First time home owner mortgage rates?I'm looking to buy my first home, for $150,000. I have 20% down, good credit, but my income is low right now so my dad's co-signing with me for the loan. Together, we make well over $120,000/year. The bank I talked to gave me a 5.6% rate last week (for both 15 and 30 year mortgages..I don't know why its not lower for 15), does that seem high? Do first time home buyers usually have higher rates? Shouldn't the fact that I have a co-signer help me out?August 03 2009 - Nashville0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.