As a mortgage banker I am asked this question often. Some of my colleagues even answer it often with reckless disregard for the truth.

When asked this question by a blind call in my first reaction as a human would be to ask, “are you kidding?” Wearing my concern for care hat, however, I can only answer honestly with “I don’t know. I don’t think they will go much lower since they have already been at 4.5% with no points for a thirty year fixed mortgage but it is possible.”

Some large national lenders and local brokers alike have tricked many people with rates over the years and that is one thing I have never and will never do. Right now the rates are very low – historically and amazingly low. But here’s more: the rate may not be your rate. Be wary of any offer of a rate more than .125% lower than what you see offered on the Novation Mortgage website where mortgage interest rates are very low.

Once more: the rate may not be your rate.

The rate you see quoted in the newspaper, hear on the ads and see on television is always either the best case scenario or misleading. Unfortunately even I frequently get solicitations from a country wide lender which are nothing short of misleading so be very careful regardless of the name attached to the ad. Especially be very wary of the national lenders.

Call me for some truth even if I do not lend in your area. My name is Ken Cook and my phone number is 678-946-0101. I will tell you exactly what you want to hear: the truth.