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Local Mortgage Rates Article
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Understanding Current Mortgage Rates
from:At the moment current mortgage rates are fairly low; however, with the economy the way it is prospective borrowers could be a little hesitant to buy a home or refinance their current one. The average current mortgage rates in the US are as follows:
• 30 year fixed: 5.66 percent
• 15 year fixed: 5.04 percent
• 1 year adjustable: 5.8 percent
Interest rates fluctuate as the economy changes, but right now is a great time to buy a house if you qualify. The average current mortgage rates in the US have come down from last week, which were:
• 30 year fixed: 6.08 percent
• 15 year fixed: 5.50 percent
• 1 year adjustable: 5.61 percent
Borrowers can do their part to keep the current mortgage rates low by paying their mortgage loans on time and not to default on them. If you want to take advantage of the current mortgage rates try to prequalify for a mortgage loan. They should keep the jobs they have and weather the economic storm they are experiencing right now. You may have to cut back on luxuries to have the money to take care of your necessities, but if you can afford to take care of your commuting, and living expenses, and pay a mortgage loan, now is the time to buy a home.
Buying a home is probably the largest investment you will ever make. It is wise to purchase when the time is right. Your lender can help you decide which type of mortgage is best for you in terms of the current mortgage rates. If you don’t plan on staying in your home for many years you might find it more to your economic advantage to secure a loan with an adjustable rate mortgage (ARM). At the end of your term, if the next term’s ARM is higher than you want to pay you can change to another type of mortgage plan, or you can sell your home, pay off the rest of your mortgage and keep the profits.
Many younger people that are just starting out buying their first home may decide to secure a loan for a 30 year fixed mortgage; however, the homebuyer should look at the 15 year mortgage plan because not only is the term of the mortgage cut in half, but the interest rate is also lower than with the 30 year mortgage at this time. By securing the 15 year fixed mortgage loan the homebuyer will be saving many thousands of dollars.
If the thought asking for a mortgage loan is causing you anxiety, talk with a financial advisor at your bank or other lending institution. Your advisor can talk to you about the current mortgage rates and how they will affect the cost of your loan.
Local Mortgage Rates Specific links
Local Mortgage Rates News
30-year mortgage rate hits record low of 3.78% - MarketWatch
 Bloomberg | 30-year mortgage rate hits record low of 3.78% MarketWatch WASHINGTON (MarketWatch) - Mortgage rates hit record lows in the week ending May 24, with the 30-year fixed-rate mortgage average ticking down to 3.78% from 3.79% in the prior week, Freddie Mac said Thursday in its weekly report. Buybacks Wearing on Industry; Fannie, Freddie and Wall Street;... |
Local home sales jump, prices show stability - Chicago Tribune
 Globe and Mail | Local home sales jump, prices show stability Chicago Tribune During April, the average commitment rate for a 30-year, fixed-rate mortgage in the Chicago area was 3.89 percent, down from 3.99 percent in March and 4.87 percent in April 2010, according to the Federal Home Loan Mortgage Corp. Given rents in Chicago, ... Existing-home sales and home prices ticked up in April |
Real estate industry pushes Senate on refi bill - MarketWatch
Real estate industry pushes Senate on refi bill MarketWatch Appearing before the Senate Banking Committee, Mark Zandi, chief economist and cofounder of Moody's Analytics, said lawmakers must act quickly because “mortgage rates are very low, and this is such a good time to refinance. |
Interest rates help local real estate market - Tri Parish Times
Interest rates help local real estate market Tri Parish Times With banks setting interest rates at all-time lows and local unemployment staying relatively low, many people are attempting to buy our area's available homes. “The market, in my opinion, has been steady for the past 12 months,” First Choice Mortgage ... |
Local home sales continue to improve - 91.7 WVXU News
 Globe and Mail | Local home sales continue to improve 91.7 WVXU News Board president Tom Hasselbeck says low mortgage rates, steady consumer confidence and the inventory of affordable housing are contributing factors. Northern Kentucky saw its fourth straight month of increases this year. Home sales rose more than 12 ... April Existing-Home Sales Up, Prices Rise Again Home sales dip as prices rise April home sales rise in Cincinnati, NKY |