Hello all. I am extremely new to this and I'm stuck on my first part, researching interest rates. What would be the best website for this?
When i go to federalreserve.gov, they list a bunch of different interest rates (commercial paper, cd's etc.) so i assume i am looking for Mortgage or am i wrong in saying this?
Please help.
Thanks
-Michael
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A site that I have used in the past is:
www.mortgage-x.com
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I also have used http://mortgage-x.com/trends.htm
you can search on google....a bunch come up...bankrate.com ....ect....
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I just went to the mortgage-x.com site and it pulled up the interest rates for each state. I actually surprised to find that they could vary significantly. Now, the question I have:
If I live in Montana, get my loan in Monata, and buy a house in Georgia, would they charge me the Montana rate? My guess is yes, but I wanted to get verification on that before I make a pretty big mistake.
Thanks,
Roni
I dont think they vary that much. Here are 2 things to look at:
1) Some programs simply DONT exist in some states. Go back to that site and look at conforming 15 year FRM. All right around 5 or 5.125%.
2) I did note that PA is 4.75%. So then take a look at the number of points. Average in PA is 1.25. The other states are around .86. More points = lower rate.