upstate New York. 3.5% is about the best you're going to find on a conventional 30 year fixed mortgage from what I've seen, even with those kinds of scores and 20% down. You could get an FHA loan for 3.25%, but you'd be paying ridiculous amounts of upfront and then monthly mortgage insurance, so it's not at all worth it. A 15 year fixed would give you a lower rate, maybe around 2.875%. Key Bank claims to be offering a 5/1 ARM for 2.75%, but given that rates are likely to go up from here, I wouldn't risk that.

[CAnNY]

Try Empower Federal Credit Union. I'm told they offer 3% down minimal on their loans to anyone with a 620 FICO at a rate of 3.75% I think maybe lower and 15yr is like 2.75%. No matter your FICO as long as it is 620. higher scores dont get better rates at Empower everyone 620 and above are treated equally. They only offer conventional loans. They do not do FHA loans. I was also told u can have a late payment less than a yr old. I will be calling on Monday to see how true this is.

[aussiesareforever]

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@CAnNY wrote:
Try Empower Federal Credit Union. I'm told they offer 3% down minimal on their loans to anyone with a 620 FICO at a rate of 3.75% I think maybe lower and 15yr is like 2.75%. No matter your FICO as long as it is 620. higher scores dont get better rates at Empower everyone 620 and above are treated equally. They only offer conventional loans. They do not do FHA loans. I was also told u can have a late payment less than a yr old. I will be calling on Monday to see how true this is.

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I don't see how you are ever going to get rates that low now. Conventional 30 year loans are currently at an average of about 4.3% and 15 year loans are looming around 3.5%. I'm not saying it is not possible but interest rates have shot up a lot the last few weeks.

[CAnNY]

I called and they are actually at a rate of 4.5 for 30yr and about 3.75 for 15yr now.