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mortgage rates

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mortgage rates

Where can I get the rates listed on the front of this website?
When I look locally on lending websites they are higher.  My score is 808
 
I noticed that the rate jumps somewhere between $400k and $500k, where doe sit change?
 
Thanks,      Jim
Message 1 of 3
2 REPLIES 2
Community Leader
Super Contributor

Re: mortgage rates

The rates on the front page of myFICO.com are not advertised rates, they aren't even accurate in my opinion...  they really shouldn't even be there as rates are determined by a lot more than just the credit score, so it's more of a selling point to get your FICO's higher, which isn't a bad thing, but it should say that scores aren't the whole picture when determining your interest rate.  I wouldn't base choosing your financing source on advertised rates on a website, it's likely going to be the biggest investment in your life, so you should choose your financing source based on the rates/terms, the character of the individual you are working with, and how they will handle the processing of your mortgage.
 
On 1-unit properties, loan amounts $417k & under are called conforming loan amounts, since they conform to the GSE (government sponsored entity) underwriting guidelines of Fannie Mae & Freddie Mac.  Loan amounts over $417k are considered non-conforming, and thus have a higher interest rate.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Message 2 of 3
Member

Re: mortgage rates

wow my local rates are 0.4% higher than they have posted.
 
I agree about comparing details before selecting a provder, but their posted website rates give you a quick starting point to compare.
 
Thanks,    Jim
Message 3 of 3
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