While there are many types of mortgages, many borrowers choose a 30-year fixed-rate mortgage that provides fixed monthly payments for the life of the loan. But another option is an adjustable-rate mortgage (ARM), which typically begins with an interest rate that is fixed for a period of time—usually three to 10 years—and then adjusts based on an index (a benchmark
If you’re thinking about refinancing your mortgage to lower your interest rate, to help shorten your loan term, or to convert equity into cash for any unforeseen expenses, you’ll need to be aware that there also are closing costs to consider. Closing costs are about $5,000, although this varies according to the size of your loan, as well as the state and
Whether you’re seeking a home loan for your first house or your fifth, you still are probably wondering what does “interest rate” even mean? Why do rates swing up and down? And, most importantly, how do you get the best interest rate—the one that’s going to save you the most money during the life of your mortgage? Here, realtor.com outlines
Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed mortgage rates moving higher, with the average 30-year fixed-rate mortgage topping 4 percent for the first time since 2015. “In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed
Mortgage Rates Revert to Near 2016 Low Treasury yields fell for the week ending Aug. 4 following the Federal Open Market Committee’s meeting and a disappointing advance estimate for second-quarter gross domestic product. According to the most recent Freddie Mac Primary Mortgage Market Survey, mortgage rates—which had increased 7 basis points during the previous three weeks— responded by erasing most of those gains, falling 5 basis points to 3.43
The fallout from Brexit has lessened during the past two weeks, permitting interest rates to rebound slightly from their record 10-year Treasury yield and near-record 30-year mortgage rate lows, according to Freddie Mac’s weekly Mortgage Rates Survey. During the week ending July 21, the 30-year fixed mortgage rate increased 3 basis points to a still low 3.45 percent. With the Federal Reserve on hold and the U.K.
Britain’s vote to exit the European Union continued to drive Treasury yields lower in the first week of July. Following that trend was the 30-year fixed-rate mortgage, which fell 7 basis points to 3.41 percent in mortgage finance agency Freddie Mac’s weekly mortgage rate survey. That means mortgage rates have now dropped 15 basis points during the past two weeks,
For the past several weeks, mortgage rates have been some of the lowest they’ve been all year. But what does the future hold for interest rates, and how will that affect new South Bay buyers? Just they did with 2014, economists predict that 2015 rates will go into the 5% range for 30-year fixed-rate mortgages. Right now, the average is
At the beginning of 2014, financial experts predicted rising interest rates well into the 5% range. Their predictions haven’t come true, thankfully, and mortgage rates are still in the low to mid 4% range and mortgages are very affordable. Why were these predictions made, and why haven’t they come true? Well, because the Federal Reserve was going to slowly stop
You may not know this, but we are entering into what may be the best time to buy property in the South Bay in 2014. Interest rates have stayed low, allowing more people than anticipated to participate in the real estate market out here in the Beach Cities of Hermosa Beach, Redondo Beach, and Manhattan Beach. It was predicted by
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