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Wednesday, August 27, 2008

Better Business Bureau

Great Lakes Mortgage Corporation is now a proud number of the Better Business Bureau. Our focus is on you the customer helping you achieve your goals. If there is anything we can do better or differently be sure to let us know.

Monday, August 18, 2008

Mortgage Rates Improve

Mortgage rates improved Monday and had also improved Friday afternoon as financial news continues to rock the markets. If you were on the fence and unsure about whether to start your home search this may be your opportunity.

Monday, August 11, 2008

Mortgage Rates Today

A 30 year mortgage rate is available at 6.375% for borrowers with credit scores over 740. The mortgage is a 5/1 Arm which means the initial rate is fixed for 5 years and adjusts annually on the 6th through 8th years if you have not paid it off or refinanced. It has a lifetime cap of 6%. In other words if you had the loan 8 years the maximum rate would be 6% higher. It adjusts 2% annually starting on the 61st month. However it is fixed for 5 years at the low rate of 6.375% for borrowers who qualify. The APR is 6.43%. To apply call 414-416-9194.

A 30 year fixed was at 6.625% today.
APR 6.73%

Mortgage rates have trended higher recently. No one knows where they will be in the future.

Monday, August 4, 2008

Federal Reserve To Meet

The Federal Reserve meets Tuesday and analysts believe rates will remain the same. Currently the prime rate is 5%. This is the rate banks use for certain consumer loans and home equity lines of credit. 30 year mortgage rates are not tied directly to the Fed however the Fed does play a huge roll in credit availability.

The current 30 year fixed mortgage rates in Wisconsin are 6.25% with 1 point or 6.5% with no points.

APRs 6.31/ 6.62