Displaying rates for Mortgage Refinance in VA for $200,000
Rate Update 7/2/2015 : What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll.
Mortgage rates climbed slightly today with the release of employment data. Europe takes second place to job reports. NFP (non-farm payroll) data was released a day early today because of market closures tomnorrow. The employment forecast of 230k was missed slightly at 223k, with wages remaining flat, even though there was a prediction of a .02% gain. June's job growth forecast also was revised down 0.1%. The reported 60,000 fewer jobs also contributed. This trend caused traders to view things more favorably and in turn strengthened the bond market.
MBS and Treasuries responded favorably as well, with 10's going from 2.47 to 2.37. September is thought to bring an initial Federal rate hike, although the consensus seemed to shift into 2016 this morning. An increase in the employment data could prompt the Feds to make a quicker move. Fannie Mae 3.5 MBS rose 3/8ths of a point, and are now at 102-24. Although the stock market has had an increase in selling, bonds have remained fairly steady.
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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.
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.
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.