I'm in Montana where rates are a bit above national average. I have a 785 credit score and have shopped around at a few different places. I'm under contract with a long 60 day close on a $435k accepted offer. I plan to put about 12% down.
Best rates I'm seeing is from a local credit union with low closing costs, no PMI (on fixed or ARM), and they don't sell your mortgage.
The best rate I can find for me is 6.35% for a fixed 30 year with no points. I'm not the best haggler so maybe there's something better out there. However, the local credit union offered me a 5.65% 7/1 ARM, which makes a lot of sense to me.
I've got a high risk tolerance and willing to take the bet on 7/1 with a refinance later if things drop. As a 34M single dude, I'm just not sure what my life will look like in 7 years and selling might be a good option depending on what life has in store.. The neighborhood and town that I'm buying are super desirable. It's a close walk/bike to the downtown area in a mountain city, where physical space in the valley is limited. I don't see this home losing value.