If you're thinking about applying for a new mortgage or refinancing your current mortgage, you might want to take action now.
In its survey this week (the week of Aug. 1), Freddie Mac, the corporation that finances many of the country's mortgages, reported that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.82 percent. This represents the fifth week in a row that the rate on fixed-rate mortgages has gone up. This increase put the rate is at its highest since it averaged 5.91 percent for the week ending April 14.
That's the not-so-good news. The good news is that rates on 30-year mortgages are still reasonable and have, in fact, stayed below 6 percent for all but two weeks this year.
This, of course, would be for a new mortgage. If you are thinking of refinancing your current mortgage, you might want to look into a 15-year, fixed rate mortgage. The rates on these mortgages averaged 5.38 percent this week. This compares with an interest rate average of 5.34 percent last week.
Frank Nothaft, Freddie Mac's chief economist, has said that "Long-term mortgage rates will more than likely rise over the next few months."
Also, the Federal Reserve is expected to continue to increase a key short-term interest rate. It has increased this rate ten times since it began to tighten credit in June of 2004 and is expected to continue to increase this rate.
Keep in mind that the nationwide interest rate averages quoted here do not include add-on fees known as points. Both 30-year and 15-year fixed-rate mortgages currently carry an average fee of 0.6 point
Last year at this time, 30-year mortgages had an average interest rate of 5.99 percent and 15-year mortgages were at 5.40 percent. This means that right now, your interest rate on a new mortgage would probably be slightly less than a year ago.
So, if you need a new mortgage or want to refinance your existing mortgage, now could be a pretty good time.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com.
One of the most important steps in the home buying... Read More
Adjustable rate mortgages can be very tempting to home buyers,... Read More
Chances are you may need a little extra money to... Read More
A Bridging Loan is a short-term loan used as a... Read More
Finding the right buy to let mortgage is crucial to... Read More
Types of UK MortgagesYou may be wasting your money with... Read More
Finding a good lender to help you with refinancing your... Read More
Finding a cheap home improvement loan can be a challenge... Read More
As interest rates have risen in the last six weeks... Read More
If your down payment on a home is less than... Read More
If you are a homeowner, you've probably received offers to... Read More
Sub prime lenders handle high risk mortgage loans that traditional... Read More
Trying to find a quick homeowner loan can seem difficult... Read More
If you are looking to refinance in New York, it... Read More
Refinancing your home is a major decision not to be... Read More
Californians are passionate people. I know. I have lived in... Read More
Home prices have reached record levels, and in many parts... Read More
Before you borrow money on your home's equity, think twice... Read More
Money is like music, if managed well, produces a good... Read More
Sub prime lenders come in two groups: reasonable and unreasonable.... Read More
So you have a mortgage on your home or planning... Read More
Private lenders, banks, and mortgage companies are all setting up... Read More
Households across the country are finding themselves in a similar... Read More
So, you've decided to buy a house, and you're ready... Read More
Your goal is not only to find the best rates... Read More
When you consider that the average home owner will pay... Read More
When the bills are piling up and there doesn't seem... Read More
With mortgage rates near 20-year lows, competition in the mortgage... Read More
Refinancing your home mortgage can come with some great perks.... Read More
With the low interest rates being offered by lenders today,... Read More
When it comes to American spending habits, the sad truth... Read More
There are several reasons why you might be in the... Read More
A Self-Certification mortgage is a mortgage designed for people who... Read More
The answer depends on several factors including your financial situation.... Read More
It can happen to anyone, the roof is leaking, the... Read More
You have seen the Commercials on TV go this or... Read More
Are you wondering if you can get approved for a... Read More
With mortgage rates continuing on a downward trend, the competition... Read More
When you have poor credit, your list of lenders that... Read More
Buying a house is a very important step in your... Read More
Interest-only loans are quickly becoming a mainstream loan product. Borrowers... Read More
If you are wanting to get a home equity loan,... Read More
Buying a home is usually the largest purchase any of... Read More
Many people choose to take out home improvement loans so... Read More
Will you be asked to pay Private Mortgage Insurance, or... Read More
When looking for a mortgage to meet your needs, consider... Read More
A home equity loan is simply borrowing on the difference... Read More
The real estate market in California is booming. Home values... Read More
Why You Need a Bridge LoanYou have to move fast... Read More
A home owners' insurance is the cover for the house... Read More
For many seniors one of their greatest sources of security... Read More
Since the demise of the stock market in 2000, the... Read More
Few of us invest the time and effort into researching... Read More
Procuration fees paid by some sub-prime lenders are too high.Fact.There... Read More
Have you been turned down for a home loan recently... Read More
It is a curious fact of human nature that people... Read More
Most consumers are aware that a history of paying bills... Read More
Whether you're looking to buy your first home, or trading... Read More
Help is available to borrowers who have claims against their... Read More
With the growing interest in real estate purchasing and speculation,... Read More
Saving money through a mortgage refi is more than just... Read More
Financing your new home loan online can save you time... Read More
Recently I was driving in my Car and I heard... Read More
Mortgage rates typically are based off the current rates of... Read More
The market for mortgage refinancing has been brisk during the... Read More
1. Save on your income tax.Yes, something good can come... Read More
Mortgage Refinance |