2007-07-11 09:01:18 · 7 answers · asked by LALA 12345 2 in Business & Finance ➔ Renting & Real Estate
I did a pre-approval 2 months ago and my rate was 5.7 now 2 MONTHS later it is 6.7! I call 150 extra $$$ a month pretty high!!!
2007-07-11 09:17:34 · update #1
I hope so...And the 1st answer is not correct... Some lenders interest rate are extremely high. If you got to Bank of America, Sun Trust, Wachovia, etc, you might be able to get a good inetrest rate, if you have a good credit score. Now a days, a decent interest rate (if credit is good) is probably starting at 6.25%. Not unless you want to pay a loan discount point to lower your interest rate..
Hope this helped = )
2007-07-11 09:11:09 · answer #1 · answered by Latina4life 3 · 0⤊ 0⤋
Interest rates over the past 3 - 4 years are at some of the lowest levels in history. The last time that mortgages were in the sub 6% range goes back into the 1960s! Rates have only fairly recently climbed above 6% after wandering in the 5% - 6% range for a couple of years.
Here's a sampling of some of the rates from my family archives.
1952: 5.5%, 20 year fixed note
1966: 5.9% 20 year fixed note
1971: 7.1%, 20 year fixed note
1981: 15.5%, 30 year fixed note (VA)
1990: 10.5%, 30 year fixed note (FHA)
1994: 8.5%, 30 year fixed note (FHA)
2000: 7.785%, 30 year fixed note
2003: 5%, 30 year ARM note, 5 year lock.
Even though rates are up from where they bottomed out about 4 years ago they are still an extremely good value right now. If you can afford a loan today, now is an excellent time to buy especially if you will be staying put for a while.
Anyone paying more than about 6.25% right now probably has either some underlying credit issues or is trying to finance more than 80% of the price of the home.
2007-07-11 09:28:04 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I started working in the title industry back in the 70's and at that time interest rates on loans we worked on started out around 7% and started working their way up. We did closings on loans that were 18%. So I guess having lived this long, I don't think 6 and 7% are horrible. Compared to what they have been, yes they are higher, but I've seen it worse. Check with your bank and see if you can buy the rate down. Sometimes they will let you pay some points up front to get a better interest rate. Good Luck.
2007-07-11 09:39:41 · answer #3 · answered by Kathleen M 4 · 0⤊ 0⤋
In Missouri the interest rate "is" low,and people can't make the payments.The banks are foreclosing on them&no one can afford to buy.
2007-07-11 09:13:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2007-07-12 03:53:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
DOWN ??? They're low right now. Do you want a loan for free or something ?
2007-07-11 09:03:35 · answer #6 · answered by acermill 7 · 0⤊ 1⤋
may be
2007-07-11 09:07:03 · answer #7 · answered by roaringlion74 3 · 0⤊ 0⤋