Mortgage rates on U.S. homes like these in suburban Salt Lake City have dropped to levels not seen since November 2016. WASHINGTON -- U.S. long-term mortgage rates fell sharply this week, with the benchmark 30-year loan touching its lowest level since November 2016. Financial markets around the globe have been rattled by anxiety over the U.S.-China trade war, sending investors fleeing from stocks to the safety of bonds and pushing bond interest rates to record lows. Mortgage buyer Freddie Mac -- the Federal Home Loan Mortgage Corp. -- said Thursday that the average rate on the 30-year mortgage dropped to 3.60% from 3.75% last week. A year ago the rate stood at 4.59%. The average rate for 15-year, fixed-rate home loans tumbled to 3.05% from 3.20%. The roiling markets reflected fears that trade tensions between the U.S. and China could cripple global economic growth. Before Monday's 3% drop in the S&P 500 U.S. stock index, investors hadn't seen a loss of even half that size since … [Read more...] about Long-term mortgage rates in steep drop; 30-year falls to 3.6%
Best 20 year refinance rates
By Holden Lewis of NerdWallet Published July 13, 2019 Personal Finance NerdWallet.com Facebook Twitter Comments Print video MBS Highway CEO on mortgage rates: We’re going to see the lowest rates we have ever seen MBS Highway founder & CEO Barry Habib gives his take on the U.S. housing market and explains why Americans should refinance their homes. Mortgage rates have fallen so much lately that millions of homeowners might benefit by refinancing — even if they bought a home just last year. A typical refinancer could save more than $150 a month. Continue Reading Below Some homeowners have gotten the message: Refinance applications have almost doubled compared to a year ago, according to the Mortgage Bankers Association. But many homeowners might be unaware that mortgage rates have declined so dramatically that they could save money by refinancing. MORE FROM FOXBUSINESS.COM IT'S PEAK MOVING SEASON: SHOULD YOU RENT OR BUY? … [Read more...] about Good time to refinance your mortgage?
Holden Lewis, NerdWallet Published 7:02 pm CDT, Friday, June 28, 2019 This article was first published on NerdWallet.com. Mortgage rates have fallen so much lately that millions of homeowners might benefit by refinancing — even if they bought a home just last year. A typical refinancer could save more than $150 a month. Some homeowners have gotten the message: Refinance applications have almost doubled compared to a year ago, according to the Mortgage Bankers Association. But many homeowners might be unaware that mortgage rates have declined so dramatically that they could save money by refinancing. Many potential refinancers One rule of thumb says to consider refinancing if you can cut the mortgage rate by three-quarters of a percentage point. By that measure, 5.9 million homeowners could benefit by refinancing into today’s mortgage rates, according to Black Knight, a technology, data and analytics provider for the mortgage industry. About 953,000 of … [Read more...] about Consider a Mortgage Refinance, Even If You Bought Recently
Adjustable-rate mortgages, known as ARMs, are back, despite having earned a bad reputation at the height of the housing crisis. Post-crisis borrowers saw them as risky because of their changing interest rates and blamed the glut of foreclosures on the inability of homeowners to handle higher payments when the loans reset. "ARMs became a four-letter word after the housing crisis," says Ann Thompson, a retail sales executive for Bank of America in San Francisco. "They got a bad rap and were lumped in with 'pick-a-payment' loans, which allowed people to pay as little or as much as they wanted on their mortgage."Lately there's been a resurgence in ARMs. In January 2019, 8.6 percent of new mortgage loans had an adjustable rate, compared with 5.5 percent in January 2018, according to Ellie Mae, a software company that processes 35 percent of mortgages in the United States.One reason for the resurgence could be the safeguards in place that make today's ARMs less risky than those approved … [Read more...] about Adjustable-rate mortgages: Are they worth it?
Susan Tompor Detroit Free Press Published 6:00 AM EST Jan 3, 2019 Many times, the New Year kicks off with a huge financial hangover. But this year, we're looking at even more reasons to keep an eye on our money. All sorts of economic headwinds will influence everything from how much we pay for gas to how much we take home in our paychecks to the size of our tax refunds in 2019. Here's a look at some trends that could hit your wallet in the New Year: Gas prices may rise No, your eyes aren't playing tricks when you just spotted a sign for gas at less than $2 a gallon. Michigan is one of 13 states with average gas prices below $2, according to GasBuddy.com. You'd have to go back to April 11, 2016, to find prices that low. Just a year ago, Michigan drivers were paying an average of $2.67 a gallon. Consumers are saving nearly 68 cents a gallon — which adds up to roughly $8 per average fill-up, according to Patrick DeHaan, head of petroleum analysis at … [Read more...] about Gas prices, mortgage rates kick off the New Year by going down