How can I get accurate rates?
I am under contract for a home in Cali. I have been keeping close tabs on mortgage rates and I'm confused since news articles report completely different things. Business Insider mentions a 30 year fixed rate at 5.93% in a January 18 article while Forbes is quoting a 6.56% rate. This is a huge discrepancy. How will I know if my lender is providing me with accurate rates? by bethlaura273 from Los Angeles, California. Jan 18th 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The ONLY WAY to get accurate rates is by providing a full application to a lender, then discussing with them your wants, needs, and goals. Advertised rates are all over the map. Maybe it includes points, maybe it doesn't. Maybe you want reduced closing costs, which increases the rate. Maybe it is only for 800 score clients putting 40% down on the third Tuesday of the month in the year of the dragon. Then there are also different rates for different terms, and programs. Freddie Mac puts out a weekly AVERAGE of standard 30-year fixed rates, but even by the time they put that out, it is already dated material. Do you care what last weeks average is, or the rate today? Stick with a local established mortgage broker in your area, and you'll be fine. I lend in WI, MN, IA, ND, SD, Find me at FirstTimeHomeBuyer-MN.com | Cambria Mortgage | NMLS 274132
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
contact several lenders on the same day and using the same criteria - ask for quotes -Dave Skow | Loan Officer Movement Mortgage NMLS 278613 Dave.skow@movement.com Mobile (206) 714-9745
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