TODAY'S LOWEST MORTGAGE RATES ARE VA
With today's low mortgage rates low, it's getting cheaper to finance a home for purchase or refinance.
Purchasing power is higher by 6% as compared to last year, which has added $6,000 to a buyer's maximum purchase price for every $100,000; and, low rates have put 6.5 million U.S. homeowners within striking distance to refinance.
Freddie Mac reports 30-year mortgage rates below 4% nationwide, but the lowest rates are those linked to the VA Loan Guaranty program.
Backed by the Department of Veterans Affairs, the VA loan program's mortgage rates are cheapest among the most common mortgage loan types for the 15th straight month.
Conventional loans, which include all loans backed by Fannie Mae and Freddie Mac, also for the 15th consecutive month, were the highest of all mortgage rates.
VA MORTGAGE RATES 0.27% BELOW CONVENTIONAL RATES
Want to lock the lowest mortgage rate out there? Start your search with the VA Loan Guaranty program.
According to Ellie Mae, which handles more than 3.5 million mortgage applications annually via its software, VA mortgage rates beat rates for comparable loan programs via other agencies of the government month after month after month.
Ellie Mae's July Origination Insight Report puts the average mortgage rate on a closed VA loan 27 basis points (0.27%) below the average rate for a conventional loan, marking the second-biggest discount in 12 months.
July's next-lowest mortgage rates were linked to loans insured by the Federal Housing Administration (FHA). FHA mortgage rates beat conventional ones by 12.5 basis points (0.125%), on average.
"Effective" FHA mortgage rates remain near their lowest in recorded history. It's never been cheaper to use FHA financing to buy or refinance a home.
By contrast, conventional mortgage rates averaged over 4.36% in July -- the highest reading this year and, as astute observers will notice, a rate which is substantially higher than conventional rates as reported by another rate-tracking survey, the Freddie Mac Primary Mortgage Market Survey.
There's actually a good reason for this.
see more at : http://themortgagereports.com/18059/loan-ellie-mae-va-mortgage-interest-rates
It really is interesting to think about all the different kind of things that go into having a low mortgage rate. I personally had no idea that there was something that could actually be lowered as well depending on the company you go through. Hopefully this information will be helpful to those who are struggling with finding the best refinancing options. Thank you for sharing. https://www.bankbv.com/mortgage
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