Current Mortgage Rates

Friday, March 12, 2010



A Broker should do for you:
  • Discuss and confirm loan options in writing.
  • Explain all documents of the loan application and help you to complete them.
  • Explain the loan process, from application to closing.
  • Explain all associated costs and fees of the loan application.
  • Explain the disbursements.
  • Communicate with you throughout the loan process in a timely manner.
  • Follow up the lender for you from application through conditional and on to unconditional approval.
  • Negotiate with their lender/s to achieve the best deal.

Here's what you should look for:
  • A top mortgage broker will communicate the ins and outs of the mortgage process: A good broker will not spring surprises on you in the form of extra or hidden costs. They will take the time to clearly lay out what steps need to be followed in order for them to best serve your needs. You should have at least an approximated timeline for how long your mortgage application will take before you hear a decision back.
  • A top broker will always be available: Your broker should not be difficult to get a hold of. If you leave your broker a message then you should be receiving a return call within the next couple of hours. You should not feel as if you are not an important client of your broker and get second rate treatment.
Before choosing a mortgage broker, make sure you are comfortable with the language of lending and that you have a pretty clear idea of what type of loan you want. If you don't understand the basics of the home loan approval process, you could become a victim, instead of a happy homeowner. Working with a mortgage broker can improve your chances of getting loan approval. If your credit is shaky, if you don't want a conventional loan, or if income verification is an issue, brokers can usually find lenders who specialize in borrowers with your requirements and present you with several choices.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed5.12%
30-yr. fixed jumbo5.50%
15-yr. fixed4.38%
15-yr. fixed jumbo4.88%
7/1 ARM4.12%
5/1 ARM4.00%
3/1 ARM4.25%
1-yr. ARM2.88%
1-yr. LIBOR ARM4.50%
10/1 ARM4.88%
*Mortgage Rates Updated: 03/12/2010