Interest rates for home loans fell to yet another record low this week — the seventh consecutive week in which rates either set a record low or held firm, according to Freddie Mac’s weekly survey.
The 15-year loan rate fell below 4%.
This week’s rates:
Click to enlarge
- Thirty-year fixed rate loan with 0.7 point: 4.49%, the lowest in records dating back to April 1971. Thirty-year rates have fallen to fresh lows in six out of the last seven weeks. In one week, the rates remained unchanged, meaning that rates have either held steady or gone down for seven consecutive weeks.
- Fifteen-year fixed rate loan with 0.6 point: 3.95%, the lowest in records dating back to August 1991.
- Five-year adjustable rate mortgage (ARM) with 0.6 point: 3.63%, the lowest in records dating back to January 2005.
- One-year ARM with 0.7 point: 3.55%. That’s
Read full post…
Low
Going through the bad credit mortgage refinance process could save current home owners a great quantity of money. With current refinance rates still low there is no reason to not at least research the idea of refinancing. Many Americans have seen their credit score drop over the past not many years because of the economy so it is not uncommon to be considered a bad credit borrower; do not let this get you down.
If you have a credit incision under 650 then you would be considered a bad credit borrower. As stated earlier, many credit scores have dropped so if you have not checked your credit in the last six months you might want to get a reinvigorated credit report and see what your personal score is. If it has dropped in the last few years then you are going to find it more difficult to receive a be clouded mortgage interest censure.
If your credit score has dropped this does not mean that you cannot benefit from the home refinance process. If you can save one full percentage point on your mortgage then you should go through with the refinance process. By putting in a mortgage application you disposition better know what mortgage interest rate you qualify for.
If you do not save one full percentage point on your current mortgage then it is likely that the costs will outweigh the benefits when it comes to refinancing. With mortgage rates near all time lows it is unlikely that you will not save a full percentage point unless you have refinanced in the last year. We are currently seeing the lowest yearly average for mortgage rates in history.
There are many bad credit mortgage lenders out there who will be more than willing to help you out. If you do some quick research you are probable to find many lenders who are advertising mortgage rates well under 5%. You may not get a mortgage interest rate under 5% but you could lower your mortgage rate by a few points which will save you hundreds of dollars on your monthly mortgage payment.
Please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay u
Read full post…
Low, Rates Still, Rates Still Low, Still Low
Quicken Loans Capital Markets Update for November 4, 2009
Treasuries ended the day lower on concerns about the size of the Treasury refunding and during the reason that the FOMC statement weighed on the market. They are down again this morning on further speculation that the Fed will signal the economy is improving and maintain its commitment to keep interest rates low for an extended period.
Capital Markets, Capital Markets Update, Low, Markets Update
The national home supply is falling, down to its lowest levels since December 2008.
In June, there was 9.4 months of supply, down from a year-ago adapt of 11.0 months. It’s one more sign that the housing market may be mending itself.
Housing supply is an important metric because home values across every U.S. pl
Read full post…
Home Supply, Low