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Current Mortgage Interest Rates

Mortgage interest rates rise and fall every year, and there are many predictions that the low rates that have been available are about to rise. Banks and lenders base these predictions on the activities of indexes that are used to set interest rates and the best way to understand how your possible mortgage interest rate is to understand these indexes. Most indexes are published monthly or yearly and can often be found online.

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There are several indexes that may affect your interest rate:

  • The prime rate is often given to a lenders most credit-worthy clients, such a corporations and large businesses. This rate is constant from bank to bank and remains very stable. Considered by many an indicator of the future direction of interest rates, changes in this index will often cause an identical reaction in the interest rates on consumer loans, such as car loans and credit cards.
  • The U.S. Treasury Security Yield is an average of the monthly of a one, three or five year U.S. Treasury security and is published yearly by the Federal Reserve Board. Adjustable rate mortgages are often set by this index.
  • The Federal Fund Rate, or the Fed Fund Rate, has a large impact on inflation and long-term interest rates. Set by the Federal Open Market Committee, changes in the Federal Fund rate can stimulate or slow down economic growth. This rate is used on funds that banks lend to each other over night.
  • The 11th District Cost of Funds generally follows the same pattern as a one-year U.S. Treasury security yield and, like the U.S. Treasury Security yield, is used to set rates for adjustable rate mortgages. This rate is comprised of a weighted average from the 11th Federal Home Loan Bank District, made up of California, Nevada and Arizona.

If you are looking into buying a new home, it can be helpful to understand interest rates and how they will impact you and your loan. Apply online to contact a lender about your mortgage and the type of interest rate that is right for you.

Current mortgage interest rates are important to consider no matter what type of loan you are considering. If you want a fixed rate loan, the rate that you lock in will be with you for the next fifteen to thirty years. If you have an adjustable rate loan, it will be important to understand how the above indexes will affect your loan and it could be in your best interest to research the index that your rate will be based on. Information on the history of these indexes and also on how they are established can usually be found online.

 


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Current Mortgage interest rates vary from month to month but have continued to decrease on average for the past few years. Interest rates are based on a few indices influenced by the federal goverment outside of banks control… Lock in a low interest rate and get cash out by doing a combined home equity loan refinance. You can get up to 80% of the value of the equity of your home and get your late below 5% if you have good credit. Start saving yourself from interest payments today.. Home equity allows you to take out a second loan at a lower interest rate than your home loan to finance other large purchases you would like to make such as a loan for home construction or the purchase of a second house…
Refinancing your manufactured home loan makes sense if you intend to stay in your home for even as little as three years and or rates have dropped even as little as one percent from your original loan… Mortgages refinancing left and right, have you been left out? Even if you have refinanced in the past five years, you may be able to save yet again thanks to alan greenspan and falling interest rates…

Home equity lines of credit can can be superior to a home equity loan because they are easier to obtain and you don’t have to know how much money you will need from your loan up front because you can take out more money over time…

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