Michele Lerner, The Washington Post Published 9:07 am PDT, Wednesday, August 28, 2019 The 30-year fixed-rate home mortgage dominates the housing market, particularly for first-time buyers who appreciate the ability to extend their home loan payments for the longest possible term. The second most common fixed-rate loan term is 15 years, but many lenders also offer loan terms of 10 or 20 years. Sometimes lenders even offer a personalized term chosen by the borrower. "There are quite a few reasons I feel more people should refinance or purchase into a 20-year fixed-rate mortgage rather than looking at a 30-year or a 15-year fixed rate mortgage," Jerry Robinson, broker/owner of 1st Choice Mortgage Co. in Meridian, Idaho, said in an email. Here are four reasons to consider a 20-year mortgage, according to Robinson: Save on interest: The most obvious reason is that the interest rate of a 20-year mortgage is typically one-fourth of one point to three-eighths of one point … [Read more...] about How a 20-year home mortgage can save you a ton of money
20 year mortgage refinance rates
Kathy Orton, The Washington Post Published 8:17 am PDT, Thursday, June 20, 2019 Mortgage rates showed little change heading into the Federal Reserve meeting. But now that the central bank has revised its stance, they could be headed lower. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average edged up to 3.84% with an average 0.5 point. (Points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate.) It was 3.82% a week ago and 4.57% a year ago. The 15-year fixed-rate average slipped to 3.25% with an average 0.4 point. It was 3.26% a week ago and 4.04% a year ago. The five-year adjustable rate average dipped to 3.48% with an average 0.4 point. It was 3.51% a week ago and 3.83% a year ago. The Federal Reserve concluded its meeting Wednesday leaving its benchmark rate untouched. However, it expressed concerned about inflation, slowing global growth and a trade war. Over the past several … [Read more...] about Mortgage rates poised to drop after Federal Reserve announcement
Published June 04, 2019 Personal Finance Bankrate.com Facebook Twitter Comments Print video Fed’s interest-rate decision may help mortgage rates Bankrate chief financial analyst Greg McBride and Wilmington Trust chief economist Luke Tilley on how the Federal Reserve’s decision to leave interest rates unchanged will affect mortgage and credit card rates. The average interest for 30-year fixed-rate mortgages is nearing 4 percent again, ushering the way for millions more homeowners to save money by refinancing. Continue Reading Below The recent drop in rates means that 5.9 million people can potentially save money by refinancing their existing home loans and securing a lower rate -- two million more than last month, according to a new report by Black Knight. The combined savings totals $1.6 billion, or an average of $271 per person per month. MORE FROM FOXBUSINESS.COM... HOMEBUYERS ARE INCREASINGLY MAKING THIS DANGEROUS … [Read more...] about As mortgage rates plunge, should you refinance?
Susan Tompor Detroit Free Press Published 6:00 AM EST Jan 3, 2019 Many times, the New Year kicks off with a huge financial hangover. But this year, we're looking at even more reasons to keep an eye on our money. All sorts of economic headwinds will influence everything from how much we pay for gas to how much we take home in our paychecks to the size of our tax refunds in 2019. Here's a look at some trends that could hit your wallet in the New Year: Gas prices may rise No, your eyes aren't playing tricks when you just spotted a sign for gas at less than $2 a gallon. Michigan is one of 13 states with average gas prices below $2, according to GasBuddy.com. You'd have to go back to April 11, 2016, to find prices that low. Just a year ago, Michigan drivers were paying an average of $2.67 a gallon. Consumers are saving nearly 68 cents a gallon — which adds up to roughly $8 per average fill-up, according to Patrick DeHaan, head of petroleum analysis at … [Read more...] about Gas prices, mortgage rates kick off the New Year by going down
Kathy Orton, The Washington Post Published 8:02 am PST, Thursday, December 20, 2018 Mortgage rates continued their retreat, helped by volatility in the financial markets and weakened inflation expectations. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.62 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.63 percent a week ago and 3.94 percent a year ago. The 30-year fixed rate has fallen 32 basis points the past five weeks. (A basis point is 0.01 percentage point.) The 15-year fixed-rate average remained the same as last week, holding steady at 4.07 percent with an average 0.4 point. It was 3.38 percent a year ago. The five-year adjustable rate average dropped to 3.98 percent with an average 0.3 point. It was 4.04 percent a week ago and 3.39 percent a year ago. This is the first time since late September that the rate for the 5-year ARM is … [Read more...] about Mortgage rates continue their slide, while the Fed raises its benchmark rate