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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.

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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.

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 generally two types of loans. A fixed loan or an adjustable loan. A fixed rate loan gives you the security a constant rate throughout the life of the loan. Since your rate will not change, your monthly payments will often remain the same during your repayment period. An adjustable rate mortgage rises in falls along with the fluctuate of certain rate indexes. As your loan repayment period goes on, your monthly payment will change as you mortgage rate changes. Generally an adjustable rate will change every one to five years. Because it is susceptible to change, an adjustable rate loan caries more risk and is usually used by borrowers with less than perfect credit and those planning to move between five and seven years. However, adjustable rate loans come with low introductory rates and rate caps. Depending on the activity of current mortgage rates, a person with an adjustable rate could actually save money.

 


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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… Using online loan calculators are a preparatory step to figuring out whether or not you are financially ready for home ownership. Using our free calculators you can set your interest loan amount and loan term and calculate your monthly payment… The lowest mortgage rates on the market are obtained when you meet strict criteria laid out by lending institutions. A variety of factors beyond your credit history are taken into account to determine the relative risk of offering you a home loan…
Interest rates have continued to fall over the past year and house refinancing is still very popular. Expo Financial offers quotes from competing lenders to get you the very best interest rates to be found on the internet or in your area… 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…

A home loan is a big financial decision for anyone and is to be made with the most forethought possible. Try our free home loan calculators to estimate your monthly payments to see if the home value you are after is truly affordable…

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