Well…the sky is falling. Rates have gone up with many lenders by about 0.5% over the past week due to increases in the bond market yields. We do still have rates as low as 2.99% at the moment, but I believe its quite possible those will increase at any time.
With these significant increases in mortgage rates, variable rates are now appearing much more attractive again, although with the most recent mortgage regulations, it is now much more difficult to qualify for these mortgages.
As an aside, I recently went car shopping. I spent many hours looking at different possibilities online and their prices, but the interesting thing is there is nothing like going out and trying the cars and finding out what is best for me specifically.
Now, recently there has been a lot of news and questions about rate comparison sites in the mortgage industry. These sites mostly share rates that most lenders or mortgage brokers have available from one given lender. However, you could spend weeks researching for the “best rate”, but for the majority of home buyers, that means nothing because the majority of home buyers will not qualify for that specific lender.
Beyond just mortgage rates, its very important to have someone who can find you a great mortgage and give you personalized advice that fits with your overall financial goals. Mortgage rate sites could be compared to a mortgage vending machine.
I have had many clients who have tried other places and didn’t feel they had hope before they came to me, and I was able to get them a prime rate mortgage. If someone is making their main promotional efforts “This is the best mortgage rate”, I would not feel confident with the service they would provide me.
I do have low rates, and I think it is important, but it is just one component of the overall service I provide and one of several options to make things work for you as a client.
Like me searching for a car, you can spend hours looking at websites for mortgages, but it is never the same as talking to a professional and seeing what the situation is for you specifically. Give me a call or fill out the form on my website and I will get back to you quickly and we can work together for your needs.