Real estate gurus: It may be time to buy a homeânow – Yahoo Finance
Real estate gurus: It may be time to buy a homeânow Yahoo Finance
Real estate gurus: It may be time to buy a homeânow Yahoo Finance
Today’s mortgage and refinance rates Average mortgage rates fell by a worthwhile amount yesterday. They are now at their lowest level since last September. Earlier this morning it was looking […]
Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgage Marketplace at 3.34 percent, down from 3.35 percent.
These are the latest mortgage rates â and they fell from this time last week MarketWatch
The holiday-shortened week sees mortgage rates starting out slightly higher when compared to the end of last week. Versus any other day in the past 4 months, today’s rates would be right in line with the lows. In just the past two weeks, a borrower may have seen a big change in rates from January 5th through last week. During that time, the average lender fell by roughly .40% for a top tier, conventional 30yr fixed mortgage scenario. As always, a mortgage rate is more complicated than the rate itself. That rate only applies to the principal balance of a loan in order to determine the monthly payment. It says nothing of the upfront costs (or credits) associated with the loan. To illustrate this point with an extreme example, let’s say you have a better rate than me and the same loan size. Your lower rate makes your payment $10/month lower. Now let’s say you paid $10,000 in closing costs while I only paid $5,000. I would have the lower effective rate in that scenario because you will not recoup that $5k difference, no matter how long we each keep our loans (it would take you 500 months and the loan only lasts 360 months). All that to say that the rate you see or hear about isn’t always as simple as it seems. This is especially true when rates are changing rapidly. Some lenders are quicker to offer lower rates in those scenarios, but with higher upfront costs. If we average out multiple lenders and adjust for upfront costs, the average lender approached 6.0% as of last Thursday, but is now back up to 6.125% or higher. Due to the structure of the bond market that underpins mortgage rates, a 6.25% 30yr fixed mortgage is uncommon. That means lenders may be offering 6.125% with higher upfront costs or 6.375-6.500% with lower upfront costs.
The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.38 percent, which is down slightly…
Mortgage Rates Slightly Higher to Begin New Week Mortgage News Daily
How to Get the Very Best Mortgage Rate is a post from Pocket Your Dollars.
Mortgage Q&A: âHow to get a wholesale mortgage rate?â Wholesale mortgage rates tend to be considerably cheaper than their retail counterparts, though it’s never a guarantee with so many lenders out there these days. To get your hands on one, you need to shop for your home loan with a mortgage broker, who has access… Read More »How to Get a Wholesale Mortgage Rate
The post How to Get a Wholesale Mortgage Rate appeared first on The Truth About Mortgage.
If youâre scratching your head wondering why home prices continue to go up and up, consider the fact that itâs actually cheaper now than it was a year ago. Itâs also less expensive to own a home today than it was back in 2019, 2018, 2008, 2007, 2006, 2005, and even during parts of 2004.… Read More »Real Estate Is Red Hot Because Mortgage Payments Are Still Cheap
The post Real Estate Is Red Hot Because Mortgage Payments Are Still Cheap appeared first on The Truth About Mortgage.