It’s the first day of April and spring is well on its way–and with this buyer’s market, so is the rush to buy houses! Mortgage rates are still at record-low levels and offer great opportunities for home buyers and anyone interested in refinancing! Many specific factors are taken into account to determine which mortgage rate you’ll qualify for, but here are some general rates for Wednesday, April 1, 2009 (as of 5 pm ET). Find our rates below – each with their respective loan programs. Don’t forget to check out the assumptions we make for these rates. The assumptions may not apply to everyone, but are a way for us to offer rates based on some specifics.

Remember, many things affect the mortgage rate you may qualify for, including credit score, income, debt, and home value.

Mortgage rates on a typical $240,000 home loan (for a $300,000 home with a 20% down payment of $60,000) from Quicken Loans for Wednesday, April 1, 2009 (as of 5 pm ET) are as follows:

• 30-Year Fixed
  • Monthly Mortgage Payment (includes taxes and insurance) – $1,457
  • Mortgage Rate – 4.375%
  • APR – 4.569%
  • Points – 1.875
• 30-Year VA Loan
  • Monthly Mortgage Payment (includes taxes and insurance) – $1,563
  • Mortgage Rate – 5.00%
  • APR – 5.077%
  • Points – 0.5
• FHA Express
  • Monthly Mortgage Payment (includes taxes and insurance) – $1,668
  • Mortgage Rate – 5.00%
  • APR – 5.077%
  • Points – 0.5
• 15-Year Fixed
  • Monthly Mortgage Payment (includes taxes and insurance) – $2,064
  • Mortgage Rate – 4.25%
  • APR – 4.514%
  • Points – 1.375

Rates will vary based on your specific situation. For these rates, we do make a few assumptions, including: Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Some products may not be available in all states. Lending services may not be available in all areas. Some restrictions may apply. Based on the purchase/refinance of a primary residence.

We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720. The lock period for your rate is 45 days. If your LTV is above 80%, PMI will be added to your monthly mortgage payment. Please remember that we don’t have all your information that we might need to give you an actual mortgage rate that you can qualify for and lock. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers over a hundred loan products. You may still qualify for a loan even if your situation doesn’t match our assumptions.

While these are today’s rates based on the above assumptions, you can get more accurate results — customized with your specific information — by talking with a Quicken Loans mortgage banker directly.

Just give us a call at {PHONE}, and we can give you the exact rate and payment based on your info. This could be the best time for your to purchase a home or refinance based on these rates. Call us to find out if the time is right for you!

Related Info

• Learn more about the 30-year fixed-rate mortgage.
• Find out which home loan mortgage is right for you, from a 30-year fixed FHA loan to a VA Loans.
• Get today’s mortgage interest rates based on your specific information.