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It is really possible to get a 3.8% 30 yr fixed today?

Profile picture for carbon1973
I was wondering about a friend who's purchasing a home in Lowell MA with a good credit with 20% down on a $300K condo. He was quoted a rate at 3.8% for a 30 yr fixed rate. He was a bit concerned because he found the rate to be low even though he has a decent credit. Is there any way the mortgage broker is playing with him for business? Can the broker increase the rate though he promised a 45 days lock? 
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February 13 - Lowell
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Answers (2)

Profile picture for shapiroamg
We would be quoting 3.99% for a 45 day lock on a condo purchase with no points. this assumes 20% down and credit above 740.

3.875% is possible but probably with a cost (points or a fraction of)
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February 13
Profile picture for GMerino
If he is locked at a rate of 3.8% that is great.  Your friend should be able to ask for a lock confirmation from the broker.  If that broker isn't able to provide your friend with that form, at that point I would be questioning whether or not it was truly locked.  If this broker has not, drop them like hat and find a new lender to work with.
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February 13
 

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