Home Mortgages: Should You Apply Now?
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.
 Google News Updated : Fri, 05 Sep 2008 14:05:39 GMT Lavrov rejects Cheney's attack on Russia - CNN International
CNN International - By CNN's Matthew Chance MOSCOW, Russia (CNN) -- Russia on Friday rejected sharp criticism by US Vice President Dick Cheney that its intervention in Georgia raises doubts about Moscow's reliability as an international partner. Video: Cheney Slams Russia for War Against Georgia Russia says Cheney fanning Georgian aggression Publ.Date : Fri, 05 Sep 2008 12:45:40 GMT PIECING TOGETHER A PLEA How the deal got done - Detroit Free Press
Detroit Free Press - BY JOE SWICKARD • FREE PRESS STAFF WRITER • September 5, 2008 Prosecutors rolled Detroit Mayor Kwame Kilpatrick's plea deal into court Thursday praying the wheels wouldn't fall off. Detroit Mayor Acknowledges 'Poor Judgment' Detroit mayor pleads guilty, to leave office Publ.Date : Fri, 05 Sep 2008 07:57:24 GMT Dell looks to sell factories worldwide - CNNMoney.com
CNNMoney.com - By Scott Moritz Dell (DELL) is getting more serious about trimming costs and is exploring plans to sell its PC manufacturing plants, according to a news report Friday. Dell said to consider sale of factories Ahead of the Bell: Dell may sell plants, WSJ says Publ.Date : Fri, 05 Sep 2008 13:15:09 GMT Lebanese ruling majority accuses Syria of interfering in Lebanon - Xinhua
Xinhua - BEIRUT, Sept.5 (Xinhua) -- Lebanese ruling majority accused Syrian President Bashar Assad of interfering in Lebanese internal affairs and not recognizing Lebanon's sovereignty, local press Naharnet reported Friday. Video: Sarkozy in Syria : the press is divided Editor's Notes: A losing battle, so far Publ.Date : Fri, 05 Sep 2008 11:59:29 GMT In Long-Awaited Maps of Cancer, The Breakthrough Is the Problem - Wall Street Journal Wall Street Journal - By GAUTAM NAIK After struggling for years to improve the treatment of cancer, scientists now hope to fight the disease with the help of the same techniques that deciphered the human genome eight years ago: mapping it. What You Need to Know About Mapping the Cancer Genome Data on defective genes make tailored remedies possible Publ.Date : Fri, 05 Sep 2008 04:01:28 GMT Nokia Forecasts Drop in Third-Quarter Market Share (Update1) - Bloomberg
Bloomberg - By Juho Erkheikki Sept. 5 (Bloomberg) -- Nokia Oyj, the world's biggest maker of mobile phones, forecast a drop in third-quarter market share after competitors slashed prices and a new handset was delayed. Nokia Sees Market Share Slipping in Third Quarter Nokia Lowers its Third Quarter 2008 Mobile Device Market Share Outlook Publ.Date : Fri, 05 Sep 2008 12:50:07 GMT Reviews of McCain's speech - MSNBC
MSNBC - The AP’s Ron Fournier says McCain “preached bipartisanship and unity from a stage retooled to carry him out to the Republican faithful. McCain: I work for you ‘Change is coming,’ McCain tells GOP in speech Publ.Date : Fri, 05 Sep 2008 13:35:16 GMT How to Earn Money At Home |
PARLOT::Ebooks, Scripts,
Websites, and more... When applying for a mortgage loan when you have a... Read More A few years ago, if you had a bankruptcy or... Read More As the term implies, with a fixed rate mortgage the... Read More Being self employed has many benefits. When you are self-employed,... Read More If you are a homeowner, you've probably received offers to... Read More There are many benefits and drawbacks to consider when deciding... Read More "We will help every Council Tenant to become Home Owners"... Read More A jumbo mortgage is different than a conforming loan. A... Read More This is a great time to Refinance Your Home or... Read More Have you heard about or been interested in finding out... Read More A home owners' insurance is the cover for the house... Read More Most borrowers have heard of FHA home loans. They are... Read More Are you one of the millions of Americans who will... Read More This article will help you understand the differences between a... Read More How does an ARM work.The borrowers interest rate is determined... Read More As with all of my articles this will be based... Read More One of the most important steps in the home buying... Read More "Mortgage" is formed from two words: the French word "mort"... Read More The purchase of a new home is one of the... Read More There's more Regulation Z compliance on the way, courtesy of... Read More Tracing back, the concept of reverse mortgages began when one... Read More Just because you have negative items on your credit report... Read More Refinancing lenders seems to hold all the cards. They have... Read More Are you thinking of buying a home? If so, then... Read More So, you've decided to buy a house, and you're ready... Read More
Adsense
websites
Bad Credit Mortgage Loans Online - How Your FICO Credit Score Can Affect Your Loan Approval
Buying a Home With Bad Credit - Get Approved With a Recent Bankruptcy or Foreclosure
What is a Fixed Rate Mortgage?
