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?
Best 15 year mortgage rates refinance
Kathy Orton, The Washington Post Published 7:39 am PST, Thursday, January 3, 2019 For more than a month, mortgage rates have been in a free fall. Stock market volatility, global trade worries and the government shutdown are pushing rates down to their lowest levels since August. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 4.51 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.55 percent a week ago and 3.95 percent a year ago. The 30-year fixed rate has gone down 43 basis points in less than two months. (A basis point is 0.01 percentage point.) The 15-year fixed-rate average slipped to 3.99 percent with an average 0.4 point. It was 4.01 percent a week ago and 3.38 percent a year ago. The 15-year fixed rate fell below 4 percent for the first time since early September. The five-year adjustable rate average slid to 3.98 percent with an average … [Read more...] about Mortgage rates continue five-week slide, plunging to levels not seen in more than four months
Kathy Orton, The Washington Post Published 7:47 am PST, Thursday, November 15, 2018 Investors' jitteriness kept a lid on mortgage rates this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average held steady at 4.94 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was unchanged from a week ago and up from 3.95 percent a year ago. The 15-year fixed-rate average rose to 4.36 percent with an average 0.4 point. It was 4.33 percent a week ago and 3.95 percent a year ago. The five-year adjustable rate average also didn't move, remaining at 4.14 percent with an average 0.3 point. It was 3.21 percent a year ago. "Despite recent market volatility, mortgage rates remained steady this week," Sam Khater, Freddie Mac's chief economist, said in a statement. "The stability in mortgage rates reflects the moderation in inflationary pressures in the economy due to lower oil prices … [Read more...] about Mortgage rates plateau amid stock market fluctuations
Updated 10:13 am PDT, Monday, October 15, 2018 Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the payments can get more difficult to manage on fixed incomes. But retiring a mortgage before you retire isn't always possible. Financial planners recommend creating a Plan B to ensure you don't wind up house rich and cash poor. WHY A MORTGAGE-FREE RETIREMENT IS USUALLY BEST Mortgage interest is technically tax deductible, but taxpayers must itemize to get the break — and fewer will, now that Congress has nearly doubled the standard deduction. Congress' Joint Committee on Taxation estimates 13.8 million households will benefit from the mortgage interest deduction this year, compared to more than 32 million last year. Even before tax reform, people approaching retirement often got less benefit from their mortgages over time as payments switched from being mostly interest to being mostly … [Read more...] about Liz Weston: Should you pay off mortgage before you retire?
By Ilyce Glink and Samuel J. Tamkin, Tribune Content Agency Published 5:00 am CDT, Friday, October 12, 2018 Q: I was offered a mortgage "recast" and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been paying additional principal on the loan. My understanding is that when you do a recast of your mortgage, the lender simply takes the existing balance and adjusts it to the current amortization schedule. The appeal of having my current monthly payment lowered is attractive in case of a job change or if something happens and I suddenly earn less. I would still pay additional principal and pay off the loan sooner but would have the peace of mind knowing I only owed a lower payment each month. How do I measure the difference between my payment now and what it would be after a recast in terms of interest paid? All of the online calculators require a lump sum payment to the principal upfront, so I'm not sure I'm … [Read more...] about How to achieve a ‘home run refinance’