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Mortgage Rates Article
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Understanding Current Mortgage Rates
from:At the moment current mortgage rates are fairly low; however, with the economy the way it is prospective borrowers could be a little hesitant to buy a home or refinance their current one. The average current mortgage rates in the US are as follows:
• 30 year fixed: 5.66 percent
• 15 year fixed: 5.04 percent
• 1 year adjustable: 5.8 percent
Interest rates fluctuate as the economy changes, but right now is a great time to buy a house if you qualify. The average current mortgage rates in the US have come down from last week, which were:
• 30 year fixed: 6.08 percent
• 15 year fixed: 5.50 percent
• 1 year adjustable: 5.61 percent
Borrowers can do their part to keep the current mortgage rates low by paying their mortgage loans on time and not to default on them. If you want to take advantage of the current mortgage rates try to prequalify for a mortgage loan. They should keep the jobs they have and weather the economic storm they are experiencing right now. You may have to cut back on luxuries to have the money to take care of your necessities, but if you can afford to take care of your commuting, and living expenses, and pay a mortgage loan, now is the time to buy a home.
Buying a home is probably the largest investment you will ever make. It is wise to purchase when the time is right. Your lender can help you decide which type of mortgage is best for you in terms of the current mortgage rates. If you don’t plan on staying in your home for many years you might find it more to your economic advantage to secure a loan with an adjustable rate mortgage (ARM). At the end of your term, if the next term’s ARM is higher than you want to pay you can change to another type of mortgage plan, or you can sell your home, pay off the rest of your mortgage and keep the profits.
Many younger people that are just starting out buying their first home may decide to secure a loan for a 30 year fixed mortgage; however, the homebuyer should look at the 15 year mortgage plan because not only is the term of the mortgage cut in half, but the interest rate is also lower than with the 30 year mortgage at this time. By securing the 15 year fixed mortgage loan the homebuyer will be saving many thousands of dollars.
If the thought asking for a mortgage loan is causing you anxiety, talk with a financial advisor at your bank or other lending institution. Your advisor can talk to you about the current mortgage rates and how they will affect the cost of your loan.
Mortgage Rates Specific links
Mortgage Rates News
Mortgage Rates New Record Low Attracts Attention From Consumers According To ... - San Francisco Chronicle (press release)
Mortgage Rates New Record Low Attracts Attention From Consumers According To ... San Francisco Chronicle (press release) BurlingtonMortgage.biz announces that consumer activity rose as mortgage rates fell to new historical lows. Home mortgage rates have set yet another record, dropping to new lows for 30 year fixed, 15 year fixed, and 5 year ARM home loans, according to ... |
Mortgage rate falls to record 3.87 percent - Chicago Sun-Times
 Bloomberg | Mortgage rate falls to record 3.87 percent Chicago Sun-Times By DEREK KRAVITZ AP Real Estate Writer February 2, 2012 9:08AM The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market ... Refinancing: Time to Act? Mortgage Interest Rates Friday February 3, 2011, 15 Year Mortgage Rates at 3.30% 30-year mortgage rate falls to record 3.87 percent |
Best mortgage rates go private - Financial Times
 BBC News | Best mortgage rates go private Financial Times Last week, RBS Private, Barclays Wealth and UBS became the latest banks to increase their mortgage rates as a result of higher funding costs in the wholesale markets. Barclays Wealth raised the cost of its best tracker mortgages by 0.3 percentage ... Probe Widens in $350 Trillion Bank Scheme: Report |
Mortgage Rates: Low Mortgage Rates Stable, But At Risk As Investors Send ... - FreeRateUpdate.com
 FinalCall.com News | Mortgage Rates: Low Mortgage Rates Stable, But At Risk As Investors Send ... FreeRateUpdate.com Today's low mortgage rates remain stable, but are at risk as investors sent stocks surging after it was released that the unemployment rate dropped to 8.3%. The Labor Department reported that non-farm payrolls increased by 243000 as factory jobs grew. More Housing Bailouts |
Unemployment picture improves; mortgage rates up! - WRAL.com (blog)
 IBNLive.com | Unemployment picture improves; mortgage rates up! WRAL.com (blog) As of early afternoon, the 10 year yield had reached 1.95 pushing it to the highest level we've seen in quite a few trading days, and helping to put upward pressure on mortgage rates. The jobless rate is now the lowest we've seen since January 2009, ... Here's what the jobs report means for mortgage rates |