How Do I Get Today’s Low Interest Rate on My Minneapolis Duplex?

Interest rates for both conventional and FHA mortgages are at 4.875 percent today, which means my phone is ringing with excited buyers.

How can they buy a property and be guaranteed this terrific rate? Well, if you’ve already found a property you like and have an address, you can simply call a qualified loan officer and lock an interest rate.

What if you’re looking for a house but haven’t found one? Many reputable mortgage companies offer 90-day rate locks while you shop.

For example, loan officer Vicki Boeddeker of PHH Home Loans, says for an up front fee of $350, you can lock a rate that is .25 percent above current market rates. Once you’ve found a home and are within 7 to 60 days of closing, you can relock if the current rate is lower.

The $350 fee is then credited back to you at closing.

If you’re thinking of buying a Minneapolis duplex in the next three months, today might be a great time to call your loan officer.