Mortgage Interest Rates
Mortgage interest rates have been rising and falling sporadically
during the past 20 years. The movement of mortgage interest rates
is inversely proportional to the status of the economy. As a general
rule, mortgage interest rates are low when economy is good. When economy
goes down, the feds would jack up mortgage interest rates in an effort
to stimulate the economy.
Only last month, mortgage interest rates have jumped more than a point.
This increase in mortgage interest rates has significantly reduced
the number of people willing to refinance their homes.
According to experts, refinancing only makes sense if the mortgage
interest rates are low. And with this recent rise of mortgage interest
rates, it is only logical that people are balking at the idea of re-mortgages.
The total increase of mortgage interest rates was over 6 per cent
at the end of last week. Although this mortgage interest rate is the
highest so far this year, it is still lower than where it was a year
ago. Last year, the mortgage interest rates of 30-year fixed rate
loans were averaging nearly 6.5 per cent.
To refinance or not to refinance?
It is understandable that some hesitation is at hand when it comes
to refinancing, especially since it has been found that mortgage interest
rates are rising. But still, it might not be too late to refinance.
If you fall into one of these categories, the apparent rise of mortgage
interest rates won’t affect your refinancing plans one bit.
try to look at your mortgage interest rate right now. Compare your
current mortgage interest rate with today’s mortgage interest rate.
If you find that today’s mortgage interest rate is one half lower
than your current mortgage interest rate, then you should probably
try to refinance. Remember that the limit to refinancing is having
a mortgage interest rate that is at least ˝ of a percent lower. Mortgage
interest rates higher than that is not worth the effort or the risk.
Aside from making comparisons with mortgage interest rates, you might
also want to ask yourself how long you plan to keep your house. If
your plan is to stay in your home for only five years or less, then
refinancing by getting a fixed rate loan might be a good idea. This
would allow you to save on your lowered mortgage rates.
“From the moment a New Yorker is confronted with almost any large city of Europe, it is impossible for him to pretend to himself that his own city is anything other than an unscrupulous real-estate speculation”
- Edmund Wilson
Another option is to get an adjustable rate mortgage. If you’re planning
to stay in your home for much longer than five years and you’re willing
to risk having mortgage interest rates rise, then an adjustable rate
mortgage will enable you lower down your mortgage interest rate. Adjustable
rate mortgages usually have lower mortgage interest rates compared
to fixed rates. After the end of the first year of your adjustable
rate mortgage, your mortgage interest rates would depend on the rise
or fall of prime rates. It’s a risky business but it could allow you
to save some if you’re willing.
For example, the mortgage interest rate of 30-year fixed rate loans
is about 6.2 per cent. That’s high but you can still save something
since this is still a bit lower than last years mortgage interest
rate of 6.5 per cent. However, if you get an adjustable rate mortgage,
your savings are multiplied. An adjustable rate mortgage for five
years has a mortgage interest rate of 4.5 per cent for the first year.
Additional Resources and Latest News:
Mortgage rates fall for Monday Bankrate.com
Multiple key mortgage rates decreased today. See what that means for you if you're in the market for a mortgage.
Mortgage Rates Catch a Break Mortgage News Daily
Mortgage rates moved higher at a pace that was probably quicker than the average homebuyer would like yesterday. That was part of a 4 day move leading ...
Mortgage Rates Bounce Back Mortgage News Daily
Mortgage rates had a fairly decent day yesterday as far as most lenders are concerned. A few lenders saw fit to bump rates up in the afternoon following a day of ...
Mortgage rates decline for Tuesday Bankrate.com
Several benchmark mortgage rates slid lower today. If you're shopping for a home loan, see how your future mortgage payments could be affected.
Mortgage Rates End Week Near Long-Term Lows Mortgage News Daily
Wednesday was the best day this week for Mortgage rates with the average lender at the lowest levels in more than a month and very close to the lowest levels ...
Mortgage rates drop for Friday Bankrate.com
Multiple closely watched mortgage rates declined today. If you haven't locked yet, see how your future home loan payments could be affected.
Mortgage rates decline for Thursday Bankrate.com
Several closely watched mortgage rates decreased today. If you're in the market for a mortgage, see how your payments might be affected.
Refinance rates ease for Friday Bankrate.com
Several closely watched refinance rates ticked downward today. If you're shopping for a mortgage, see what that means for you.
Mortgage rates climb for Monday Bankrate.com
Several benchmark mortgage rates notched higher today. If you haven't locked yet, see how your future mortgage payments could be affected.
Mortgage rates move down for Tuesday Bankrate.com
Several key mortgage rates trended down today. The average rates on 30-year fixed and 15-year fixed mortgages both ticked downwards. The average rate on ...
Mortgage Rates Sideways to Slightly Higher Mortgage News Daily
Mortgage rates began the day in decent shape after more trade war drama courtesy of a Reuters story overnight. In general, trade war drama pushes stock ...
Form 497K AIM INVESTMENT SECURITIE StreetInsider.com
Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's ...
What you need to Know About Your Mortgage Trinidad & Tobago Express
Homes are purchased every day; however, it seems like many people are largely unaware of how such a significant asset is acquired and the various facilities ...
Planning for a Post-Libor Future ABA Banking Journal
The transition to alternative reference rates is in full swing. Here are four key steps to plan for life after Libor.
5/16/2019 Kemmerer Gazette legal notices Kemmerer Gazette
Notice of Intent to Obtain Title. In regard to the 1972 Volkswagen, VIN # 1122254606. Notice is hereby given that in July, 2017, Mark Wardell, Kemmerer, ...