According to a mortgage company in Dallas, TX, answering the question “What is today’s mortgage rate?” is challenging because mortgage rates fluctuate regularly, sometimes several times each day.
When Freddie Mac’s Primary Mortgage MarketSurvey results are released every Thursday, the media often covers the news. The issue is that because it is a weekly study, the rates frequently have altered by the time it is released. Therefore, whether you read or see it on the news, it’s likely that what they’re saying is already outdated.
Advertised Rates Are Not Always Correct
In addition to reporting what is referred to as the “average mortgage rate,” mortgage rates in the news are virtually always reported late. This indicates that the quoted rate is the average of all rates in the nation and is not an accurate representation of the rate for which you are eligible. For instance, a person with good credit will typically receive a cheaper rate than someone with bad credit.
The mortgage rate also varies depending on the down payment, the kind of property, the location of the property, and even your capacity to prove your income and assets. Some internet resources and lenders may offer their lowest rate as the current mortgage rate, but you won’t be eligible for it until much later in the process.
How to Get an Accurate Rate Quote
Provide all the necessary information to The McCauley Teamto obtain a quotation and an accurate mortgage rate estimate. Most of the time, you may avoid giving your social security number if you know your credit score.
You will need to supply your SSN whenever you are prepared to submit a formal loan application with a mortgage company in Dallas, TX. Only a few institutions offer reliable online mortgage rate quotes that may be used without calling the loan officer.