Self Employed Mortgage Loan ? Getting a Mortgage When You?re Self Employed
10 Things to Look for in a Home-Equity Line of Credit
Fixed Rate Mortgage Loans - Understand the Pros and Cons of the Fixed Rate Mortgage
Council Right to Buy Mortgage ? Helping Everyone Have a Home of
Jumbo Home Mortgage Loans - What They Are and Where To Get Jumbo Loan Financing
Mortgage Info You Can Actually Understand!
Option One Mortgage Loans ? Getting an Option ARM or Option One Mortgage Loan
Homeowners? insurance: The mortgage connection
FHA Home Mortgage Purchase or Refinance Loan - Why You Might Consider Getting an FHA Loan
Home Mortgage Refinancing ? What?s in Your Contract?
Choosing The Right Mortgage For You
Adjustable Rate Mortgage - How They Work?
Where To Find The Best Rates For Your Mortgage?
Why Get Pre-Approved For A Mortgage?
What Are Mortgage Brokers And Why To Use One
How to Find the Best Mortgage
Home Equity Loan Improvements
Mortgage: For Those Twilight Years
Home Loans for Credit Challenged Borrowers
Home Loan Refinancing - What Lenders Dont Want You To Know
The Best Way To Get The Right Mortgage
New Home Loan - Understand The Various Types Of Mortgage Lenders
Affordable and Reliable Web Hosting Starting at $4.49/Month
Jumbo Home Mortgage Loans - What They Are and Where To Get Jumbo Loan Financing
A jumbo mortgage is different than a conforming loan. A... Read More
Home Equity Loan ? Home Theater Adds Fun and Value
In days gone by, the family typically spent their evenings... Read More
Securing a Cheap Home Improvement Loan
Finding a cheap home improvement loan can be a challenge... Read More
Student Home Purchase Plan
Tuition costs are climbing, housing costs are climbing, it seems... Read More
Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender
If you have bad credit and are looking to get... Read More
Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?
Online home mortgage quotes are very similar to the quotes... Read More
Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again
Slight increases in the interest rates raise your hackles. Tension... Read More
Home Equity Loan ? Not Just For Home Repairs, And Tax Deductible, Too!
Thanks to the combination of low interest rates and skyrocketing... Read More
VA Loans, A Gift from Uncle Sam
Uncle Sam has a gift for the men and women... Read More
Kingsland Saint Marys & Kings Bay Real Estate - VA Mortgage Information For Home Buyers
A VA guaranteed mortgage is the usually the best way... Read More
Your Mortgage Rate Compare and Save
When trying to obtain the best mortgage rate compare offers... Read More
Cash Out Refinance Mortgage Loans ? Home Equity, 2nd Mortgage or Cash Out Refinance Loan
There are some definite benefits to doing a cash out... Read More
Home Equity Loan ? Beware of the lingering lien!
A problem that often arises when people try to refinance... Read More
Fixed Rate Mortgage vs. Adjustable Rate Mortgage
The most basic distinction between types of mortgages that are... Read More
What Your Mortgage Lender Is Not Telling You About Accelerated Mortgages
For years, mainstream banks and financial advisors have been recommending... Read More
What is a Reverse Mortgage?
Simply stated, a reverse mortgage is a loan that enables... Read More
Free Home Equity Loan Information
Home equity loan information can sometimes be confusing and misleading.... Read More
Why You Should Not Get Hung Up on the Interest Rates!!
This is what a mortgage can do for you!AND Why... Read More
First Time Buyer Home Loans - Things To Consider When Applying Online
As a first time home buyer, there are several things... Read More
Mortgage Tips For The Frantic
It is a curious fact of human nature that people... Read More
Home Loans For People With Poor Credit - Understanding The Requirements For a Subprime Mortgage
Home loans for people with poor credit demand that you... Read More
What is an Interest Only Mortgage?
An Interest Only Mortgage is one where the repayments are... Read More
Why Choose a Remortgage?
A remortgage can be used for the purpose of gaining... Read More
Mortgage Loan Most Bankers Wont Give May Be Exactly What You Need to Buy or Refinance Your Home
A few years ago, a loan officer who worked for... Read More
Mortgage-Refinance Loan Can Put Cash in Your Pocket
Do you need cash? Here's a mortgage for you. If... Read More
Mortgage Refinance |