Whats a good Mortgage RateWhat is a good mortgage rate?
, traditional loans below $417,000 or loans above $417,000), the lending programme (e.g., traditional, FHA, VA, etc.), whether you are paying points, the creditworthiness of the borrower, etc.
I would suggest getting offers from several creditors (or working with a mortgage agent who can get several offers for you without you having to do all the legwork ) and finding out which total credit plan is best for your circumstances. You can, for example, get an offer that has a rate of 3.75% for 30 years compared to an offer that has a rate of 3.5% for 30 years, but demands that you get 1 point to get the lower rate.
Dependent on how long you are planning to remain in the house and taking into consideration other determinants, the payment of points for the lower rate may be the better way, or the 3.75% without points might be better. In essence, you can't just look at the rate alone. It is important to consider all other facets of the loans in order to find out which loans best fit your needs.
Saying that if you locked in a rate today with Excellent Credit, regardless of several other factors, you could probably be expecting to find rate somewhere between 3.75% and 4.25% for a 30-year fixed-rate mortgage and probably around 3.0% to 3.25% for a 15-year fixed-rate mortgage. Depending on your solvency, the duration of the mortgage and how much you deposit.
Looking at banking, it might help to ask a mortgage agent. It can be different between the two, so it's a good way to look around.