Need some info - urgent

iamblogaholic · Joined: 24 May 2007 Posts: 4 2.84 Dollars($)

I am not from U.S. However, I have been asked to perform some Mortgage related research and I need your help. I know you won't disappoint me.
My questions are:

Does mortgage rate differ for people with different credit score?
How often mortgage rates change? Can it change everyday?
Who determines the rates? Is there any such agencies? Is it Freddie Mac who determines the rates?

That's all for now, will buzz you once some more questions come to my mind. Thanks in advance.

sara · Posted: Thu May 24, 2007 4:11 am Post subject: RE: Mortgage questions

Hi Iamblogaholic,

Welcome to the forums.

Mortgage rates differ for people with different credit scores. Usually, a borrower with a low score has to pay a higher rate of interest on the loan offered.

Mortgage rates usually change on a weekly basis. The rate change in case of fixed rate loans depends upon the changes in the yields of 10 year Treasury bonds. However, rates on adjustable rate loans vary on the basis of changes in the Fed Funds rate.

The Federal Reserve, a part of the Federal Government makes changes in the Fed Funds rate.

Thanks,

Sara

Guest 0.10 Dollars($)

ezmortgageloanz · Posted: Thu May 24, 2007 5:56 pm Post subject:

Do rates differ by credit score? Generally they do, but as another poster indicated, there are loans that are not credit driven that level the playing field on this criteria.

How often do rates change? It depends on the loan type---subprime/commercial tend to change weekly...conforming can change more then once a day and hard money is fixed for the long term (or until major market shifts require rethinking).

What determines rates? Although the FED does determine rates (for loans pegged to the prime) things like MBS (mortgage backed securities), inflation (the fear of) and other economic factors that determine the fate of the rate.

Regards,

Scott Miller

colin · Posted: Thu May 24, 2007 6:03 pm Post subject:

Hi Scott,

Welcome to Mortgagefit forum. Smile

And iamblogaholic, let us know what else you require for completing your mortgage research. We will try to provide every possible help.

Colin

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Iamblogaholic, I think you should go through this page which details the economic indicators which affect future trends for mortgage rates, I found it useful

http://www.mortgagefit.com/inprocess/interestrate-change.html

Guest 0.10 Dollars($)

Thanks a lot for your input. Actually I did not get time to visit this forum for responses, I was waiting for email alert, haven't received any though.

I will let you know if I need any more information, this board rocks.

Also I got another response in another mortgage forum, can I post a link here? Is it allowed?

iamblogaholic · Joined: 24 May 2007 Posts: 4 2.84 Dollars($)

figured it out...huh

well here is the response that i got in another forum:

"http://www.mortgageforum.net/viewtopic.php?p=12711"

[Link Deactivated - As per forum rules.]

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