Dallas Home Appraisals News and Information

Haven't taken a blog look at interest rates lately so it seems like a good time for a quick update.  The news is good, especially if you're on track to take advantage of the first-time homebuyer tax credit as well (and remember, in this case, "first-time" means that you have not purchased or owned a home in the past 3 years). 

For one overview of the current national average for rates check out this page at Mortgage News Daily.  MND shows that today's average for a 30-year fixed is 5.07% with 0.7 points, not quite as low as we saw last spring, but definitely lower than the later summer averages.  At the same time, Bankrate.com shows the average today at 5.23%, and other sites are indicating rates under 5% (with at least 1 point).  The upshot - it's still volatile out there, and rates are still at historic lows.

A separate article at MND posted today says rates have ticked higher, ending with this analysis:

    Reports from fellow mortgage professionals indicate that mortgage rates did worsen overnight.  The par 30 year conventional rate mortgage is in the 4.875% to 5.125% range for well qualified consumers.  In order to secure a par interest rate you must have a FICO score of 740 or higher, a loan to value at 80% or less and pay all closing costs including one point loan origination/discount/broker fee.  If you are looking to secure a 15 year fixed rate mortgage, you should expect a par rate in the 4.375% to 4.625% range.  To qualify for the 15 year par rate you must have a FICO score of 620 or higher, a loan to value at 80% or less and pay all closing costs including one point.

There is a lot of great information online where you can research current rates.  If you need help determining how much you qualify for and at what rate, contact us at Blue Star Appraisals Inc. for a referral to one of our trusted broker or lender clients who can help guide you through the process.