How to get best mortgage rates?

mortgage ratesThirty-year home loans are down nearly a quarter point (0.25%) from just a month ago and stubbornly sticking to more than three-year lows. But the Brexit effect — rapidly falling mortgage rates after Britain’s announcement that it was leaving the European Union — seems to be losing steam.

Stock markets recovered some of their losses Tuesday and are continuing that trend today, and the flight to bond safety has eased. Lenders are simply fine-tuning their rates, rather than racing to the bottom.

Still, Jonathan Smoke, Realtor.com chief economist, says potential homebuyers have gained buying power from the recent downward move in rates.

“The immediate impact of Brexit on the mortgage market is the major decline in rates, which produces lower monthly payments, ” Smoke said in a recent blog post. “This means that a well-qualified buyer can afford an 8% higher price since the beginning of the year. The increase in buying power is more than offsetting the higher prices.”

Prior to the Brexit rate drop, consumers were unmoved. The Mortgage Bankers Association says home loan applications fell 2.6% through June 24, compared to the previous week.

Tight housing inventory is likely a primary reason.

“This year, we will likely see more inventory growth in higher price points and less in lower price points, while the more affordable price points and more affordable markets will have the opposite trend, ” Smoke said.

The NerdWallet Mortgage Rate Index compiles annual percentage rates — lender interest rates plus fees — the most accurate way for consumers to compare rates. Here are Wednesday’s average rates for the most popular loan terms:

(Change from 6/28)

30-year fixed: 3.62% APR (-0.01)

15-year fixed: 3.03% APR (+0.01)

Wells Fargo, Chase and BOA mortgage rates

Three major components of the NerdWallet Mortgage Rate Index are leading lenders Wells Fargo, Chase and Bank of America. Their current purchase mortgage rates are:

NerdWallet daily mortgage rates are an average of the lowest published APR for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing a more accurate view of the costs a borrower might pay.

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I agree with Michael Cheng. If you have a great credit score, stable, verifiable income, verifiable cash on hand or assets, you are a dream client. By comparison shopping, you will be able to obtain a Loan Estimate from at least three different types of lenders: Talk with the mortgage department of where you currently bank. You already have a banking relationship with them. This is a good place to start. Next, apply with a local, licensed non-bank mortgage lender. Somebody located in the town in which you live.  Last, apply with a local mortgage broker.

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