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Rates - "What are today's rates?"
When people are inquiring about Home Mortgage Financing, the often ask “what’s the rate today?” as if there were only one mortgage rate available. The truth is that there are literally hundreds of different mortgage programs available, and the goal is to find the best one for you and your situation. There are obviously different rates for fixed loans and variable (adjustable rate) loans. There are different rates available for borrowers who choose to pay points and for those who are better served by paying No points. However, the benchmark “rate” that most people refer to when they ask “what’s the rate today” is for a conforming (loan amounts up to a limit set by Fannie Mae, FNMA) mortgage loan. Mortgage loan rates generally follow the 10 year treasury bond. Please click here to find out what the current rate is on a 10 year treasury bond. The conforming loan rate (usually with No points) is generally about 2% higher than the yield on the 10 year treasury. Please contact DreamHome4You for a personal evaluation of your situation and to determine the best financing option for you. Then DreamHome4You can discuss specific rates for the program that best meets your needs.