NLIC.org

Shane Said:

What are the average rates for mortgages today?

We Answered:

Here are a couple good websites:

http://www.hsh.com/

http://www.bankrate.com/

Teresa Said:

Do you think interest rates will fall for fixed rate mortgages for new customers?

We Answered:

Yes. And there are reports of a 2009 promotion that would lower fixed rates to 4.5%..

Joe Said:

How are variable rate mortgages set? Is there a method to find historical trends for variable rates?

We Answered:

Most adjustable rate mortgages have an initial period of a fixed rate (usually 3 or 5 years), and then convert to fully adjustable each year. The floating rate is usually agreed to be some publicly available interest rate (for example, LIBOR, constant maturity treasuries or CMT) plus a spread. The spread is determined based on your credit worthiness. Lots of websites can give you historical rates for these. Bankrate.com can give you current average rates on mortgages and other loans (and deposits).

Terrance Said:

How is the govt locking down interest rates on mortgages going to "cost the taxpayer"?

We Answered:

It doesn't, it will actually save the government money in that people losing their homes will require some sort of government aid. But the real problem is allowing S&L to conduct these practices of bait and switch in the first place and then not doing something about it when it goes bad for them. I want a fixed rate law and no more adjustable rates.

Heidi Said:

When will Fanny mae change the mortgage rates for jumbo mortgages?

We Answered:

Sean is right, Loan limits are changing but not the rates, no word yet if the closing costs will be higher yet either.