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Mortgage Rate Trends

Mortgage rates are based on certain indexes. If you qualify for a fixed rate loan, you probably will only be interested in the current state of such indexes, since your interest rate will stay constant throughout your term. However, borrowers will adjustable rates will also be interested in the stability of such indexes.

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Mortgage rates are based on certain indexes. If you qualify for a fixed rate loan, you probably will only be interested in the current state of such indexes, since your interest rate will stay constant throughout your term. However, borrowers will adjustable rates will also be interested in the stability of such indexes. Several indexes influence mortgage rates, and one of the following may be the index on which you rate is based:

  • The Prime Rate is generally extremely stable, and lenders usually use this index to determine mortgage rates for their most creditable applicants, corporations and large businesses. The Prime Rate usually stays the same from bank to bank and is often used to predict future mortgage rate trends. Consumer loan mortgage rates usually rise or fall along with this index.
  • U.S. Treasury Security Yields is determined by the Federal Reserve Board and is published once yearly. This index is calculated by taking the average of the monthly rates from a one year U.S. Treasury Security. Averages of the monthly rates from three and five year securities are also published. U.S. Treasury Security Yields are used to determine adjustable mortgage rates.
  • The 11th District Cost of Funds involves a weighted average of mortgage rates from the 11th Federal Home Loan Bank District, which is comprised of the states of California, Nevada and Arizona. This index is also used to calculate adjustable mortgage rates.
  • The Federal Funds Rate is determined by the Federal Open Market Committee and has a large impact on inflation and economic growth. Because of its influence on the economy, the Federal Funds Rate is changed only with great care. If taken to high or too low it could actually choke economic growth. This rate is most often used by banks when lending to other banks overnight.

Low mortgage rates have been encouraging many homeowners to take out an equity loan and spurring many renters to switch to owning. When taking out a loan it is good to understand your mortgage rate and where such mortgage rates come from, especially if you have an adjustable rate loan, which will rise and fall as your repayment term goes along.

Trends in mortgage rates are of interest to anyone interested in finding a loan to finance a new home, home improvements or a new vehicle. There are several ways to monitor mortgage rate trends. Learning information about mortgage rates and how they are determined can help you understand why current mortgage rates are so low and also to predict whether or not mortgage rates will rise in the near future. Such predictions, though far from foolproof, can be used to help you decide whether or not now is the time to obtain your loan. Fill out our free short form to contact up to four lenders about your new mortgage and rate.

 


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Mortgage rate trends have been interesting to follow in the past few years as rates continue to drop and remain at low levels. Home equity loans are especially popular because of low fixed rates of interest available… Refinancing is simply the acquisition of a second mortgage that is used to repay the first mortgage. During this process, you can borrow against your home equity to increase the amount of the loan over and above that of your first mortgage. This is called a cash out refinance and gives you the funds to pay for home improvement, college tuition, a brand new car or any other major purchase. Depending on the use of the money left over after refinancing, the repayment may be tax deductible… An amortization chart is a complete schedule of payments for the entire life of a loan. Mortgage amortization charts are also useful to show the results of extra monthly payments on the total interest paid over the entire life of the loan…
Getting the lowest mortgage rate possible depends on an array of factors that a lender will take into consideration. Among them are your credit score, your debt to income ratio, and your employement status and annual income… Home equity lines of credit are similar to home equity loans except your money can be taken out in increments over a long period of time at a variable interest rate. You can borrow up to 80% of the total equity you have in your home and it is easier to obtain than a traditional equity loan…

Home equity loans are second mortgages that are based on the equity or value of your home. A home equity loan is a great way to use your equity to get a low interest loan to finance additional purchases you would like to make…

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