credit score and mortgage rates: Mortgage Rates Roundup for Week Ending February 4, 2011
- 02/04/11 07:52 AM
While recent indications point to overall improvement in the economy, mortgage rates moved however slightly this week. Additionally, inflation remained in check week over week. A report recently released by Freddie Mac revealed the average rate on a 30-year fixed-rate mortgage was 4.81 percent this week, with an average of .8 points. Interestingly, the average rate for the same product one year ago was 5.01 percent. However, the record low, from November, 2010, was 4.17 percent. For a 15-year fixed-rate mortgage, the average rate was 4.08 percent with an average of .8 points, while the average rate one year ago for … (0 comments)
credit score and mortgage rates: New Law Forces Lenders To Reveal Impact Of Credit Score On Offered Mortgage Rates
- 01/06/11 07:29 AM
Starting on 1/1/11, mortgage lenders shall be forced to alert borrowers about how their credit scores could be preventing each individual from locking in the best possible mortgage rates. The purpose of the credit score alert is mostly to caution mortgage borrowers about the impact of their credit score on mortgage rates and give the borrowers a chance to raise their credit score or if desired they may back out of the mortgage. Sadly, this the alert system will more likely than not be just one more government-required piece of paperwork becoming unrecognizable in the neverending stack of documents that applicants … (0 comments)
While recent indications point to overall improvement in the economy, mortgage rates moved however slightly this week. Additionally, inflation remained in check week over week. A report recently released by Freddie Mac revealed the average rate on a 30-year fixed-rate mortgage was 4.81 percent this week, with an average of .8 points. Interestingly, the average rate for the same product one year ago was 5.01 percent. However, the record low, from November, 2010, was 4.17 percent.
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