Tuesday, January 20, 2009

Where are the 4.5% Mortgage Interest Rates Today?


Where are mortgage interest rates today? Did anyone get that 4.5% rate that was rumored? Some of us got pretty close. Today however, rates are trending a little higher in comparison. My banker at Wells Fargo commented they are at about 5.25% to 5.625% for qualifying borrowers.

It just shows how important it is to have your financial ducks in a row... including keeping an eye on mortgage rates and programs that may save you money. My wife and I filled out our application and waited... waited. Once the rate dropped to a level that made sense for us, we locked. We are on our way to savings. If you think you will want to re-finance or purchase a home, get with a mortgage banker and be ready to take advantage of low rates.

2 comments:

Victoria said...

I find this post ironic because we were ready on our end but Wells Fargo kept us waiting at our closing for 4+ hours and still didn't come through. We had to go back to the title office the next day (while the moving truck waited outside our condo) to finish and get our keys. We have told everyone we know NOT to choose Wells Fargo because of this experience. You may have a good contact, but their boys in MN really dropped the ball -- despite all our efforts to be prepared. There's only so much home buyers can do....

As to your above post about Lincoln Square sales, the realtor who represents our building (in LS) mentioned that despite the bad economy, he had his best sales in 2008. Hopefully things stay that way!

Eric Rojas said...

The two lenders I usually recommend are from Wells Fargo and Guaranteed Rate. The individuals, Phil Tully and Brian Cumpton respectively, have not only been all over the clients needs and deals, they have also saved deals others could not do.

I like Wells because they are the bank. However, you still need the right individuals who will perform professionally. Brian is a 15 year veteran of complex lending and banking. I put my own finances in his hands.

Ask him a question and he can get so detailed your head will spin! He's really impressed the Rubloff veteren agents. As for the real estate agent you mention, if he's part of the Discovery Team, I can see why he had a good year. They advertise well and seem pretty positive to deal with.

I'm proud to say I've had my best year in 2008 and have increased my client's sales by 20% a year...this by increasing advertising for my clients as others pull out. It's not easy, but a good agent will work with their seller,locked arms, to sell their property... we do what it takes.

I've had too many conversations with (and have trained) clueless Realtors who fail to get second and third opinions on pricing, staging, and marketing.
They are not on the Internet effectively and pooh pooh open house etc...

I try to create a web that covers the bases... and stay enthusiastic at all times. Part of that is great attorneys, lenders and contractors that work like a functional family and share the challenges with the client.