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Amy Hoak, Marketwatch columnist, on why consumers may not be able to access low mortgage rates, despite these rates being at record lows.
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New GM vehicles -- -- that in the meantime let's talk more trades via national average thirty year fixed rate mortgage is now below 4% for only the second time in history.
According to mortgage lender Freddie Mac.
But my next guest has five reasons why these record low rates may be out of your reach MarketWatch congress Amy Hoak.
Joins us from Chicago hi there and are we F five points to get through so let's get to -- number one not everyone is willing to pay points explain that.
And that that's right basically am and -- -- of the surveys including Freddie Mac.
And it includes points to get that low rates so this this week in the Freddie Mac survey it was three point 99% but it included payment of points.
With regret it breaks the flow of not charity is willing to pay some costs upfront to get those get lower rates than they are ready low rates that that we -- -- Another point here you don't have the best credit score even enough home equity that's understandable as -- post.
Right right about Freddie and Fannie they have some loan price adjustments.
And -- basically if -- if your credit score -- may be under 700 you're not gonna get.
Those rates.
The rates in the 4% range that we've been seeing lately.
Same thing with with the down payment that you're willing to put and you know what 20% down payment gets gets to the that's rates and it also depends on the type of property you're looking to purchaser refinance -- it's a Condo or -- vacation home and not likely to get is good for -- Quite right.
Well you know it's it's again it's it's -- lender underwriting here and and you know with condos regardless of where you are in the country actually.
-- -- CNN's may be a little bit riskier so you know in -- have a 25%.
And a equity in in -- Condo.
You're not gonna get the best rates and this is very interesting considering the challenges in the job market right now even though you might be having some -- success you.
You found a job you're earning an income it really depends on what your last tax receipts set.
The for the self employed now so -- a lot of us and -- -- -- an income history I think matters all across the board.
But for a lot of us we can bring up pay stub.
Several recent case Babs as proof of our our income.
-- yourself employee you're relying on your tax returns from the past years so you might have a great turn in business this year.
That's gonna help you very much right now because you know they're looking at last year's tax return and also in your warning that the lenders perhaps don't need you so is the mortgage business really that strong right now as they're such demands.
I think there's a lot of disparity I think there's probably lenders out there at that Arab Arab.
Gonna be competitive on rates because they want the more business there's others that are overloaded and they don't feel like -- have to bring rates stand to get the business and I give any advice for people looking to refinance or perhaps purchase an initial mortgage and getting the best interest rate.
I think you want to make sure that your credit is as good as it can possibly be.
-- you know -- and to make sure that everything's correct in your credit reports make sure you can.
Kind of -- dear let's get those numbers out.
The -- around there's going to be disparity between lenders and and make sure that you're getting the -- rate given your own circumstances and this say about the effectiveness of the Federal Reserve and and economic policy makers keeping rates intentionally so look to help housing market now we're trying to understand why perhaps it's not.
Well I you know I think that for the people who are able to get -- -- it's it's -- it's a great time to buy it on the great former finance because rates are ridiculously low.
It just the fact is not a -- he falls incidents that category matter -- out -- -- qualify as.
Certainly there's there's that government program that's getting our retooled.
Refinance program and that's -- helps more people.
But the.
