Meanwhile, mortgage applications declined again last week, according to the latest data from the Mortgage Bankers Association. The market composite index - a measure of total loan application volume - decreased 1.9 percent from a week earlier. The refinance index fell 2 percent, while the purchase index also dropped 2 percent. … [Read more...] about Mortgage rates stay the course despite trade tensions and global concerns
Refinance 40 year mortgage
"Application activity increased over the week for both purchase and refinance loans, and were 10 percent and 7 percent higher, respectively, than the week before the Thanksgiving holiday," Joel Kan, an MBA economist, said in a statement. "Additionally, we saw a decrease in the average loan size for purchase applications to the lowest amount since December 2017, [falling to] $298,000 from $313,000. This is perhaps an indication that there are fewer jumbo borrowers, or maybe first-time buyers are having better success reaching the market as we close out the year." … [Read more...] about Mortgage rates are down significantly over the past three weeks
"Today's news from Freddie Mac should give buyers some optimism this spring as mortgage rates remain at one-year lows," said Danielle Hale, chief economist at Realtor.com. "But this spring won't be without its challenges. Most markets are continuing to see rising home prices, which means many buyers will have to make some trade-offs in order to close this year." … [Read more...] about Mortgage rates fall for the third week in a row
Pay off the loan faster: When a borrower is refinancing to get a lower interest rate, instead of taking their original 30-year mortgage and refinancing it into another 30-year mortgage, they're able to take their original 30-year mortgage and refinance into a 20-year mortgage, which would potentially keep them on their payoff goal. Thus, they don't have to start all over with a new 30-year mortgage. … [Read more...] about How a 20-year home mortgage can save you a ton of money
Competition among lenders should be a benefit for borrowers, particularly those with stronger properties, in the short term. Interest rates currently remain at near-record lows, and at least for 2014, borrowers should have several types of lenders to choose from. Increased competition among lenders should mean some loosening of credit standards – or at least, more creativity and collaboration between borrowers and lenders to find a way to make deals work than was available during the past several years. … [Read more...] about Commercial Mortgage Options Expanding – Borrowers to Benefit?