Fixed Mortgage Rates
"Bankrate.com lists 15 year fixed mortgage rates for today 2 / 6 at 4.95%. Why can not I get this rate from
a local loan business? They can only offer me 5.375% on a fixed 15-year loan. I do not understand, please help. Thanks
The 4.95% APY is the rate offered of major banks to borrowers with near perfect credit. APY means the interest without appearing in all their fees. And fees are added in, your true rate, APR, will be closer of 5.3%. Some companies, like Countrywide, claims to have no upfront costs, which will reduce your April to near APY. Remember, the lower your credit score, your risk and the higher the higher your interest rate will be. What I've also found is that local banks tend to feel that they have you in a bad and will charge more than large banks. Doing a search on the Internet for major mortgage lenders can help you find a lower rate.