Mortgage Interest Rates for Tucson Loans change on a continual basis, and if the last couple of months are any indicator we have a roller coaster that makes Mr Toads Wild Ride look like smooth sailing. Over the last few weeks, with discussion of the Fed Bailout of Wallstreet among other things, we’ve seen dramatic reversals in the direction of Mortgage Backed Securities (MBS) and big intraday movements which have had instant affects on mortgage interest rates. And interest rates for Tucson Loans have been very volitile.
If you follow MortgageMan on Twitter you’ll see Mortgage Backed Securities updates during the day, which will give you a good idea of what is happening in the market for Tucson Loans on any given day. An upward movement in Mortgage Backed Securities translates into better mortgage rate pricing and Tucson Loans will be priced better.
Every day there is a range of mortgage interest rates published from wholesale mortgage lenders. A range may be from 5.625% on the low rate / high cost end, to 7.25% on the high rate / low cost end. You get to pick the rate you want based on the payment and cost structure that fits best into your long and short term financial goals. Be sure to discuss your rate options with your mortgage professional. In the current Real Estate market environment, a seller may decide to contribute money to closing costs and discount points which helps you get to the lower mortgage rate side of the scale. On the other side, selecting a rate on the higher end of the scale may allow the bank to help cover some of the closing costs.
All FHA mortgage lenders get similar pricing, although there are some smaller “boutique” FHA wholesale mortgage lenders that may have slightly higher rates due to their smaller buying power of FHA mortgage loans. In difficult cases, where the loan doesn’t meet the specific guidelines of a wholesaler, the boutique FHA lender may be the FHA lender of choice. We keep several boutique FHA mortgage wholesale lenders in our back pocket for these types of transactions.
For more information on FHA mortgage financing, call Paul Dunn at 520-225-0380.
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