Today’s Mortgage Rates: Mortgage Rate Update and a Little Mortgage 101
By: Mark Simons
SAN FRANCISCO, CA — Feb. 11 (FreeRateUpdate.com) - Mortgage rates today for your ever popular POV* came out and STAYED out without any major Wholesale Lenders repricing one way or the other. Conforming rates at 4.75% and Jumbo Conforming at 4.875%. SUPER Jumbos at 5.75%. And as always you can shoot 
questions or scenaros to me at lololoans@yahoo.com
Mortgage 101: “so wait, the AD said 4.35% so why…” Why the difference on what you may be quoted at the end? Because Ads usually base the rate on our POV type loan. However the Lenders base the rates on Risk factors from the borrower.These result in either a higher interest rate and/or costs being added on the cost of the loan. The big one is your FICO score…lower than 680? Expect to pay more fees or higher rates. Less than 20% equity…Condo?..Cash Out on a Refi?…2 Unit home? Non Owner-Occupied? Investment Property? All these scenarios will either add portions of a point or result in a higher interest rate to absorb them. I have had folks ask me for a quote on a Purchase Loan with 19% down..I had to tell them to fork over the other 1 percent to a) avoid Private Mortgage Insurance and b) get a better rate. ASK QUESTIONS of your Loan Professional!
*POV = Plain, Old, Vanilla Home Loan: 30yr fixed, fully amortized, Single Family Residence, Owner Occupied, at least 20% equity and proof of good hygiene and visiting the Dentist twice a year.