Posts Tagged ‘mortgage rates’

Home Finance Loan Rates Increase To Highest Levels Since Last Spring

Wednesday, February 16th, 2011

This is some information for people looking to buy a residence or refinance a current mortgage.This news could influence your monthly mortgage loan payments, so it is advised you take a moment to read more and realize how it could impact you. One of the largest buyers of mortgages has conducted its most recent survey of mortgage companies. Super mortgage buyer Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which current mortgage rates for the 30-year fixed-rate mortgage (FRM) averaged 5.05% with an average .7 point during the week ending 2/11/2011, up from last week when interest rates for the home loan program averaged 4.81%. 4 weeks ago, the 30-year FRM averaged 4.71 percent. Mortgage rates for the 15-year mortgage program this week averaged 4.29 pct. with an average 0.7 point, up from the former week when rates for the home loan program averaged 4.08%. Four weeks ago, the 15-year loan program averaged 4.08 pct.. Mortgage interest rates for the 5-yr. Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.92% this week, with an average 0.6 point, up from last week when rates for the loan program averaged 3.69 percent. Four weeks ago, the five-year adjustable rate mtg. averaged 3.72 %. Mortgage interest rates for the 1-year Treasury-indexed adjustable rate loan averaged 3.35 pct. this week with an average 0.6 point, up from the prior week when rates for the loan program averaged 3.26 percent. Four weeks ago, the one-year ARM averaged 3.23 pct.. With home loan interest rates at these current amounts, one might want to think about the prospect of refinancing their present home loan if it has a more expensive interest rate. In fact, check with a local institution to see if they can offer an even better interest rate on their mortgage loans. So, call up you local banks to see prevailing mortgage rates.

If a nearby  lender retains its loans on their books, instead of selling them in the secondary market, it can provide home loans at reduced rates than the national average to achieve a competitive edge. There can be additional considerations to choose a local lender to handle your home mortgage. A great many loan companies will service (i.e. collect monthly payments, pay property taxes) their mortgage loans. This can help to establish and carry on a constant rapport with their clientele. Another way to reduce the interest rate on your mortgage loan is to shell out points (a per cent of the loan amount) as an advance fee. You can carryout this alternative with both local and national home loan lenders.

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Home Finance Loan Rates Rise Somewhat This Week

Saturday, January 29th, 2011

This is some information for people looking to buy a residence or refinance a current mortgage.This news about mortgage interest rates could influence your monthly mortgage loan payments, so it is advised you take a moment to read more and realize how it could impact you.

Super mortgage buyer Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which mortgage interest rates for the 30-year fixed-rate mortgage (FRM) averaged 4.80% with an average .7 point during the week ending 1/27/2011, up from last week when interest rates for the home loan program averaged 4.74%. 4 weeks ago, the 30-year FRM averaged 4.86 percent.

Mortgage rates for the 15-year mortgage program this week averaged 4.09 pct. with an average 0.87 point, up from the former week when rates for the home loan program averaged 4.05%. Four weeks ago, the 15-year loan program averaged 4.20 pct..

Mortgage interest rates for the 5-yr. Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.70% this week, with an average 0.7 point, up from last week when rates for the loan program averaged 3.69 percent. Four weeks ago, the five-year adjustable rate mtg. averaged 3.77 %.

Mortgage interest rates for the 1-year Treasury-indexed adjustable rate loan averaged 3.26 pct. this week with an average 0.6 point, up from the prior week when rates for the loan program averaged 3.25 percent. Four weeks ago, the one-year ARM averaged 3.25 pct..

With home loan interest rates at these current amounts, one might want to think about the prospect of refinancing their present home loan if it has a more expensive interest rate. In fact, check with a local institution to see if they can offer an even better interest rate on their mortgage loans. So, call up your local banks to see prevailing mortgage rates.

If a nearby  lender retains its loans on their books, instead of selling them in the secondary market, it can provide home loans at reduced rates than the national average to achieve a competitive edge. There can be additional considerations to choose a local lender to handle your home mortgage. A great many loan companies will service (i.e. collect monthly payments, pay property taxes) their mortgage loans. This can help to establish and carry on a constant rapport with their clientele. Another way to reduce the interest rate on your mortgage loan is to shell out points (a per cent of the loan amount) as an advance fee. You can carryout this alternative with both local and national home loan lenders.

