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15 5 80 Mortgage Article
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Playing Mortgage Rate Roulette
from: Deb St. George - HomelessInKingCounty.comMortgage rates are rising due to more demand for mortgage products. Even though the Federal Reserve has tried to influence the home mortgage industry by leveraging the discount points charged to lenders, it’s not a one-to-one relationship. Mortgage rates are more susceptible to supply and demand of the actual mortgage products and competition between lenders, rather than some arbitrary rate the Federal Reserve charges bank who are borrowing money. So, there really isn’t a real way to time your entrance into the home buying market by waiting for interest rates to drop. Instead, they may rise no matter what the Federal Reserve does to try to influence the markets. On the other hand, they could drop but there’s no way to tell until after the fact. So, if you want to buy a home, don’t play mortgage rate roulette. Instead, take the long-term view and realize that no matter what happens this may be an ideal time to buy a home if you have great credit.
Historically Low Mortgage Rates
If you take a look at how the mortgage rate offered by lenders has changed over the years, Bankrate.com estimated that the average 30-year fixed rate during the last 22 years was 7.99 percent. That’s because in the decades of the 80’s and 90’s rates were much higher than they are today. We only started to see less expensive rates being offered in the years in the 2000’s. So, while you may not get the best rate possible (if rates drop), historically you will probably get a better deal than many in the years past. So, if the rate inches up a small percentage, it may cost you more in the long run to finance your mortgage, but you will still pay less than if you had done it in the 80’s and 90’s.
Locking in the Rate
In fact, there is probably more likelihood that mortgage rates might increase as the economy starts to recover and demand for mortgage products increase. Of course, this may be a few years down the line, but you can always lock in your rate when you qualify for the loan. This is one way people help to take the worry out of mortgage rates increasing while they are looking for a home. Instead, they qualify for a mortgage first, lock in the rate, and buy the house in the period of time allotted by the rate lock. It makes looking for a home a little less stressful when you already know what you will be paying and for how long.
15 5 80 Mortgage News
Bankrate: Mortgage Rates Set 4th New Record in a Row - Sacramento Bee
Bankrate: Mortgage Rates Set 4th New Record in a Row Sacramento Bee The average 30-year fixed mortgage has an average of 0.44 discount and origination points. The average 15-year fixed mortgage rate held at 3.2 percent while the jumbo 30-year fixed mortgage sank to another record low of 4.52 percent. |
Bankrate: Mortgage Rates Set 4th New Record in a Row - MarketWatch (press release)
Bankrate: Mortgage Rates Set 4th New Record in a Row MarketWatch (press release) The average 30-year fixed mortgage has an average of 0.44 discount and origination points. The average 15-year fixed mortgage rate held at 3.2 percent while the jumbo 30-year fixed mortgage sank to another record low of 4.52 percent. |
Mortgage Lender Residential Finance Corp. Explains Benefits of HARP 2.0 - EON: Enhanced Online News (press release)
Mortgage Lender Residential Finance Corp. Explains Benefits of HARP 2.0 EON: Enhanced Online News (press release) 5. Is the loan-to-value greater than 80 percent? If the answer is yes to all of these questions, it is advisable to speak with a HARP 2.0 expert to determine qualification and could benefit from a lower mortgage interest rate. “There is great potential ... |
Refinance App Volume Rises as Interest Rates Reach New Lows - National Mortgage Professional Magazine
 e-wisdom.com | Refinance App Volume Rises as Interest Rates Reach New Lows National Mortgage Professional Magazine Mortgage applications increased 9.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 11, 2012. The Market Composite Index, a measure of mortgage ... Refinance Applications Increase in Latest MBA Weekly Survey |
Sexwale Aid for Poor Seen as Boon for Banks: Mortgages - BusinessWeek
Sexwale Aid for Poor Seen as Boon for Banks: Mortgages BusinessWeek FLIPS may lift lending in the affordable-home segment, which accounts for about 5 percent of the nation's 831 billion rand mortgage market. “It's going to have a huge impact on the market,” Nicholas Nkosi, director of affordable housing at Standard ... |
FHA New Foreclosures Jump as Modified Loans Default - BusinessWeek
 msnbc.com | FHA New Foreclosures Jump as Modified Loans Default BusinessWeek The Treasury report analyzed a group of loans that was 80 percent FHA, 15 percent Veterans Administration mortgages and 5 percent Department of Agriculture rural home loans. The rate for Fannie Mae and Freddie Mac was 27 percent. Mortgage Rates Keep Falling Mortgage Application Volumes in US Slightly Uptick 1.7% |
Daily Pfennig: Data shows US economy starting the 2nd quarter a bit stronger... - Proactive Investors USA & Canada
Daily Pfennig: Data shows US economy starting the 2nd quarter a bit stronger... Proactive Investors USA & Canada The average rate on a 30-year fixed mortgage fell to an all time low of 3.83% last week, and the average 15 year rate dropped to an all time low also according to Freddie Mac. Another report released yesterday showed industrial production climbed 1.1%, ... |