If you are looking to purchase a new home in the Ankeny area or you are looking to refinance your current mortgage, there are several mortgage options with different rates which may be available to you. The size of your mortgage and the length of time that you plan on financing the loan are both variables that will affect the mortgage rate you are eligible for. You will also find that the Mortgage Rates In Ankeny will vary from mortgage rates in other parts of Iowa and the country. The mortgage rates can change by increasing or decreasing on a daily basis, and the current trend shows the rates have slightly increased. Even with the current increase, the mortgage rates are still near record lows.
Super conforming mortgages are large loan amounts that meet the requirements set out by the Federal Housing Finance Agency that can be sold by the lender to Freddie Mac and Fannie Mae. Because these loans can be sold to Freddie and Fannie, they are eligible for rates that are lower than the standard jumbo mortgages. You should ask your lender if you qualify for a super conforming mortgage to take advantage of the lower rates offered. Mortgage loans can be financed for 40 years, 30 years, 20 years or 15 years. The adjustable rate mortgages are for 10 years, 7 years, 5 years, 3 years and 1 year. Once you have determined which lender and what type of loan, the lender can usually lock your mortgage rate for up to a 30-45 day time period to allow time to complete your purchase or refinance.
For a 30 year mortgage, the lowest rate in 2013 was 3.35% and the highest rate was 3.75% for a Freddie Mac loan. On May 24, 1013, according to Bankrate.com, the current national average mortgage rate for a 30 year fixed mortgage is 3.74%, and a 30 year jumbo loan is at 3.99%. The 15 year fixed national average mortgage rate is at 2.97%. The Mortgage Rates Ankeny for a 30 year fixed mortgage is currently within the range of 3.60% APR -; 4.45% APR, and the 15 year fixed mortgage is currently within the range of 2.75% APR -; 3.88% APR. Your actual rate will vary depending on the rate on the date you lock in, your lender requirements, loan type and other factors such as points and your credit score.