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Home Loan Rates Show Drop For 2 Weeks In A Row

Tuesday, January 18th, 2011

This is some information for people looking to buy a residence or refinance a current mortgage.This news could influence your monthly mortgage loan payments, so it is advised you take a moment to read more and realize how it could impact you. One of the largest buyers of mortgages has conducted its most recent survey of current interest rates.

Super mortgage buyer Freddie Mac released the outcome of its Primary Mortgage Market Survey® (PMMS®) in which current mortgage rates for the 30-year fixed-rate mortgage (FRM) averaged 4.71 percent with an average .8 point for the week ending 1/13/2011, down from a week ago when interest rates for the mortgage loan program averaged 4.77 pct.. Four weeks ago, the 30-year FRM averaged 4.83%.

Mortgage interest rates for the 15-year FRM this week averaged 4.08 percent with an average 0.7 point, down from the former week when rates for the home loan program averaged 4.13 pct.. Four weeks ago, the 15-year loan program averaged 4.17%.

Mortgage rates for the 5-yr. Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 pct. this week, with an average 0.7 point, down from the former week when rates for the loan program averaged 3.75 percent. 4 weeks ago, the 5-year ARM averaged 3.77 %.

Mortgage interest rates for the one-year Treasury-indexed adjustable rate mtg. averaged 3.23 percent this week with an average 0.6 point, down from the prior week when rates for the home finance program averaged 3.24%. Four weeks ago, the 1-yr. ARM averaged 3.35%.

With home mortgage rates at these prevailing amounts, one are encouraged to take into account the chance of re-financing his / her existing mortgage loan if it has a much larger interest rate. In fact, check with a local institution to see if they can offer an even better interest rate on their mortgage loans. So, call up your local banks to see prevailing mortgage rates.

If a community  bank retains their loans on their books, as opposed to selling them in the secondary market, it can offer home loans at reduced rates than the national average to achieve a competitive edge. There can be additional considerations to opt for a local lender to handle your mortgage loan. A lot of mortgage loan companies will service (i.e. receive monthly payments, pay property taxes) their mortgage loans. This can help to build and carry on a continuing relationship with their clientele. Another way to decrease the interest rate on your mortgage loan is to spend points (a % of the loan amount) as an upfront fee. You can complete this approach with both local and national mortgage companies.

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Home Finance Loan Rates See Some Downward Movement In Recent Survey

Monday, January 10th, 2011

This is some information for people looking to buy a residence or refinance a current mortgage.This news could influence your monthly mortgage loan payments, so it is advised you take a moment to read more and realize how it could impact you. One of the largest buyers of mortgages has conducted its most recent survey of mortgage companies. Super mortgage buyer Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) in which mortgage interest rates for the 30-year fixed-rate mortgage (FRM) averaged 4.77% with an average .8 point during the week ending 1/6/2011, down from a week ago when rates for the loan program averaged 4.86 percent. 4 weeks ago, the 30-year fixed rate averaged 4.61%. Mortgage rates for the 15-year FRM this week averaged 4.13 percent with an average 0.8 point, down from the former week when rates for the home loan program averaged 4.20 pct.. 4 weeks ago, the 15-year mortgage program averaged 3.96 pct.. Mortgage rates for the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.75 percent this week, with an average 0.7 point, down from the former week when rates for the mortgage loan program averaged 3.77 percent. Four weeks ago, the 5-year ARM averaged 3.60 percent. Mortgage interest rates for the 1-yr. Treasury-indexed ARM averaged 3.24 pct. this week with an average 0.6 point, down from last week when rates for the home finance program averaged 3.26 pct.. Four weeks ago, the 1-year adjustable rate loan averaged 3.27%. With residential home loan interest rates at these current amounts, one will want to give consideration to the potential for refinancing his / her current home loan if it has a more costly interest rate. In fact, check with local banks to see if they can offer an even better interest rate on their mortgage loans. If a local mortgage company keeps its loans on its books, instead of selling them in the secondary market, it can provide mortgages at reduced rates than the national average to achieve a competitive edge. There can be additional factors to consider a local lender to handle your home finance loan. A lot of loan providers will service (i.e. receive monthly payments, pay real estate taxes) their mortgage loans. This can help to build and carry on a regular relationship with their clients. An additional way to lower the rate of interest on your mortgage loan is to pay for points (a per cent of the loan amount) as an upfront fee. You can perform this option with both local and national home loan businesses.

