Interest Rates Chart

Posted by: admin  :  Category: Buying Boise Homes, Financing, Lending, Real Estate, Real Estate & Housing

Interest Rate Update

It’s a great idea to keep your eye on interest rates for so many reasons, but especially if you’re keeping your eye on the housing market.

National rates are still really good – in the 4′s, for a 30-year-fixed loan.

Mortgage rates 30-year fixed 15-year fixed 5/1 ARM 30-year jumbo
2/12/2014 4.48 3.53 3.32 4.50
2/5/2014 4.43 3.50 3.27 4.47
1/30/2014 4.50 3.56 3.37 4.54
1/22/2014 4.56 3.61 3.42 4.63
1/15/2014 4.57 3.62 3.40 4.65
1/8/2014 4.64 3.69 3.46 4.73
12/31/2013 4.69 3.73 3.52 4.72
12/24/2013 4.63 3.70 3.43 4.67
12/18/2013 4.58 3.63 3.33 4.6
12/11/2013 4.55 3.6 3.34 4.55

Source: Bankrate.com

I recommend that you find local rates, which may run a little lower than the averages above, and get pre-approved, through a local resource. I like Dave Rusk at ICCU for his service, as well as the unbeatable rates he consistently provides. To compare, today’s rates at ICCU are listed at 4.375 for a 30-year fixed loan.  https://iccu.mortgagewebcenter.com/

Keep in mind, interest rates affect your monthly payment, as well as the house you can afford. I always suggest checking into a pre-approval even if you’re still waiting for your credit to improve. It’s the first step in the process, and one that good lenders are eager to take with you, even if you’re “not really serious right now.”

Once you are serious, you can compare rates between a mortgage broker (who has access to loans from many different banks) and Idaho Central Credit Union (ICCU) or your bank of choice. Banks underwrite loans in-house and aren’t sourcing them, like mortgage brokers, although it’s common for them sell the loan once it’s in effect.

With a few years between us and the big crash, many people are closer than they may think to being “approvable.” As spring approaches, don’t write-off your ability to buy until you’ve verified your options. My previous, in-depth blog entry reveals some of the waiting periods following issues with distressed properties. http://fosterboise.com/financing-first-and-following-distress

Sincerely,

Shana Moore, Your Local Boise Real Estate Professional

 

Shana Foster Moore

Your local, Boise Real Estate Professional

Storytime with Shana Foster Moore

Posted by: admin  :  Category: Lending

 

Sincerely,


ShanaFosterMoore@gmail.com
Your Local Boise Real Estate Professional