Archive for the ‘Adjustable Rate Mortgage’ Category

Three Reasons Why You Should Refinance Now

Saturday, May 4th, 2013

Now may be the very best time in history to your mortgage. The reason: rock-bottom, all-time record low interest rates. Since the middle of the Great Recession, the Federal Reserve has aggressively kept rates low in order to boost the economy and those low rates can mean big savings for homeowners. Here are three reasons why now is a great time to refinance a mortgage.

1. Low Interest Rates Mean Lower Monthly Payments

How much you pay each month to the mortgage company is greatly affected by the loan interest rate. Even lowering your rate by one percent by refinancing could reduce your payment by $100 or more each month. That extra money could fund lots of other purchases or investments.

2. Shorten Your Loan and Save Money

Because interest rates are so incredible low right now, refinancing into a shorter loan term is more affordable than ever. By converting your mortgage from a 30-year loan to a 15- or 20- year loan, you may have to make slightly higher payments each month, but the difference is not huge because rates on those shorter loans are even lower. Cutting your loan term can save you tens of thousands of dollars at least over the course of your mortgage.

3. Convert Your ARM Loan Before Interest Rates Rise

For those who got into adjustable rate mortgages (ARMs) during the housing boom, the currently low interest rates are actually really helpful in terms of monthly payment savings. Unfortunately for these borrowers, interest rates are likely to start rising within the

year and even if the increase is gradual, rate are probably not going to remain around these historic lows forever. Now is the perfect time to refinance into a fixed rate mortgage (FRM) to lock in such attractive rates.

For those who can qualify, now is an excellent time to take advantage of the lowest rates on record with refinance loans in order to cash in on major mortgage savings.

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Motgage Rates Hit New Record Lows

Tuesday, April 30th, 2013

on long-term U.S. mortgage loan dropped again in the latest week, with some finding new all-time lows, according to mortgage finance company .

During the week ended April 25, 2013, the average rate on a 30-year fixed rate mortgage (FRM) fell to 3.40 percent, excluding fees, down from 3.41 percent the week before and down from 3.88 percent at this time last year. This is the fourth consecutive week of falling rates and the 30-year FRM rate is now back to lows not seen since January of this year.

The 15-year FRM sank to a new record low this week, falling to an average rate of 2.61 percent, down from 2.60 percent the previous week and 2.85 percent the year before. Prior to this week, the record low was 2.63 percent roughly five months ago during the third week of November 2012.

The one-year adjustable rate mortgage (ARM) declined from 2.62 percent, just off from 2.63 percent last week.One year ago, the average rate was 2.74 percent.

Freddie Mac offered little explanation for the continued drop in rates, emphasizing instead the benefits of low rates.

“The housing market is getting a boost with mortgage rates hovering at or near record lows,” said Freddie Mac Vice President and chief economist Frank Nothaft in a statement. “ For instance, existing home sales averaged an annualized pace of 4.94 million over the first three months of this year, the most since the fourth quarter of 2009. More impressively, new home sales topped 424,000 during the first quarter, which was the strongest since the third quarter of 2008. The sales pickup is helping to support house-price gains. For instance, the Federal Housing Finance Agency reported that February marked the thirteenth consecutive month that it has recorded an annual rise in its U.S. house price index, which rose by 7.1 percent in

the twelve months through February, the most since May 2006. Even with these gains, this U.S. index is still 13.6 percent below its peak set in April 2007.”

Interest rates are being kept low by the Federal Reserve in order to boost the economy and absent a major change in inflation, the Fed has promised to continue its rate policy for en extended period of time.

 

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