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Wonder Why You Don't Qualify for the Lowest Interest Rate?
Why You Don’t Qualify for the Lowest Interest Rate? – Risk Based Pricing
Everyone is looking for the elusive lowest interest rate in the market right now, right? What exactly does it take to get the “lowest rate” when purchasing or refinancing your home?
Low Mortgage Rates are Currently Available!
You literally couldn’t ask for better financing than today’s rate environment. Mortgage rates are at all-time lows thanks to aggressive action taken by the Federal Reserve. The Federal Reserve indirectly controls the general level of interest rates by raising or lowering short term rates.
Why Did My Neighbor Get a Lower Interest Rate Than Me?
So rates are low, this is not new news but why might you get a rate that is different from your neighbor? Essentially every bank sells the same product so technically everyone should get the same rate, right? WRONG! There are actually a number of factors that go into pricing a conventional mortgage loan. Too many to cover in one blog post but a big reason why is Fannie Mae and Freddie Mac, the mortgage corporations that ultimately buy and sell these loans, have what is known as risk based pricing.
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