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Positives And Negatives Of Refinancing Your Michigan Mortgage

Saturday, November 27th, 2010

If you want to reduce you mortgage payments, decrease your total home loan interest cost, or access some of the equity in your home, you then must look into refinancing your Michigan mortgage.  

Before you decide, it could be beneficial for you to review the following list of positives and negatives.

After you review the following Pros and Cons, I also recommend that you speak with a professional mortgage loan officer.

Allow me to share advantages of refinancing your Michigan mortgage:

1. You may be able to save money. If the home loan interest rates are lower then your exiting Michigan mortgage rate, then you should save money.

2. You may be able to access cash for any reason. If you need cash and have equity available in your home, this is likely the fastest way for you to get a loan.

3. You may be able to lower your monthly payments on your mortgage. This may be from lower current mortgage rates, or even from a change in loan programs.

And now for the Cons of why you might like to hold off on refinancing your Michigan mortgage

1. If you think the interest rates will drop in the future, and can afford to wait, it may make sense for you to wait. The risk is that mortgage rates do change and waiting for a lower rate, could actually cost you if mortgage interest rates goes the other way.

2. Refinancing to a longer term than you currentlty have, may lower your payments, but it will take more time for you to pay off your home finance loan.

Summary: If you must access cash, lower your monthly payments, and/or think that rates are not likely to go much lower, then you should refinance your michigan mortgage now.Otherwise, you might want to wait for a better time, and watch mortgage rates and the markets.  

Whether you end up refinancing your mortgage, or not, I am hoping this short write-up helped to inform you.

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Ohio Housing Rollercoaster Has Many Ups and Downs

Saturday, February 20th, 2010

Some residents of Ohio can either walk away from their homes they’ve considered abandoning because the value is much less than the amount owed.  Others can walk into new homes through the Welcome Home Funds program.

That Ohio has bragging rights in being home to the theme park with the most roller-coasters in the world is appropriate. One roller coaster specifically is almost the exact opposite by its enormous success as a small community in southern Ohio is in its gradual demise.

On the flip side, people considering home ownership may be eligible for up to $5,000 in funding if they meet income and other eligibility requirements.  The Welcome Home Funds can be combined with federal tax incentive money for a combined amount of up to $13,000 to buy.

While Ohio is one of the states hard hit by the slumped over whimpering real estate market, there are signs of recovery.  For example, one housing predictor showed that Ohio cities claimed the four of the top give spots in real estate growth for 2010, including Cleveland, Columbus, Cincinnati, and Toledo.  Not surprisingly, each of these cities has wonderful perks for residents and visitors alike: the Rock and Roll Hall of Fame in Cleveland, Schmidt’s Sausage Haus und Restaurant in the heart of German Village in Columbus, the gorgeous park on the Ohio Riverfront in Cincinnati, and bragging rights as hometown of the actor who played Corporal Klinger in M*A*S*H*, Jamie Farr, in Toledo.

Searching for real estate listings, there were no houses for sale in Shawnee, neither by owner or listed by real estate agents.  However, one house was listed as being in foreclosure thereby making the foreclosure rate 100 percent.

Back to the north in Sandusky, the roller coasters are enjoying better success than home sales.  Fifty-seven homes are listed for sale in the town that used to be a safe haven for the Underground Railroad.  However the foreclosure rate is severe as one in every 615 homes received a foreclosure filing in early 2010. 

Residents should not lose heart because now that the bottom of the real estate roller coaster has been reached, the outlook is good for 2010.  When there is only one way to go – UP – attractions like Cedar Point Amusement Park will possibly help rebuild so the economy is once again vital and thriving.

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The Best Investment Ideas Are So Simple So Here’s What To Look For

Wednesday, July 29th, 2009

A lot of people probably don’t realise that the best investment ideas are usually the simplest. The secret is knowing what to look for to get the best return with the lowest risk.

Try and disregard the current property downturn as historically house prices do increase quite dramatically over the years. You can still make a decent low risk investment out of property.

When looking for a good property investment remember the age old adage, LOCATION, LOCATION, LOCATION. If you are looking at a property investment then location is number one on your list.

Property prices usually double every ten years in the UK. You can make the most of your property investment knowing this. Great investment ideas are usually the simplest and property is one of the simplest, and best.

A quick example of a property investment, keeping figures simple. Invest in a house for 150k and keep it for ten years. It should be now worth circa 300k.

