I keep hearing that mortgage rates will probably remain stable until mid-2008. Have increased since 6.15 to 6.75 in the last 6 weeks. I'm building a house, and will not be able to secure a mortgage rate until probably mid-August. In If "buying" my mortgage rate of 6.75% for $ 750, or should I wait? What are the chances that rates will exceed 7.25% in the next three months?
If you can block that pace at this point to 750.00, my advice would be to do so. Nobody has a crystal ball, but the rates show no signs of fall in the short term. As mentioned above, rates have increased 0.5% over the past two months. Take the bird in the hand. This will give you peace of mind.
loans reflects "weak" mortgage market for number of mortgages for house purchases grew 7% in July, but loans a first-time buyers fell by 2%, the Council of Mortgage Lenders says mortgage demand remains weak, although loans for house purchase housing increased by 7% to 56,000 in July compared with the previous month, according to latest figures published by the Council of Mortgage Lenders. The value of loans for house purchase increased by 9 … Westpac banana smoothie video on mortgage interest rates – plus response
What is the advantage of a fixed-rate mortgage on a variable rate mortgage?
Fixed rate mortgages usually have lower rates that variable-rate mortgages Fixed rate mortgages # require payments lower than variable rate mortgages # The interest on fixed rate mortgages not # The interest may fall into a fixed rate mortgage can not rise
Simply put, a fixed-rate loan can not be changed during the life of the loan. Thus, their principal and interest payment will remain the same. The comfort of knowing the loan terms will not change is the most popular reason, a fixed rate is chosen. With a variable rate loan, you risk having your increased mortgage payments when rates determined in the market place higher than what we had at the start of your loan. Historically, when you apply for a mortgage, variable rate loans are more attractive in the short term, since they often have a lower interest rate for the initial period. I refer to loans, called Hybrid ARMAS, usually have a duration of 1, 3, 5, 7, or 10 years when set the rate. After that period expires, the rate is subject to current market conditions (This is when the rate may rise or fall depending on the index underlying the loan.) Factors to consider before choosing a variable rate loan through the security of a fixed rate loan are: 1. How long you expect to own your current home? 2. What is the difference in your monthly payment on a variable rate verses fixed rate loan? 3. How prepare the funding to adapt to a rate adjustment, if you were to hold the loan beyond the initial fixed period?
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Who here thinks that any of these are high, mortgage rates, taxes, inflation, gasoline, GDP and income?
Feel free to add any financial factor that you think are high. I ask only one thing: please explain why you think you are high and above all, give a historical perspective. That is a fancy way of saying, are high compared to what or when? A difference is high because I do not like the price. Or, are high because I can not afford them. That sort of thing.
I'm not sure about mortgage rates (although house prices are historically high … that grew too fast and now we're seeing a correction to stabalize prices) and I really do not follow mortgage rates, but keep in mind that all my answers account of inflation … only a dollar not worth what it used to be a value. you must add the interest rates for bonds and short-term interest market rates as indicators / predictors. short-term rates are controlled by the SEC in an effort to avoid a recession (negative GDP growth) and growth positive GDP unsustainable leading to inflation. Short-term interest rates are high for the past few years, but historically low. the lowest is 0% … in fact it is used in extreme circumstances, such as the stock market crash of 1986 … worse than that caused the Great Depression. thanks, Allen Greenspan. has been around 20% in the past, when GDP growth was as high as in the 70's and early 80's. almost every single time, however, the Fed has held rates interest too high, especially in a recession. this is due mainly to the SEC looking at past data, when available, rather than to the future of data. Although taxes are low because the tax cuts (and are lower for everyone who pays income taxes … tax cuts "for the rich" is political spin), tax revenues at historic highs. See, when people and businesses have their own money to invest, the investment objective that are of benefit to people …. and businesses are earning more money today, which means that the government is able to take more even when rates are relatively low. inflation is low today … However, Bernanke, the current SEC chairman, is stubborn to admit the victory … is still low in recent history because it was much higher in 2000. Fed overreacted then raise rates above 6%, leading to recession ever heard of the Bush legacy when he took office. people blame Clinton … but it is practically all in the overreaction