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Mortgage Rate

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.

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.

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.


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The term fo the loan you choose to take out will have a lot to do with the interest rate that is available to you. Adjustable rate mortgages can sometimes be obtained at lower rates and caps can be set. Alternatively fixed rate mortgages have a constant rate… Mortgage lenders connected to borrowers through our network are experienced in dealing with the entire spectrum of borrower needs. A mortgage broker licensed in your area with expertise in lending will help you throught the entire loan process… Financial calculators are a great way to get some of your loan questions answered before even talking to a representative. If you know your proposed loan amount and an idea of your interest rate, you can enter the values and estimate your monthly payments…
Refinancing your home starts with shopping around for the best rate you can get given your income, credit history, and desires for your loan. Expo Financial supplies as many as four free quotes with one simple form… Mortgage brokers make finding loans to suit individual needs their business. Experienced mortgage brokers can obtain good interest rates from banks for your credit history and debt to income ratio…

Did you know that one of your loan refinance finance options is to lock in an adjustable rate mortgage at today’s low rates. You can also process a home equity loan and get cash out at the time of your refinance for much needed expenses…

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