Are San Antonio Mortgage Interest Rates Taking An Unexpected Turn?

Are mortgage loan interest rates taking an unexpected turn? You'd expect rates to be falling with treasury bonds at a historic low and considering all the stimulating "bailout" monies that the Fed has recently infused into the lending system. But, what's really going on.

You might be surprised as you read these interesting quotes from a recent article by Charles Guy Stidham III, a VP Loan Officer at Town & Country Mortgage Services, San Antonio.

“The rates should probably be around 4.5%, but … large institutional investors are trying to fatten their margins and are not budging below 5%.”

“Matt Lauer and his “morning” gang may not know what they are talking about when rates at 4% are being bantered about.”

The apparent 5% interest rate floor is evidenced by these Town & Country Mortgage Services rates quoted in Charles’ article:

30 year fixed (with 720+ Fico score & 1% origination fee) 5.0%
15 Year fixed (with 720+ Fico score & 1% origination fee) 5.0%
FHA & VA 30 year fixed (with 1% origination fee) 5.0%
5 Year jumbo Adjustable Rate (with 1% origination fee) 6.5%

In comparison, here are some competing 30 year fixed rates quoted in Charles' article:

Bank of America 5.76%
USAA 5.45%
Wells Fargo 5.50%
Coldwell Banker Mortgage 5.61%

So, here's the message for prospective home buyers. Mortgage interest rates are highly unpredictable and the only certainty is that it pays to shop around for the best interest rate and loan settlement charges.

Many lenders will offer enhanced convenience and cost free services just to get your business. For example, Charles Stidham III offers the following promotional services:

No application fee
Free credit report for pre-qualification customers
Same day loan approval
Guaranteed call back on the same day (when referred by a real estate professional, like Stephanie Kelley)

You can contact Charles at Town & Country Mortgage Services at:
Cell 210 478-9846
FAX: 210 495-8908
gstidham@satxhomeloans.com

Do you need San Antonio realty advice or assistance? You can contact me at kelleybus@aol.com, visit my website at sanantoniohomequest.com or blog my realty services team at http://sanantoniorealestate.blogspot.com and http://www.trulia.com/blog/stephanie_kelley .