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Today's Mortgage Rates

Updated: August 30, 2014

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Displaying rates for Mortgage Refinance in NJ for $200,000

4.071%

APR
30 Year Fixed
3.875% Rate $940/mo
  • Updated August 30, 2014
  • Direct Mortgage Lender
  • Billions Funded
  • Apply Online. Quick approvals.

4.227%

APR
30 Year Fixed
4.000% Rate $955/mo
  • Updated August 30, 2014
  • Saving just makes sense. Get $1000 Off Closing Costs.
  • Get a customized quote in minutes.
  • Free 60-day rate lock and no application fee

4.079%

APR
30 Year Fixed
3.875% Rate $940/mo
  • Updated August 30, 2014
  • Competitive rates and no hidden fees
  • One dedicated mortgage banker from first call to closing
  • Simple, straightforward process

4.132%

APR
30 Year Fixed
4.000% Rate $954/mo
  • From the lender: Billions Funded. Direct Lender. Close in 10 days.

Rate Update 8/29/2014 : Mortgage interest rates have barely budged from yesterday's levels, and aside from Chicago PMI, which exceeded expectations and jumped by 11.7 points in August, effectively recovering from the lows recorded in July, few other significant reports are due. Strong data out of Chicago, but like yesterday, not enough to push bonds into negative territory given activity overseas.

For other market movers this week, keep an eye out for tomorrow's Personal Consumption and Chicago PMI.

Yesterday: The European Central Bank's announcement of plans to begin their own quantitative easing by spring 2015 had the American bond market caught up in a feeding frenzy. This is all in spite of perfectly delightful GDP data (4.2 percent), lowered Jobless Claims, and strong Pending Home Sales - the strongest in close to a year. 

Bookmark this page for daily mortgage interest rates and market updates.

  • 30 year (FRM) rates at 4.10% (-0.01).
  • 15 year (FRM) rates at 3.26% (0.00).
  • FHA 30 year Fixed rates at 3.75% (0.00).
  • Jumbo 30 year Fixed rates at 3.97% (-0.01).
  • 5/1 ARM rates at 3.22% (+0.01).

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Mortgage Refinance Rates on Lender411.com

By Rocky Foroutan

Lender411 provides the easiest way to compare mortgage rates today by providing you access to mortgage and refinance rates from top national and local lenders. Find the lowest mortgage interest rates whether you are buying a home or refinancing your existing mortgage. Sift through the rates from lenders and brokers nationwide. Fortunately the rate environment today is at historic lows and it is a great time to look for best possible interest rate.

How to Compare Mortgage Rates

The hardest part of finding the best deal on a mortgage is comparing mortgage packages between different lenders. There are numerous costs involved and numerous variables to consider. Beyond the down payment and the principal of the loan itself, you'll need to analyze the interest rate, the up-front points required, and the fees or closing costs. Let's define these first.

  • The interest rates is the part of the loan package that everyone is most familiar with. The lower the rate and the shorter the payback timeframe, the less you will have to pay over the length of the loan.
  • A "point" is a sum of money equal to one percent of the total principal balance of the loan. If your loan amount is $250,000, a single point would equal $2,500. Lenders allow or sometimes require a certain number of points to be paid in exchange for certain interest rates discounts. A lender may offer a lower interest rate in exchange for one or more points paid up-front, and there are often numerous point-rate combinations available. Lenders will typically work with you on this.
  • A closing cost is any additional fee required in order to close the deal between you and the lender, such as escrow charges and transfer charges. There are often other fees involved as well, including home inspections, mortgage insurance premiums, underwriting fees, and even an application fee. Many potential homebuyers overlook some of these costs, and as a result, many items in this category have been dubbed "hidden fees."

Compare all of these costs for each mortgage package you are considering with each lender you're working with. This may not seem too complicated at first, and in principle, it isn't—comparing prices is as simple as basic addition. But there are other non-price factors to consider as well.

Find out what the lock-in period is for each lender. The lock-in period is the timeframe during which the quoted prices will remain the same. Rates fluctuate rapidly, and other costs—such as point requirements and fees—fluctuate along with them. In other words, all the prices that your lenders just quoted you are subject to change. But lenders recognize that this is confusing. A lock-in period is a certain length of time—generally 30 to 60 days—during which the lender promises not to adjust his or her quoted prices. If you find a deal that seems too good to be true, check the lock-in timeframe. It may be that the lender doesn't guarantee the prices for more than 10 days. Don't make an offer on a home unless you have found the mortgage package that fits you and that mortgage package has been guaranteed to you by your lender for a sufficient length of time.

Analyze the features of all possible loan package arrangements. Are there cash reserve requirements? Maximum LTV requirements? Are there penalties in place for early repayment? Is the interest rate fixed or adjustable? These elements of the loan may not appear as up-front costs, but they could significantly affect the ultimate value of one loan package over another. As a side note, when comparing offers between lenders, compare identical loan types. Don't compare a fixed rate to an adjustable rate—they're very different.

Let's summarize this. Comparing two identical loan types between several lenders involves 3 steps.

  • Select an interest rate and lock-in period. Analyze each lender's offer under these parameters. The point requirements and closing costs will vary, but every lender will, for the most part, be able to provide a standard interest rate and lock-in period.
  • Compare the additional costs, such as points and closing fees. Some lenders may require costs that others don't. Be very cautious here. Make sure you're aware of every fee involved. This is where many home buyers get hit hard with unexpected costs.
  • The lender with the lowest total cost at this point is the lender with the best offer.
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