30-yr mortgage interest rates

AmTrust Bank rates for a 30 year mortgage are as follows:

This is your mortgage rate update from AmTrust Bank. These interest rates are accurate as of Dec 22, 2008.

30 Year Fixed Rate

6.0% with 0.0 points and $135.00 rebate
5.875% with 0.0 points and $10.00 rebate
5.75% with 0.046 points and $0.00 rebate

Besides a Bankrate, where else do people go to check daily rates?

The definition of a good deal is when both parties walk away from the deal feeling like they both got screwed.


It sounds as if you got a good deal, but from what I have been reading on here, it appears that many people are finding rates in the 4.75 % range, although I believe many are buying points and not disclosing it, for whatever reason.

as of 12/22/2008 10:01 PM Eastern - Wells Fargo

Product Interest Rate APR

Conforming1 Loans

40-Year Fixed 7.250% 7.462%
30-Year Fixed 5.000% 5.213%
20-Year Fixed 5.125% 5.416%
15-Year Fixed 4.875% 5.241%

5-Year ARM 6.000% 5.206%

Jumbo Loans – Amounts that exceed conforming loan limits1

30-Year Fixed 8.000% 8.166%
15-Year Fixed 7.250% 7.505%
10-Year ARM 7.875% 6.906%
5-Year ARM 6.125% 5.178%

FHA – loan limits vary by county.
30-Year Fixed 5.500% 6.170%

You need to call and talk to the bank you're wanting to work with. The rate is going to be dependent on your credit score so those rates may or may not be accurate for you.

Again, I'm not convinced we see rates drop significantly because the banks are working overtime to process the flood of refinance requests rolling in. The banker I spoke with thinks no one is going to make a move to lower rates right now while everyone is refinancing at the current rate. Supply & demand & all that.

I am not a homeowner yet but I am looking to buy in the next year. What are points or buying points? Sorry for the rookie question.

quote:

---

1 point = 1% of the loan amount. So you would pay $1,000 on a $100,000 loan to 'buy' a lower rate if that rate was discounted by you purchasing one point.

---

Isn't that like a down payment? 10% down buys you 10 points, 20% down buys you 20 points, etc. Or is it separate from a down payment?

quote:

---

and just keep thinking they will go to 4% thats not going to happen.

---

we shall see...

RSO..very simple the govt is on the hook for 95% of new mortgages right now. that is an increadable low rate..all time in the history of mortgages rate. And being that the rate has climbed for a week straight is a perfect example of the current market status. if they do go below 4.5% it will be for a day then up they go. its the way this works. i have been doing this for 5 yrs and seen the wave every year. did you know for 4 days last Feb. the rate was 5% most people dont know that. its a quick thing.

that was two days ago happy. and the rate moves everyday you know that. i just get a chuckle out of the amount of crazy info on rates.