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Mortgage Rate

There are several indexes on which mortgage rates are based:

  • The Prime Rate is used by lenders for corporations and for their credit-worthy applicants. It is very stable and tends not to differ from bank to bank. The Prime Rate is used to predict the direction of rates, and the activity of consumer loans often follows that of this index.
  • U.S. Treasury Security Yields is an average of monthly rates during the length of a one year U.S. Treasury security that is often used to set adjustable rate mortgage and is published yearly by the Federal Reserve Board.
  • The 11th District Cost of Funds is also used to set adjustable rate mortgages and will often follow the same direction as the average of a one-year U.S. Treasury security. Monthly, the 11th Federal Home Loan Bank District, which includes California, Nevada and Arizona, publishes its weighted average mortgage rate for the prior month.
  • Federal Funds Rate is set by the Federal Open Market Committee and is the mortgage rate on funds one bank lends to another overnight. This index affects inflation and economic growth, and is decided on by the Federal Open Market Committee.

Your mortgage rate is perhaps the most important factor of your loan and can often decide whether or not you will be happy with your loan in the long run. Current mortgage rates are widely considered to be remarkably low and locking in a low mortgage rate can save you money.

There are many different components to understand when you are trying to find the right loan. How long of a repayment period do you want? Do you qualify for a fixed rate? Is an adjustable rate better suited to your needs? Understanding the factors that create your loan can take the stress out of the decision making process and keep you from taking terms will eventually cost you money. Fill out our free short form to contact up to four lenders about your loan.

It can be very helpful to understand mortgage rates and indexes if you are interested in finding a loan, especially if you are looking in to adjustable rate loans. Apply online today and contact a lender about current mortgage rates and the effect they will have on your loan.

 


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  Need Cash? Considering a Home Equity Loan? Why not get cash out from your equity and refinance in one process. Select ‘Refinance’ on the application and specify your ‘Cash-Out’.
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  Home Lending Resources
Getting a loan at the mortgage rate you want must be tempered by the rational notion that a bank is evaluating your ability to repay based upon the same equations it uses for any lender… FHA loans are a great option for purchasing with very little or no money down on a new home. Expo Financial can put as many as four competitive rate quotes in your hand with one simple application, apply online today… Refinancing loans can help you to lower your interest rates and build equity in your home more quickly ( from your interest savings ). You can also finance important home improvements if you plan on staying in your home for a longer period of time…
Your monthly payments on a new home mortgage are split into interest paid and principal paid. An amortization schedule’s job is to break down these two amounts for you for each of your monthly payments to help you recognize what small differences in your interest rate make on your bottom line… Loan amortization varies depending on the type of interest rate you have on your loan. If your interest rate is variable your interest paid in each monthly mortgage payment might not decrease in a predictable fashion as for a fixed rate mortgage…

House refinancing is a painless way to take advantage of available lower interest rates to save money in interest costs over the life of your line. It is also a great chance to get cash out at a low interest rate for expenses and savings for the unexpected…

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