Compare the best mortgage rates today at pureloan.com

 A single company or quote will never do with so many reputed lenders! Before getting to pureloan.com, why not get a bird’s eye view? According to experts, Mortgage Loans for the 30-year fixed will probably attract an interest ranging between 4.8% and 5.5% by the 2022 end. Inflation is a cause of higher rates. The 5-year ARM may be cheaper at 4% by year-end.

Compare Today's Mortgage Rates



Shall we Compare Today's Mortgage Rates, commencing with pureloan.com, calling them Lender A? We will compare them with Lender B and Lender C and learn a few lessons.

With Lender A, consider a hypothetical case in Boston with a home purchase. The price is $650,000 with a down payment of $162,500. The credit score may range between 700 and 719. What will be the interest rates for the 30-year fixed, 15-year fixed, and 5/1 ARM loans?

The top 3 responses for 30-year fixed

 Alpha quotes 3.499% rate, $167,989 cash savings, $2392 monthly and $1794 closing costs

Beta quotes 3.500% rate, $168,788 cash savings, $2392 monthly and $897 closing costs

Gamma quotes 3.625% rate, $156,628 cash savings, $2426 monthly and $761 closing costs

With the 15-year fixed, Lender A has the following best 3 responses.

Alpha quotes 2.500% rate, $75,378 cash savings, $3454 monthly and $1511 closing costs

Beta quotes 2,500% rate, $74,885 cash savings, $3454 monthly and $2004 closing costs

Gamma quotes 2.749% rate, $65,109 cash savings, $3511 monthly and $1438 closing costs

What about 5/1 ARM?

Alpha has a 3.125% rate with a monthly $2291

Beta offers a 3.375% rate with a monthly $2358

Gamma wants 3.500% with a monthly $2392

Lender B talks of an average APR of 5.436% on a 30-year fixed mortgage. The figure rose 5 basis points. Similarly, the 15-year version rose 4 basis points to 4.529%. What about the 5 year ARM? It rose 4 basis points to 3.737%.

Otherwise, Lender B quotes an interest of 5.350% for the 30-year fixed mortgage. The 20-year version requires 5.120%. The 15-year fixed has 4.366% while the 10-year fixed requires 4.271%. The 7-year ARM calls for 5.134%, the 5-year ARM charges 4.728% and the 3-year ARM requires 2.340%. What about FHA and VA? The 30-year fixed FHA attracts 4.539% and VA requires 4.748%.

Isn’t it time for Lender C? They talk of weekly national averages and many doubt that! While the national weekly average for the 30-year fixed stands at 5.48%, they offer 4.87%. That seems to be a great offer on the face of it. Glancing at the stats for the 10-year fixed, they claim that the national average stands at 4.81% while they offer 3.74%.

Current mortgage rates require bargains

If the figures are authentic, that seems to be a good deal. Shorter duration loans being so much cheaper, try and manipulate financial circumstances to accommodate them. Very long durations like 30 years are full of uncertainties. Current mortgage rates         are indeed puzzling.

 

 

 

 

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