Mortgage rates; home loan mortgage rates from Mr Mortgage!

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By historical standards mortgage rates are extremely low, despite the fact that they have risen recently by .5%, with some lenders having to increase their mortgage rates by more than this to maintain their margins.

Whilst further mortgage rate rises are anticipated later in the year, there are pundits who say that rates will flatten out or even be reduced. However even the lo doc mortgage rate is still very attractive. Hopefully the benchmark mortgage rate in Australia, the "Standard variable mortgage rate" will settle under the 7.5%pa. from most lenders by mid 2007. [Our rates our less than most banks standard variable].

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Comparative Mortgage rates. The Concept of the comparative rate, or comparative mortgage rates has recently been introduced into Australia. This was necessary because consumers had no idea that the interest rate quoted was not of itself a good shopping benchmark, because others factors also affected the cost of servicing the loan. Not all costs of a mortgage are included even in the comparative rate. However the comparative rate greatly addresses most of the costs of a mortgage rate, besides the quoted annual percentage [nominal rate] of a home loan.

The other costs of a mortgage besides the mortgage rate, include monthly account keeping fees, line fees, application fees, establishment fees, deferred establishment fees, clawback fees and lenders' legal fees.

Whilst most of these are include in the comparative rate, any comparison rate, who depend on the length of the loan procured. This is because the extra fees which can amount to several thousand dollars are then spread over any loan term.

For this reason the comparison mortgage rate was initially going to be an average interest rate, taking 7 years as the average life of a mortgage, whether the term was set at 20, 25 or 30 years. As each state had varying rates of "average mortgage rates", with Queensland at one time having an average mortgage life of under 5 years, it was left that the lender had to give a spread of comparison mortgage rates, including 7 years, 20 years, and 25 years.

Mortgage rates comparisons are also affected by the size of the loan, as the smaller the loan the higher ratio of costs will be. The interesting thing is that the comparative mortgage rates will change throughout the loan period, and will be lowest when the loan is commenced, but will rise as the loan is paid out, as cost such as monthly fees remain the same regardless of the size of the loan.

Whilst no borrower could ever assume that upon taking a 25 year mortgage that they would still have the same loan or mortgage rates over that period, at least they are given a fair comparison of the actual mortgage rate the mortgage from that lender will cost.

Be rest assured that we will strive to obtain the best possible mortgage rate for your circumstances.

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