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What's a good interest rate?

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Frequent Contributor

What's a good interest rate?

I'm closing on a house next friday and wondered what is a good interest rate?  I was locked in at 4.25 30 year  va loan mortgage.   According to the mortgage company my fico scores was in the 690's to 705. 
Thanks

Message 1 of 11
10 REPLIES 10
Moderator Emerita

Re: What's a good interest rate?

I think you got a good rate for a VA loan. I am also assuming that you are putting down zero, right?

Also, your rate is actually locked in so you know that is what you are going to get and it is a very good rate.  Some of the extremely low interest advertised rates you see are just to get people to apply and then once they apply their rate ends up being higher or the closing costs are extremely high or both.

 

I would say you did an excellent job so far. Congrats!

 

 

Message 2 of 11
Moderator Emeritus

Re: What's a good interest rate?

Great rate! My rate is 4.375% Fixed for 30 years USDA/Fannie Mae.

Starting Score: 000
Current Score: 850
Goal Score: 850


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Message 3 of 11
Frequent Contributor

Re: What's a good interest rate?

When I got my VA loan two years ago it was at 3.75% so I think you got an excellent rate as the rates have ticked up.  A great thing about VA is no PMI!  That's a big savings.  Congrats!



Starting Score: TU 672 EQ 654 10/20/09
Current Score: TU 775 EQ 783 EX 799 (PLUS)
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Message 4 of 11
Frequent Contributor

Re: What's a good interest rate?

Yes, I'm not putting any money down. It's my first house and I'm turning 50. And thanks for the congrats.
Message 5 of 11
Established Member

Re: What's a good interest rate?

I just got locked on 6/30 at 4% fixed for 30 years.  It is a conventional mortgage though.  Credit score was 801 out of a possible 818.  Must be some weird lender score.

My Scores from myFICO(4/18/14)Ex: 819(5/22/14)EQ 828(5/22/14)TU 793
Message 6 of 11
Valued Contributor

Re: What's a good interest rate?

Close it and levae it alone  - in 4-5 years when rates are up everyone will wish they had your loan

Anything below 5% is a historically low rate - That rate with no PMI you are set

 

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 7 of 11
Senior Contributor

Re: What's a good interest rate?

I'm currently on a 30-day lock at 4.25% FHA 30-year fixed. That rate is paying back enough to cover the mortgage broker's fee.

Message 8 of 11
Established Contributor

Re: What's a good interest rate?

My scores are a little higher than yours (middle score 720s) but I thought VA loans didn't care about scores past a certain point. My rate is locked at 3.50% but I'm not sure if that is normal. Most places I applied for were 4.0 or 4.125 but citi gave me a great rate.

Last App March 23, 2015. Gardening until November 25, 2015
Current Score: 766 EX 734 EQ 780 TU 6/30/2015Starting Score/Goal Score: 580s/780s across the board
Message 9 of 11
Senior Contributor

Re: What's a good interest rate?


@unc0mm0n1 wrote:

My scores are a little higher than yours (middle score 720s) but I thought VA loans didn't care about scores past a certain point. My rate is locked at 3.50% but I'm not sure if that is normal. Most places I applied for were 4.0 or 4.125 but citi gave me a great rate.


That sounds like a rate on a 15 yr mortgage. I have not seen a 3.5% rate on a 30 yr mortgage in more than a year. If yours is in fact a 30 yr mortgage and you are not buying down the rate, I am amazed.

Message 10 of 11
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