Did I get a good interest rate?

[FastStache]

I just locked in 4.375% for a 30 year loan today. As far as I can tell this is a good interest rate at the moment. Is this really a good interest rate? If interest rates drop, how can I secure a lower interest rate?

[webguy]

Seems about right currently. US Bank is offering 4.25% for a 30-year fixed: https://www.usbank.com/cgi_w/cfm/personal/products_and_services/mortgage/interest_rates.cfm

I was able to lock in a 2.625% on a 15-year fixed with US Bank about a year and a half ago, but that seemed to be the very bottom. 4% is nothing to sneeze at, especially compared to historical rates! Did you just purchase a home? If so, congrats!

[Another Reader]

How many points did you have to agree to pay?  Does your credit score get you the best rates?  How much are you putting down?  All these factors affect your rate.

For excellent credit, 25 percent down or 25 percent minimum equity for a refinance, and a 30 day rate lock, my local credit union as of this evening is quoting 4.25 percent with zero points, 4.125 with one point, and 4.00 with two points on a 30 year fixed rate conforming mortgage.

This lender locked your rate and unless there is an agreement to relock if rates go down, that's the deal.  You could start over with another lender, but you might lose the house if you are trying to buy because the loan can't close on time.

[FastStache]

How many points did you have to agree to pay?  Does your credit score get you the best rates?  How much are you putting down?  All these factors affect your rate.

For excellent credit, 25 percent down or 25 percent minimum equity for a refinance, and a 30 day rate lock, my local credit union as of this evening is quoting 4.25 percent with zero points, 4.125 with one point, and 4.00 with two points on a 30 year fixed rate conforming mortgage.

This lender locked your rate and unless there is an agreement to relock if rates go down, that's the deal.  You could start over with another lender, but you might lose the house if you are trying to buy because the loan can't close on time.

No points being paid down at the moment.

760 score.

10%, using the money from the sale of the house to pay off all debts minus mortgage. Really Excited for this! Then, I can put an extra 1K plus extra payments a month to get rid of PMI and possibly 2K plus.

[GrayGhost]

Judging from my limited experience and research in interest rates recently, that's a pretty good rate. It's not excellent by the standards that have been set in the past few years, but it's definitely good. Congratulations! :)