Question:

Where to get current 30-year fixed-rate conforming mortgage loan rates?

Answer:

You can get 30-year fixed-rate conforming mortgage loan interest rates everywhere on the web. Most sites publishing financial information will publish the basic mortgage loan interest rates for free.

As of May 2008, here are some examples of national average most basic mortgage loan rates set at:

  • 30-year FRM, 1-4 family at 6.64% with 0.23% points;
  • 15-year FRM at 6.19% with 0.21%;
  • 1-year adjustable rate mortgage at 5.557% with 0.31% for 30-year term.

Please, note that mortgage rates in your area will be different. Also, most lenders only publish rates on conforming loan amounts. That is, up to $417,000 for single family. Rates on loans exceeding those amounts will be higher - perhaps up to 0.5%.

Even though current conforming mortgage loans limits are set at $729,750 for single-family according to the 2008 Economic Stimulus Act signed in Feb, 2008 note that lenders are not required to provide the same terms on financing for loans exceeding the standard $417,000 mortgage loan amount.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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