The 30 Year Fixed Mortgage Rate at Quicken Loans

Mortgage rates and loans are very important for those people and families who want to have their own houses to make into their home. We all know that the real estate business as of today has reached an all-time low because of the recession. With all of these, there have been many families that lost their houses due to foreclosure. However, the advantage of this is that new buyers can get houses at low prices, and better yet, at affordable mortgage rates. There are a lot of financial companies that these families can go to and one of these is Quicken Loans.

About Quicken Loans

Quicken Loans is a very reliable and stable company that is helping a lot of people through their affordable mortgage rates. It is also recognized as one of the largest lenders online. The same company was also recognized to have funded an amount of over $30 billion in mortgage loans. Right now, their 30 year fixed loans are appealing to many borrowers.

Their Rates

Fixed loans are structured in such a way that the rates will remain the same upon lock in and until the maturity of the loan. This means no fluctuation in interest rates as compared to adjustable rate mortgages. 30-year fixed loans are most popular because the length of time helps keep the monthly payments low. This will also help in refinancing specific percentages of up to 95% in the owner’s primary home value. You can get loans from $25,000 to $ 2,000,000. The 30 year fixed mortgage rate is 3.875% with an APR of only 4.05 %.

The lower the mortgage rate, the lesser you’ll pay in terms of interest. What’s more, borrowers will not be charged any pre-payment penalties. For those who are still looking for the perfect mortgage, Quicken Loans might just offer the right mortgage for you.

Low Mortgage Applications Leave Bankers Asking Why

Since last August, America has yet again fallen into another economic slump. It somehow seems all too soon with the 2008 recession still fresh on our minds, but with the ongoing debt issue in Greece and the instability of the European market, it seems rumors about another recession may not be too far from the mark. One consequence of a bad economy is of course, a poor housing market. This results in lowered mortgage rates, making today the perfect opportunity for home buyers and refinancers to take on a new mortgage. And if that isn’t enough, large banks are now slashing fees on closing costs, making the acquisition of a new home more affordable than ever.

Recently, Capital One Bank waived some of their closing fees for refinancers, resulting in a whopping savings of $3,300 on the average. Bank of America and Citibank also placed a discount on their fees by as much as 0.75 percentage points. Mortgage rates are also hitting record lows week after week. Just a few days ago the benchmark 30-year fixed rate mortgage fell to 4.18 percent, this is one of the lowest rates that the nation has ever seen for the past 50 years. However, despite these ridiculously low rates and tempting offers, bankers remain puzzled by the lack of mortgage applications. The question now is, why aren’t mortgage applications coming in by the bulk?

Why Mortgage Applications Remain Low

There are several reasons why mortgage applicants are keeping their feet off the water. First of all, potential borrowers are still wary of the economy’s current standing. Although the problem lies mainly in Europe, this still holds a negative impact on the US stock markets. Potential homeowners are also aware of the poor resale values their new homes might have. Since the peak of the housing boom in 2007, homes have lost nearly a third of their value. This instability in housing prices have borrowers wondering if they will be paying too much for their home in the long run.

The second reason why mortgage applications haven’t risen as expected is clearly because of unemployment status. No matter how low mortgage rates are and how juicy bank promotions will be, the bottom line is that many potential homeowners just can’t afford to get a new mortgage. America’s unemployment rate is currently at 9.1% last September, when supposedly the average since 1948 is only at a low 5.7%. This means roughly 14 million Americans without a job. Aside from that, private payrolls rose to only 100,000 jobs per month which is half of the rate posted earlier this year.

And finally, the irony of it all lies in the qualifications that banks are setting. Apparently the incentives that banks are offering come with a catch. For those who wish to avail of Bank of America’s offer, borrowers must at least have $50,000 in savings. Other banks are also looking to give their low mortgage rates to those who have near perfect credit scores.

With all these setbacks that are causing a halt on mortgage application, it is interesting to note that there are some consumers who are simply waiting out for an even lower rate to come their way. It has also been reported that some banks are not yet releasing the lowest rates they’ve got simply so they wouldn’t be overwhelmed by the number of loan applications.

Apparently there are a number of reasons why loan applications haven’t risen as expected. It now is a question of which among these reasons is the most prevalent. What about you? What’s keeping you from getting that new mortgage?

The Lowest Rates for 30 Year Fixed Mortgages

With 30 year mortgage rates going as high as 5.2%, homeowners wonder, is there anywhere else we can get a lower rate?

