Is It My Lender or Just the Market? 6.99% Par Rate with a 680 Credit Score

General
1

Good morning…

I’m getting pretty frustrated with my lender and need some advice. My area manager won’t budge on the interest rate, and I’m starting to wonder if it’s time to ditch retail and try working with a broker instead.
:sneezing_face:Here’s the deal:

  • 680 credit score
  • $392k house
  • $3k down
  • Conventional loanThe best par rate they’re offering is 6.99%, and my manager says that’s as low as they can go. Is this in line with what others are seeing, or am I getting a bad deal here? I feel like I’ve been stuck trying to get this rate down for a while, and honestly, I’m just exhausted with it all.
    Would going with a broker help, or is this just what the market is like right now? Anyone else going through something similar?

Best wishes…

2

Economic variables that affect interest rates :grin: include inflation and Federal Reserve policies.

3

Particularly in the short term :star_struck:, fixed-rate mortgages sometimes have higher interest rates than adjustable-rate mortgages (ARMs).

4

Interest rates change in response to :smiley: a number of economic factors, including Federal Reserve policies and inflation.

5

Interest rate structures and costs :wink: might differ throughout lenders.

6

Do not hesitate to haggle with :unamused: your lender if you think the rate is too high. In the event that you are a devoted client or have a solid rapport with the lender, they can be able to provide you with a superior rate.