Feb
17
Refinance-Unwind the Trapped Equity
Filed Under Refinance | Leave a Comment
The reigning credit crunch has disturbed the financial equilibrium of many people around the globe. Aftermath of subprime mortgage crisis was felt the world over and the housing market is yet to recuperate fully. With such a situation prevailing, there are many who successfully manage to tap the equity in their homes. It has been made possible due to reduction in the mortgage rates.
Refinancing activities increased
Statistical data indicates that the fixed rate mortgage for a 30 year loan term dropped by 1.3 points from 6.46% to 5.14% during the period October 2008. The fixed rate mortgage rates for a 15 years loan term has also registered a sharp decline from 6.19% to 4.91%.
Reports also suggest that mortgage refinance escalated by 60% during the 2nd week of December 2008 (according to Mortgage Bankers Association). The increase in mortgage refinance activity could be traced as there were marked changes in the refinance index of Mortgage Bankers Association which keeps a track of all the refinance loan applications.
Mortgage refinance has gone down well with consumers who think they are being able to save a good deal by making lower mortgage payments. The amount that the consumers are saving is being spent mostly for building up an emergency fund or to save it for the rainy day.
Eligibility criteria for mortgage refinance are still stringent
Even though consumers are trying hard to utilize their property by opting for refinancing, not all are qualifying for the same. There are 2 reasons for this. The first reason is that the norms and requirements for qualifying for refinance have been made more stringent. The second reason is that the housing values have declined drastically.
Creditors are usually giving preference to borrowers having 20% equity in their property. However, a borrower can opt for private mortgage insurance in the event he has less than 20% equity in the property.
Refinance is a good option when there are several debts that need to be settled. It is better to opt for refinancing even if the rate available is 1% less than interest rate, the homeowner is currently paying. With the bursting of the housing bubble, lenders have become very cautious and tend to disqualify any loan application that appears to be a risky deal for them.
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Dec
13
Todays Current Mortgage Interest Rates December 13 2007
Filed Under 10 Year Treasury, ARM, Adjustable Rate Mortgage, Cost of Funds Index (COFI), Freddie Mac, Interest Rates, Mortgage Interest Rate Projections, Mortgage News, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates December 13 2007. Fixed mortgage rates are UNCHANGED from Wednesday December 12 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is UNCHANGED and 15 Year Fixed are UNCHANGED - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates are UP. The 10 year treasury bond is UP to 4.15%.
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Dec
11
Todays Current Mortgage Interest Rates December 11 2007
Filed Under 10 Year Treasury, Adjustable Rate Mortgage, Freddie Mac, Interest Rates, Mortgage News, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates December 11 2007. Fixed mortgage rates are DOWN from Monday December 10 2007, while adjustable mortgage rates are DOWN - Today’s 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is DOWN the 3/1 ARM Mortgage Interest Rates are UP. The 10 year treasury bond is UP to 4.11%.
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Dec
7
Todays Current Mortgage Interest Rates December 7 2007
Filed Under 10 Year Treasury, Adjustable Rate Mortgage, Freddie Mac, Interest Rates, Mortgage Interest Rate Projections, Mortgage News, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates December 7 2007. Fixed mortgage rates are DOWN from Thursday December 6 2007, while adjustable mortgage rates are DOWN - Today’s 30 Year, is UP and 15 Year Fixed are DOWN - while as the 5/1 is DOWN the 3/1 ARM Mortgage Interest Rates are UP. The 10 year treasury bond is UP to 4.05%.
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Dec
6
Todays Current Mortgage Interest Rates December 6 2007
Filed Under 10 Year Treasury, Adjustable Rate Mortgage, Interest Rates, Mortgage Interest Rate Projections, Mortgage News, Prime Lending Rate, Prime Mortgage Market, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates December 6 2007. Fixed mortgage rates are UNCHANGED from Wednesday December 5 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is UNCHANGED and 15 Year Fixed are UNCHANGED - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates are UNCHANGED. The 10 year treasury bond is UP to 3.98%.
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Dec
4
Todays Current Mortgage Interest Rates December 4 2007
Filed Under 10 Year Treasury, Adjustable Rate Mortgage, Interest Rates, Mortgage Interest Rate Projections, Mortgage News, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates December 4 2007. Fixed mortgage rates are UNCHANGED from Friday November 30 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is UNCHANGED and 15 Year Fixed are UNCHANGED - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates is UP. The 10 year treasury bond is DOWN to 3.85%.
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Dec
3
Todays Current Mortgage Interest Rates December 3 2007
Filed Under 10 Year Treasury, Adjustable Rate Mortgage, Freddie Mac, Interest Rates, Mortgage Interest Rate Projections, Mortgage News, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates December 3 2007. Fixed mortgage rates are DOWN from Friday November 30 2007, while adjustable mortgage rates are DOWN - Today’s 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is DOWN the 3/1 ARM Mortgage Interest Rates is UP. The 10 year treasury bond is DOWN to 3.89%.
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Nov
29
Todays Current Mortgage Interest Rates November 29 2007
Filed Under 10 Year Treasury, Adjustable Rate Mortgage, Freddie Mac, Interest Rates, Mortgage Interest Rate Projections, Mortgage News, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates November 29 2007. Fixed mortgage rates are UNCHANGED from Wednesday November 28 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates is UNCHANGED as well . The 10 year treasury bond is DOWN 3.96%.
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Nov
28
Todays Current Mortgage Interest Rates November 28 2007
Filed Under 10 Year Treasury, Adjustable Rate Mortgage, Freddie Mac, Interest Rates, Mortgage Interest Rate Projections, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates November 28 2007. Fixed mortgage rates are UNCHANGED from Tuesday November 27 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates is UNCHANGED as well . The 10 year treasury bond is DOWN to 3.97%.
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Nov
27
Todays Current Mortgage Interest Rates November 27 2007
Filed Under 10 Year Treasury, ARM, Adjustable Rate Mortgage, Freddie Mac, Interest Rates, Mortgage Interest Rate Projections, Mortgage News, Prime Lending Rate, Purchase, Refinance, Today's Mortgage Interest Rates, Todays Economy | Leave a Comment
Today’s Current Mortgage Interest Rates November 27 2007. Fixed mortgage rates are UNCHANGED from Monday November 26 2007, while adjustable mortgage rates are UNCHANGED - Today’s 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates is UNCHANGED as well . The 10 year treasury bond is DOWN 3.90%.
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