REALTOR ® asks 15 Mortgage Lenders for 15 Year Mortgage Rates – Here’s what happened:
I have to admit, we don’t go around calling other mortgage brokers to check their rates. That would be awkward. ‘Uh, hi, we’re another Mortgage Broker and I was just wondering how we compare to your mortgage rates.’ It just doesn’t happen.
We do occasionally get the opportunity to compare our low, competitive rates, when people shop mortgage lenders. In the 10+ years we’ve been around, one time we weren’t the lowest. Hey, it happens to the best of us.
So the other day, when one of the REALTORS ® we work with, admitted that he was asking every lender he talked to what rates are for a 15 year mortgage, I was curious. He said he talked to about 15 different mortgage lenders and got quoted everything ranging from 3.25% to 2.375% for 15 year mortgage rates.
When he told me that, I said ‘The 2.375% sounds pretty competitive.”
He responded: “That was you guys!”
“Well, that would explain why I thought it was competitive!”
Our rates may not be 2.375% (2.612% APR) now. Check current 15 year mortgage rates.
With home interest rates being so low, I’m sure there are plenty of people that can refinance their current 30-year mortgage, to a lower, 15 year term and payoff their home loan early while making the same monthly payment.
Let’s see how much we can save, with a 15 Year Challenge!
What’s the 15 year Mortgage Rates Magic Number? Any challenge must have rules. Here are the 15 Year Mortgage Challenge rules:
- Monthly payment must be the same or lower
- Must slash at least 5 years off your mortgage
- Closing costs must be taken into consideration
- Results will be shared with a Mortgage Refinance Calculator
Results will be shared, identifying information will not.