Browsing through several banks and lenders, you wouldn’t be surprised to see the rate somewhere between 4.8 to 5.2%. However, there are some banks and lenders that can give you the lowest mortgage rate amongst all. With a 4.750% interest rate on a 30 year fixed rate mortgage, homeowners can give a sigh of relief. Some of the institutions that can give you these rates are:

1. Ever Bank – Ever Bank, located in Jacksonville, Florida, gives you a 4.750% mortgage rate on properties located in Jacksonville and within Duval County. For added spice, Ever Bank is giving out a promotion of having as much as $500 off in closing costs. Ever Bank also gives out the lowest APR with 4.784%. Fees in APR is $647, and the estimated payment is $861.

2. Freedom Mortgage – Also with a 4.750% interest rate, Freedom Mortgage a low APR with 4.802%. Fees in APR is $995, and the estimated payment is the same as Ever Bank at $861.

3. – Interest rates are at 4.750% for a 30 year fixed rate mortgage, and APR is at 4.856%. The fees in APR are substantially bigger than the others, with fees at $1,995. Estimated payment at $861.

4. Directors Financial Group – Interest rates remain at 4.750%, with APR at 4.845%, the highest APR compared to the rest of the institutions who give the same interest rate. Fees in APR is $1,795, and estimated payment is $861.

5. Mortgage Capital Associates – located in West Los Angeles California, Mortgage Capital Associates gives you a 4.750% interest rate, with the lowest APR in the same rate. There are no fees in APR, and the estimated payment is $861. By far, this institution gives you the best deal in rates and fees.

When looking for a loan to cover the expenses on buying a home, it’s important to consider the interest rate. A difference of .1 could mean a difference in hundreds or thousands of dollars out of your pocket. Fixed rate mortgages may seem like they have a higher interest rate, but they lack the risk which adjustable rate mortgages pose in case the national rates go up.

Also, when shopping for a mortgage, it’s best to check the fine print of the bank or the financial institution you plan to get a loan from. Hidden fees and charges could prove to be heavy, and make sure to deal with a stable institution with great terms and perhaps flexibility. Using a mortgage calculator will also help you in seeing just how much you’re going to pay in the end.

Mortgage Rates Up 2 Weeks in a Row – Oct 28

According to the Freddie Mac Primary Mortgage Market Survey mortgage rates are up for the 2nd week in a row.

October 28, 2010 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM
Average Rates 4.23 % 3.66 % 3.41 % 3.30 %
Fees & Points 0.8 0.7 0.6 0.7

Last week the 30 year rate was sitting at 4.21%. The 15 year was 3.64, and once again while the 30 and 15 year fixed raise the 5/1 AMR dipped once more from 3.45% last week to 3.41% this week.

Should you lock if you have the chance?

I was visiting an old loan officer friend of mine and I overheard him on the phone talking to a client.  He said to them, “I wouldn’t lock yet as rates are up and you may have the opportunity to lock at a lower rate.”

Should you follow this advice as well?  Absolutely NOT.

Your situation is going to be much different than others.  You need to be sure you have a professional loan officer whom you can count on to give you sound advice for your loan in particular.

Now with that said rates are extremely low right now and if you have the chance to lock in a new rate in the low 4 or high 3 percentage range I say look into it.

If you want to crunch some numbers for your new home loan try our home loan calculator.

4.25% 30 Year Fixed Mortgage Rate with Everbank

Everbank is offering an extremely low 30 year fixed interest rate of 4.25% with a 4.374% APR.

Everbank is offering other great rates which are all falling below the national average.

  • 30-year fixed      4.250% with a 4.374% APR
  • 15-year fixed       3.750% with a 3.939% APR
  • 5/1 ARM                3.500% with a 3.397% APR

See the national mortgage rates here.

Everbank, which is headquartered in Jacksonville Florida, boasts consistent asset growth over the last 3 decades. With nearly 12 billion in assets and almost 2,000 employees Everbank prides itself on exceptional service and proven expertise in particular financial arenas.

Everbank is one of the industries fastest growing and high performing bank holding companies.

Now they can benefit you with tremendous mortgage rates which are hitting record lows.

To check out the Everbank information and fine print go here.

The 30 year fixed rate at 4.25% and APR of 4.374% is…

  • Based on a $250,000 price with 20% down payment equaling a mortgage amount of $200,000.
  • Based on a credit score of 720 or greater.
  • If 20% down payment can not be provided mortgage insurance will need to be added.