About Best Mortgage Rates

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Mortgage rates vary depending on the location, the loan amount and the state of the economy, so shopping around for at least three different lenders is a smart move to get the best rate. Find a great mortgage rate to buy a house with advice from an experienced mortgage broker in this free video on personal finance.

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Video Transcript

Hi, my name is Matt McKillen. I'm with Innovative Financial Group. Question posed today is 'What are the best mortgage rates?' Mortgage rates can vary, depending on the program and state, even, where you're purchasing or refinancing your property. They're also determined by the loan size. Loan amounts of four hundred and seven thousand or less are what are called conforming rates. Loan amounts over four hundred and seventeen thousand are called jumbo rates. We've seen a dramatic decrease in the conforming rates in the last few weeks. Jumbo rates are still really at a very high amount, because the secondary market that buys these mortgages on Wall Street really aren't as comfortable with the larger loans as they used to be, as in years ago. So when shopping for a mortgage, first off, determine if you're going to be a jumbo or a conforming rate. And if you are going to be in the conforming rate market, I always suggest you talk to at least three different lenders. It's very similar to shopping for a car. Some banks rates can vary from one lender to the other. And it doesn't matter if you have a 750 FICO score, they all basically have the same programs, but some rates offer specials. So, again, shop around for your mortgage, and talk to at least three different funding sources. Thanks. My name is Matt McKillen. I'm with Innovative Financial Group.

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