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The lowest mortgage rates from the best mortgage lenders
We help you find the lowest mortgage rates for your next home loan. Shopping for a mortgage can be an overwhelming process. Consumers have the option of working with banks, credit unions, mortgage brokers and direct mortgage lenders. Navigating the process of finding the right home loan can become less challenging if you are prepared before you start the shopping process. Mortgage rates change daily and are directly impacted by a secondary marketplace of investor supply and demand. Mortgage rates are very similar to a commodity, as investors purchase or sell mortgage backed loan securities in bulk positions, mortgage rates move up or down. Shorter term mortgage loans, 10 or 15 year terms typically will offer a lower mortgage rate than traditional 30 year loan terms. Investors who purchase mortgage backed loan securities from banks and lenders can greatly influence the interest rates that are offered. Generally these investors look to purchase mortgage backed loan securities as they have offered a conservative investment vehicle that offers a stable return on investment. Typically as the stock market increase, mortgage rates follow suit and as it declines, mortgage rates move lower as investors move in and out of mortgage backed loan securities. Investors in mortgage backed bonds are influenced by daily economic and market news such as cpi, housing starts and retail sales. In today’s mortgage market where most lenders have reduced the number of loan programs available to consumers financing is offered in three distinct areas: conventional loans, FHA mortgages & jumbo loan financing. Most consumers today fall into the conventional loan group, they are qualifying for mortgages that are securitized by Fannie Mae or Freddie Mac. Home owners and new home buyers who have a minimal down payment are more likely to qualify for an FHA loan as an alternative to conventional financing. If you are a home owner or buyer and need to finance more than $417,000 (the conventional loan limit in most states) then you are most likely going to be shopping for a jumbo loan, and will need to contact a number of banks and lenders as these are offered in limited supply in the market. Consumers who are shopping for mortgage rates should start the process by following the following helpful tips:
Key Events Effecting Rates
Best Rate Source makes every effort possible to update our mortgage rates and market summary report on a weekly basis to provide relevant market news to help guide consumers to obtain the best mortgage rates. Our service is free and we are not a direct mortgage lender. Please be advised that market conditions and underwriting guidelines can change without notice, which can impact mortgage rates, fees and loan qualification. We highly recomend you receive a good faith estimate in writing from your mortgage lender prior to making a financial commitment as well as a list of qualification terms that could impact your ability to qualify for the mortgage or any pricing/rate adjustments that could change due to your credit, loan to value or risk profile. |
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Mortgage Rates & News
September 1, 2010
The stock market got into rally mode today to start the month of September with a bang. Surging by over 200 points in heavy trading as investors rallied into equity positions. The strong rally in the DOW follows a steady decline of the DOW in the past 60 days as the “double dip” recession...
August 27, 2010
The stock market finally caught a relief rally on Friday, as the DOW jumped well over 100 points on optimism from a reassuring speech from Fed Chairman Ben Bernanke. The DOW was able to get back above the 10,000 point market as investors took advantage of lower equity prices across the board on the market....
August 23, 2010
The markets strong start lost momentum over the course of trading on Monday and the market ended up dropping nearly forty points in trading. The dip follows a swing of nearly 100 points in light trading on Monday as investors pulled back when he market was up nearly fifty points when the market opened...
August 19, 2010
Jobs are certainly the largest component to any economy and has the potential to drive markets sharply. Today, we witnessed another example of the fallout from the employment sector as unemployment claims jumped to their highest levels in the last nine months, news that quickly led to a dramatic sell-off...