of the SEC for Greenspan. I think it is now less than 2% inflation and has been above to 4.5% in the last six years … and much higher in the 70's and 80's. Gasoline pump prices higher than ever. is higher this summer than it was immediately after Katrina, which is the first time that prices broke the previous record during the 1970 U.S. led oil embargo … that hurt the U.S. economy sending it into recession. the fact that we are not in a recession at these prices is another testament to the strength of the current economy. nothing can U.S. consumers stop it seems. GDP is pretty average today. It was as high as 4% in recent years that worries a lot because when the economy grows too fast, inflation rate increases to the problem. It is about 2% now, which is very nice. the economy is not too hot for inflation is a concern and not too cold that a recession is likely. and GDP is very strongly associated with short-term interest rates are controlled by the SEC, Historically, GDP growth is between 1% to about 5%. personal income has reached record highs. both mean and median incomes are higher than ever … ie, the average person earns more than ever, and the middle class earns more than ever. you should also consider unemployment rates are at minimum 50. We have about 4% unemployment which means 96% of the workforce is employed. ultimately, the economy is incredible at this point … but almost never hear of this media. I do not know if they do not want any credit given to this administration (the only thing that seems to have gotten right seems). trying to make us believe that we are in the crapper even though almost all numbers are better than those who have been in decades, if not better than never in the history of USA. you need big events like the Dow 13,000 and a new daily record maximum for most of the media to report on economic indicators good (it took years to get from 11-12, and it took only six months for the 12-13 … and we have more than 13.5 k. … we will be more than 14,000 sometime around the end of the year … and it is likely that if the Fed does what investors are asking and declaring victory over inflation as lower interest rates).
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Everyone keeps saying the economy needs a good home – well, I I'm certainly willing to do my part to spend more once they have refinanced my current mortgage. However, it seems that the 30-year fixed rates continue to hover around 6 to 6.25%. Is there any reason to believe that these rates will fall?
Just like everything else will go down and go up. I've been in real estate 30 years and seen many things happen that "everyone", said he was going to happen. A practical answer to the question you think you are asking is that I do not think that rates mortgage will be much lower in the short term could be higher next year. Investors who provide money for 30 year mortgages are concerned that inflation will return and are not willing to commit to lower rates.
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Are you a good time to get a reverse mortgage with low interest rates?
Decisions on reverse mortgages are made on the basis of all the financial situation of the homeowner the highest level. The interest rates are a small piece of the puzzle. I would advise older people consultation with the family and a professional advisor (not in the mortgage business) to get the best advice. It is an important decision. Good luck.
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Which bank offers the lowest interest rates to refinance the mortgage in California?
I have to refinance my second / investment home Milpitas California and I am looking for a mortgage broker or a bank offering lower interest rates based on FICO score 700 or more. It is preferable a loan program with the minimum monthly payment is preferred.
find the best rate you can find and then add 1% (one point is what is the standard when it comes to add an investment house) A mortgage broker is supposed to find the best rate of all firms with which it works. If you do not have a good shop around. Here is a website to find the mean and the best rates: http://www.bankrate.com/brm/default.asp
Provides information about Mortgages, Mortgage Rates, Home Refinancing, Home Equity Loans and many other Mortgage related topics
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When is the best time to get good rates of interest on the mortgage?
I'm really interested in my rate lowerin is my home and has accumulated I would like to take some equity out ….. Please advice
no time like the present, I am sure that the fees will not be 4% and the daylight, so jump on it and do some shopping. if your capital is not good at this point, you could use up the points and fees of just getting the loan, so be careful with the cost / layers / costs !!!!!!!! get fixed and if you have less than 6%, now that is fixed, no blow, just do a HELOC and use only what you need and not squander the spoils. You can sometimes cost more to make money, then its value. So, think and consider your position at this time. What is your outcome and what are the costs for $$$$$
