With the federally regulated Prime Rate still at all time lows, banks continue to push tales of historically low mortgages rates on borrowers. Most of these promises are just fantasies if you don?t have an A+ credit score.
Growing gap between advertising and reality
In truth, across the country, most homeowners currently refinancing are reporting only fractions of a percent off their current mortgage interest rate. While the Prime Rate naturally dictates the interest rates on mortgages and credit cards, these aren?t normal times. The gap between the lowest of interest rates and the average rate homeowners are getting is as wide as it?s been in two years.
In recent weeks, the lowest advertised interest rate was 3.75%. The average interest rate most refinancers and new homeowners received was 4.39%?that?s a .64% difference.
Do the math across a $130,000, 30-year mortgage, the difference adds up to nearly $28,00. It typically isn?t in the interest of the mortgage industry to create such a difference in advertised rates versus reality, and consumer groups haven?t failed to notice.
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About the Author:
Christopher understands that financial hardships can affect honest, hard-working people. Growing up in a very blue collar family and rural area of Indiana , money didn?t always come easy for his parents. The struggles his family faced in his childhood made a significant impression on his business philosophy today. As a Fort Worth foreclosure attorney his practice has given him the opportunity to directly impact the lives of many people. For more information visit: http://leefinancialhelp.com
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