5.5% 30 yr Conv rate too high?

[Roger Brogan]

Our offer got accepted on a duplex this past weekend. The rate we were told was 5.5%, and that's with paying an additional 3,535 at closing to reduce it to that. This seems high. Are other people seeing similar numbers? Purchase price 320,000. Loan amount 256,000. 

[Stephanie Medellin]

@Roger Brogan  It's hard to say without knowing credit score and occupancy.  Based on the down payment it sounds like it will be owner occupied, unless it's not a conventional loan.

If owner occupied with excellent credit, solid income with low DTI, that rate is very high!!!

Even if your credit score is on the lower end of the acceptable range for conventional loans and it will be owner occupied - still high.

Investment property, asset based loan , or buying in an LLC, rate may be decent, depending on credit.

Rates definitely aren't one size fits all.  I would recommend getting a quote with a local mortgage broker.  They will likely have more competitive rates and more options for you.