Strong Employment Report Behind Mortgage Rate Rise
Mortgage rates rose this week on news of an improving economy, Freddie Mac said, with lenders offering conventional 30-year home loans at an average of 3.69 percent compared with 3.59 percent last week.
Shopping for Best Mortgage Rate
The Consumer Financial Protection Bureau deplores the fact that almost half of the home buyers it recently surveyed did not shop for a mortgage but dealt with a single loan provider. To encourage shopping, the agency has developed a "Check Interest Rate" tool. It advises borrowers: "As you start talking to lenders, compare their offers to the rates in the tool to see if you are getting a good deal."
Mortgage Rates Fall to 20-Mth Low on Soft Economy
Fixed mortgage interest rates fell this week to their lowest level in more than 20 months, with Freddie Mac reporting that lenders were offering conventional 30-year loans at an average of 3.59 percent, down from 3.66 percent a week ago.
Why Mortgage Rates Vary Between Consumers
The Consumer Financial Protection Bureau recently unveiled an Internet-based tool designed to help consumers shop effectively for the lowest possible mortgage interest rate. For this tool to work, it must help mortgage shoppers distinguish between rate differences that are justified, which borrowers would have to pay in a perfect market no matter how effectively they shop; and rate differences that arise because lenders know more than borrowers and control the process, which might be overcome by effective shopping.
Reduced FHA Premiums Benefit First Time Homebuyers
When the recession took the country by storm, the housing market was hit very hard. For years many people shyed away from buying or selling a home.
1st Increase in Mortgage Rates This Year
Fixed mortgage rates this week rose for the first time in 2015, with Freddie Mac's widely watched survey pegging the 30-year conventional rate at 3.66 percent, up from 3.63 percent last week.
Resolving Important Mortgage Issues by Letter
Q: I am downsizing by purchasing a smaller home that will be my primary residence. Because I do not have my existing house on the market, the lender I approached to finance the purchase has asked me for a letter describing my reasons for the purchase. I intend eventually to sell my current primary home, but for now, I will most likely rent it to a friend for some time. What should I include in my letter that would satisfy this lender?
Determining When it Makes Sense to Refinance
Despite the recent increase in the growth rate of the economy, interest rates remain stubbornly low. Many mortgage borrowers who to this point have procrastinated in making a refinance decision are wondering whether the market fates are giving them another shot. And some who did refinance earlier are wondering whether they ought to do it again. A critical question for these borrowers is the degree of certainty they can have that a refinance will provide a net benefit. This article discusses three approaches to that question that have emerged over the years, and a new approach introduced here.
Urgency to Move on Reverse Mortgage Decision
Financial planners are assiduously courting seniors whose wealth is large enough to generate attractive fees for the planner who gets to manage it but not large enough to eliminate the possibility the senior will run out of money. A favorite planning tactic is to calculate an annual asset liquidation plan that is consistent with a target probability of running out -- 3 percent and 4 percent are numbers I have seen.
Reverse Mortgages Not Always a Good Option
Retirement is an increasingly scary prospect. Some experts say a couple will require at least $2 million to live comfortably. Some say you should have at least 10 times your annual salary socked away.