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As of 4/3/09 I noticed that a 4.25% Fixed Rate could be obtained on a 15 Year, 15 Day Lock with at least .5 point paid.
NOTE: Your lock period and term whether it be 15 Yr., 20 Yr., or 30 Yr. will determined how much you pay in points. Lenders/Brokers will probably charge an origination fee because you are requesting the lowest possible rate; Origination Fees is how they make their money if they cannot make it on the interest rate.
A Lock is important to understand; most people realize that Locks fixes the rate, but it also determines your points paid and really mandates the time in which the LO, Processors, and Underwriter has to verify your credit, income, and employment as well as produce loan docs and have you signed them. Remember an additional 72 hours are required when doing a refinance, so you have to take that in consideration.
So if you want the lowest rate possible, be prepared with all of your documentation and contact information for verification so that the process can move quickly to get you the rate you prefer.
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Lender rating
Since February 2009
Lender rating
Since January 2009
Lender rating
Since February 2009
Lender rating
Since February 2009
Only if you buy down the rate with points. The lowest I have seen recently is 4.375 with 1 point on a 30 year fixed conforming loan.
Featured Rates are based on state rates for 5/1 ARM loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
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are there any 4% fixed rates out there
Michael Rowland, "emjayrow"
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