It's a regular feature in print and online; the media is constantly publishing mortgage interest rates, with headlines tracking upswings and downswings and advertisements claiming the "Lowest Rates in..." Many would-be home buyers are left wondering why rates are different between mortgage lenders and who truly has the best to offer.
Royce Lewis, Loan Production Manager at Capital Mortgage Services, offers advice on how to sift through the hype and find the best mortgage options.
Why does one mortgage company have a different rate than another?
Why are some lenders' rates higher or lower than another?
Can a mortgage broker offer the same rate as a mortgage banker?
A recent news story forecast the possibility that the U.S. Treasury would purchase up to $500 million in mortgage backed securities to allow mortgage rates to go down to 4%. Is this likely?
What is your personal forecast on mortgage rates?