As a home buyer or refinancing household in Phoenix , you have choices with respect to your mortgage. You can choose a loan with accompanying discount points in exchange for lower mortgage rates; you can choose adjustable-rate loans over fixed rate ones; and, you can choose loans with principal + interest repayment schedules or repayments which are interest only, as examples. For borrowers using fixed rate loans, there's also the choice between the 30-year and 15-year fixed rate mortgage. Each has its positives and negatives and neither is "better" than the other. Choosing your most … [Read more...]
Freddie Mac 30-Year Fixed Rate Mortgage Rates Rises To 3.55%
Mortgage rates couldn't fall forever, it seems. This week, for the first time since mid-June, the 30-year fixed rate mortgage rate climbed on a week-over-week basis, moving 6 basis points to 3.55%, on average, nationwide. According to Freddie Mac, 3.55 percent is the highest average rate at which the benchmark product has been offered in close to 4 weeks. The Freddie Mac published mortgage rate is available for prime borrowers willing to pay a full set of closing costs plus an accompanying 0.7 discount points. Discount points are a one-time, upfront mortgage loan fee to be paid at closing … [Read more...]
Mortgage Rates Down 1 Percent In One Year
Another week, another new low for mortgage rates. According to Freddie Mac's weekly Primary Mortgage Market Survey, the 30-year fixed rate mortgage rate fell 3 basis points to 3.53% last week nationwide. The 3.53% mortgage rate is available to mortgage applicants who are willing to pay 0.7 discount points, on average, plus a full set of closing costs. One year ago, the 30-year fixed rate mortgage rate was 4.52%. Today, it's nearly one percent lower. For every $100,000 borrowed at today's rates as compared to July 2011, a mortgage applicant will save $57 per $100,000 borrowed, or $684 per … [Read more...]
