Thought I’d post a quick graph from Bankrate.com to show how 30 year mortgage rates have tracked out over the last month. As of today, the average 30 year mortgage rate in the state of Iowa stands at about 5.27%. Now, of course this is averaging – you may be able to find better rates, but then again, you might not.
It would appear that the lowest average rate, at least over the last month, happened on January 13th at 5.10%. The high end was nearly a full half-point higher on or about December 21st at 5.55% Either way, these still are butt-kicking rates. If you’re serious about financing a purchase, these are some of the best days to do so over the last couple of years.
As with any post, your comments and questions are encouraged…
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Rates earlier last week were as low as 4.75 for a 30 year. Good to see but I’m betting that they dip a little lower over the next two months.
It does depend on where you’re shopping rates, but more importantly how you, as an individual, qualify in terms of your income, debt ratio, and credit score. Only in a dream scenario does somebody qualify for that lowest of low rates. With the averaging done via the above graph, we’re shown that while some folks can qualify for that magical 4.75%, there are others who do not and bring the overall average higher than that lowest advertised rate.