Real Estate Examiner - Mortgage rate update - 4/25/08

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POSTED April 25, 10:36 AM

If you're like millions of Americans who got a mortgage during the housing boom of the last few years, you have an adjustable rate mortgage that is either about to reset or has recently reset. (My 3/1 ARM reset last month.) We're seeing a refi boom right now, with borrowers trying to take advantage of relatively low interest rates.
Here's a look at actual rates that real borrowers are seeing today in the Zillow Mortgage Marketplace:

30 minutes ago someone with a San Diego mortgage and with very good credit was looking to refinance a $250K loan on a $500K house. They received 4 quotes from lenders -- the APRs were 6.0%, 5.96%, 6.07% and 6.13%
earlier today someone with a Los Angeles mortgage was looking for a 30 year fixed purchase loan of $400,000 on a $500,000 house. They were quoted APRs of 5.94%, 5.86% and 5.95%.

Here's my tip to you: rates vary depending upon your particular situation. You can see what mortgage rates are for a wide spectrum of borrowers by browsing the Zillow Mortgage Marketplace or other websites. I recommend doing a lot of mortgage research online before doing anything else.

Categories: mortgages

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Spencer Rascoff
Spencer Rascoff is CFO and Vice President of Marketing at Zillow.com, one of the leading Real Estate sites. Here he will help you better understand and respond to the ever-changing market.