I am not putting any down payment on a home and am getting it fully financed. The broker quoted me 6.25% on it. Is this a decent rate?
Also, does anyone have any idea if rates are going to be dropping anytime soon? I heard a rumor that the Bond market was in an upwsing thereby causing mortgage interest rates to drop.
Oh yes, it is a fixed rate. I do not have the rate in writing but do have a preapproval letter from him.
It is also one loan with mortgage insurance as opposed to two loans at different interest rates.