Mortgage Refinance Information
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Next Mortgage Refinance Topic : Home Mortgages: Does It Ever Make Sense to Pay Points? - Interest rates on home mortgages are often quoted with and without points. A point equals one percent of the amount you are financing. This means that on a $150,000 mortgage, one point is $1500.00 and two points would be $3,000. These points are in addition to whatever other closing costs you might have.I checked interest rates today in our ...[ read more]
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Home Mortgages: Should You Apply Now?
If you're thinking about applying for a new mortgage or refinancing your current mortgage, you might want to take action now. In its survey this week (the week of Aug. 1), Freddie Mac, the corporation that finances many of the country's mortgages, reported that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.82 percent. This represents the fifth week in a row that the rate on fixed-rate mortgages has gone up. This increase put the rate is at its highest since it averaged 5.91 percent for the week ending April 14. That's the not-so-good news. The good news is that rates on 30-year mortgages are still reasonable and have, in fact, stayed below 6 percent for all but two weeks this year. This, of course, would be for a new mortgage. If you are thinking of refinancing your current mortgage, you might want to look into a 15-year, fixed rate mortgage. The rates on these mortgages averaged 5.38 percent this week. This compares with an interest rate average of 5.34 percent last week. Frank Nothaft, Freddie Mac's chief economist, has said that "Long-term mortgage rates will more than likely rise over the next few months." Also, the Federal Reserve is expected to continue to increase a key short-term interest rate. It has increased this rate ten times since it began to tighten credit in June of 2004 and is expected to continue to increase this rate. Keep in mind that the nationwide interest rate averages quoted here do not include add-on fees known as points. Both 30-year and 15-year fixed-rate mortgages currently carry an average fee of 0.6 point Last year at this time, 30-year mortgages had an average interest rate of 5.99 percent and 15-year mortgages were at 5.40 percent. This means that right now, your interest rate on a new mortgage would probably be slightly less than a year ago. So, if you need a new mortgage or want to refinance your existing mortgage, now could be a pretty good time. For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com.
Related Products For Download: Read Next : Home Mortgages: Does It Ever Make Sense to Pay Points?Interest rates on home mortgages are often quoted with and without points. A point equals one percent of the amount you are financing. This means that on a $150,000 mortgage, one point is $1500.00 and two points would be $3,000. These points are in addition to whatever other closing costs you might have.I checked interest rates today in our ...
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Home Loans and Mortgages ? Tips to Avoid Foreclosure Today's real estate market is a volatile one; prices are at record levels and Interest rates are favorable, but foreclosures are increasing. Wages haven't kept up with home prices and some buyers who had to stretch to find a way to obtain a mortgage in the first place are having trouble making their payments. Usually, if a buyer cannot meet his or her mortgage obligation, the lender forecloses, taking the home and leaving the buyer without a place to live and a tarnished credit record. If you are having problems paying your mortgage, can you avoid this scenario? FHA Mortgage: When Your Downpayment is a Gift There has been so much fraud discovered in the FHA program allowing gift funds for downpayment that Lenders and borrowers are required to absolutely document every step of the gift transaction to prove it was legitimate. Home Equity Loan ? With a Reverse Mortgage, Your Home Pays You! 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