Asking the question what are the mortgage rates today is similar to asking what I can sell my house for. There are a huge number of factors that come into play that will affect your rate. Like a house with variables such as location, size, type of fixtures, lot size and condition; Mortgage rates have the same diverse variables such as:
- Single family, multi-family, condo, vacation home can affect rates.
- What is the purchase price? Will the loan amount be:
- Conforming ( less than $417,000 for Fairfield County, Ct.)
- high conforming (under $729,000)
- Jumbo loan. (over $729,00)
- Loan to Value ratio (LTV. How much are you going to put down, 3.5%, 10%, 20%, 25 or 30%?
- Loan program and term, some choices are 30 year fixed, 5 year ARM, 15 year mortgage?
- When will the Closing date be? 30 day to 60 day lock in rate is the norm, sometimes you can get 90 days.
- Credit Score ~ It used to be that 700 was good enough but now many banks would like to see 760 and above for the ideal mortgage.
- Type of mortgage, FHA or conventional mortgage? Do you need mortgage insurance which is FHA or private?
- Employment history, personal savings, Debt to Income ratio.
In conclusion as you can see Mortgage rates are complicated with many variable factors involved to determine what your rate is for that day. The rates change daily and what was today might not be tomorrow. William Raveis a full service mortgage banker. If you are either refinancing or need pre-approval contact your local William Raveis Mortgage Broker at their website. The Raveis.com website has current today average rates, mortgage calculator, FAQ’s, and how to find your local William Raveis Mortgage Banker.
David Popoff is a license Realtor in Connecticut with William Raveis office in Darien. A life time resident of Fairfield County he has worked throughout lower Fairfield County and now resides in Darien, Ct since 2004.
- Member of the Connecticut Association of Realtors, CAR.
- Member of the National Association of Realtors, NAR.
- David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).
- Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
- Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and Greenwich, Connecticut.
Tweet this post
~ David A. Popoff ~ Licensed Connecticut Realtor ~ LEED GA accredited ~ Cell (203) 228-0646 ~