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What are the current mortgage rates like and are there any signs of the mortgage rates changing soon?

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Mortgage Rates Credit Cards Refinance Home CD Rates by Bankrate.com

Interest rates are determine by the LTV, DTI, and Credit Score. Shipping around for the lowest rate, sometimes might cost you in the long run.

In my opinion - I don't see interest rates moving till after the presidential election 2012. If you are working on a loan now - don't let the agent/broker try to scare you with interest changes (that is the oldest one in the book).

1st comment - have you considered a local credit union? This type of banking institutions are owned by members. They can have lower rates, as well as lower closing costs. Compared to large mortgage banks BoA, WF, Suntrust, etc.... These larger types of banks are owned by investors and can have more banking programs available.

2nd suggestion - when you find a bank - tell them you want to know all the closing cost "Before" your closing. This eliminates any expected surprises. It also keeps them on their toes


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They better tell you your closing costs long before you close - as a matter of fact they only have about 3 days to provide you an accurate Good Faith Estimate from the time you made application. In my opinion if you don't get a good faith estimate right away, then get away from that lender...they are hiding something.

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