Now, using the same figures we would look to pay as little as possible on mortgage repayments as we are talking about big numbers. Remember you always need to keep some cash available for the next good investment idea.

**A bit off topic but you can discover how to shave years off your own mortgage with our mortgage overpayment calculator**

OK, back to the article now.

Chopping and changing lenders can be a hassle, but the ultimate return on your investment can be much more if you do a little work. With property investment ideas a mortgage forms an important part of future profits.

A lot of fledgling investors get caught out by the rises and falls of the property market. They get in late and buy at a peak. Then panic and try to sell in a trough. This can be route one to the poor house doing it like this.

If simple is best then you need a simple formula to turn an investment idea into cold hard cash. If you are looking at property, here’s a simple formula…Get in on a trough, get the best location you can, get the best mortgage rate you can, get the best management team you can to manage rentals.

For centuries it has been proven that the best ideas are the simplest with the wheel being a prime example. Don’t confuse yourself when searching for a good investment idea. Simplest is best. Click this link for some good investment ideas

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Not As Good As Sex But Worth Giving A Fixed Rate Mortgage A Try

Monday, July 20th, 2009

We’ll have a look at what benefits there are to a fixed rate mortgage for you.
Then prepare to be amazed at the savings made with a mortgage overpayment calculator.
You get security from the fixed rate mortgage & you may get a nice surprise from the overpayment calculator.

A fixed rate mortgage is one of the various types available.
You get your interest rate locked for the period of the deal, usually a few years.
Because the interest rate is fixed, so are your monthly payments.

What are the fixed rate mortgage good points?
You benefit by not having the yo-yo effect on your monthly payments. They stay the same every month.
You can benefit by knowing your monthly payment is fixed which allows you to budget more effectively.

Your payment is locked so it really doesn’t matter what the general rates are doing.
In our lifetime we have already seen some distressing interest rate rises.
If the rates rose drastically over a short term those on variable mortgages could struggle to meet payments.

Under certain circumstances, a fixed rate mortgage could be a mistake.
The arrival of a new child could mean you need a bigger home and need to move. These are reasons to avoid fixed rate mortgages.
Any situation which sees you changing mortgage can invoke a horrid redemption penalty on you.

Nearly all fixed rate mortgages have a redemption penalty attached.
These redemption penalties can hit you hard just when you don’t need it.
If a charge like this will hurt you then you must think very carefully before taking a fixed rate mortgage.

It’s worth thinking about paying a bit extra each month in addition to whatever you normally pay.
You are not tied to make the same payments for the duration of the mortgage, usually 25 years.
It’s not often, if at all, that a lender will tell you it’s possible to pay more than your normal minimum monthly payment.

Are there any advantages to paying a bit extra each month?
You can shave several years off your mortgage term by paying slightly more each month.
By paying a bit extra now, the savings mount up substantially later on.

What do you do with a mortgage overpayment calculator?
Enter all the figures that relate to your mortgage.
You can enter a figure that you may think about paying as an extra payment each month.

The calculator tells you how many years you will knock off.
It also tells you what sort of financial saving you can expect to make.
Playing around with the actual overpayment figure can reveal that the more you can pay, the faster you finish your mortgage.

You might be pleasantly surprised at the savings to be made.
If you had a 25 year mortgage and borrowed 100 grand at 5% interest.
You could save over twelve thousand and shorten the mortgage by more than 3 years just by paying an extra 50 each month.

The last example was an overpayment of 50 every month, but what happens if you pay 100 extra.
We’ll use the same mortgage example figures but pay 100 extra.
You can save 20 thousand in cash. You can also shorten your mortgage by more than 6 years.

An extra advantage is you won’t have any payments to make during the last few years of the mortgage.
By paying a little extra now, you could easily be mortgage free well before you ever expected.
You will never hear this from your lender though; it’s simply not in their interests to tell you to pay off early.

If we revisit the example where we knocked more than six years off the mortgage.
This shortening of the mortgage by six years saves you another 40,000 or more.
This is 40 grand in your pocket and not your lenders. Overpaying is difficult, make no mistake, but the rewards can be amazing.

There you have a few benefits of going for a fixed rate mortgage.
You get to sleep easy in the knowledge your payment will stay the same month after month.
We also had a look at the savings to be made by paying a bit extra every month. It all adds up.

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