The meltdown in the financial markets this summer has resulted in lower mortgage rates for Katy and Houston area home buyers. The rate on the 30 year fixed finally dropped back below the 6 percent mark, with wholesale (par) rates coming in at roughly 5.875 percent. Retail rates stand at roughly 6.125 percent this week.
This is welcome news for qualified buyers shopping for a loan. Jumbo rates are still in limbo for the most part as many lenders raised rates on their larger loan products above 7 percent. There are still lenders taking quality jumbo loans, so it pays to shop around for a competitive rate.
When you are shopping for your loan remember that your lender should charge you the retail rate without any origination fees. If you are going to pay an origination fee, you should receive the wholesale (par) rate unless you have a very small loan or unusual circumstances are involved. Don't get "double-dipped" by your lender!
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