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Nov 27

Which Is Better : 15-Year Fixed Rate Mortgage Or 30-Year Fixed Rate Mortgage?

As a home buyer or refinancing household in District of Columbia , 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 … [Read more...]

Oct 09

What’s Ahead For Mortgage Rates This Week : October 9, 2012

Mortgage markets worsened last week for the first time in a month as the U.S. economy showed signs of improvement, and the Eurozone stepped closer to launching its $500 billion euro rescue fund. Conforming mortgage rates in DC rose last week on the whole -- even though Freddie Mac's Primary Mortgage Market Survey proclaimed that they fell. This occurred because Freddie Mac's weekly mortgage rate survey is conducted between Monday and Tuesday each week and, last week, mortgage rates were … [Read more...]

Sep 24

What’s Ahead For Mortgage Rates This Week : September 24, 2012

Mortgage markets improved for the second consecutive week last week as demand for U.S. mortgage-backed bonds remained high. A series of economic reports showed strength in housing and a stability in jobs. Wall Street looked past it, however, to send mortgage rates to their lowest levels in history. One week into the Federal Reserve's newest bond-buying program, the stimulus appears to be working. According to Freddie Mac, the average 30-year fixed rate mortgage rate slipped to 3.49% … [Read more...]

Aug 31

Mortgage Rates Drop For The First Time In 4 Weeks

After 4 weeks of rising costs, DC mortgage rates finally recede. According to Freddie Mac's weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate dropped 7 basis points to 3.59% this week. Depending on where you live, however, you may find that your offered mortgage rates varies. Freddie Mac's "published rate" is a national average based on a survey of more 125 banks. The rates you receive as an individual vary by bank, and vary by region. Mortgage … [Read more...]

Sep 13

Adjustable-Rate Mortgages Starting To Adjust Higher

For the first time in a year, homeowners with adjusting mortgages are facing rising mortgage rates. The interest rate by which many adjustable-rate mortgages adjust has climbed to its highest level since September 2010, and looks poised to reach higher. This is because of the formula by which adjustable-rate mortgage adjust. Each year, when due for a reset, an adjustable-rate mortgage's rate changes to the sum of fixed number known as a "margin", and a variable figure known as an "index". … [Read more...]

Sep 08

After A Pause, Mortgage Guidelines Resume Tightening

Mortgage guidelines appear to be tightening with the nation's largest banks. In its quarterly survey to senior loan officers nationwide, the Federal Reserve uncovered that a small, but growing, portion of its member banks is making mortgage approvals more scarce for "prime" borrowers. A prime borrower is described as one with a well-documented payment history, high credit scores, and a low monthly debt-to-income ratio. Of the 53 responding "big banks", 3 reported that mortgage … [Read more...]

Sep 01

With The Jobs Report Looming, Mortgage Rates May Rise

If you're shopping for a mortgage rate, today may be a good day to lock one down. That's because Friday morning, the Bureau of Labor Statistics will release its Non-Farm Payrolls report for August 2011. The "jobs report" tends to have a big influence on mortgage bonds and mortgage rates in District of Columbia. The jobs report is a monthly issuance, providing sector-by-sector analysis of the U.S. workforce. It also report the national Unemployment Rate. Wall Street expects the August … [Read more...]

Aug 05

Mortgage Rates Make New 2011 Lows

Mortgage rates in District of Columbia plunged to new 2011 lows this week. According to Freddie Mac's weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage fell to 4.39% this week -- the lowest 30-year fixed reading since November 18, 2010. The 0.16 drop from last week is the largest one-week rate drop in more than 2 years, and, although the 30-year fixed remains above its all-time lows from November 2010, two other benchmark products made new records … [Read more...]

Jul 01

5-Year ARM Falls To Historic Lows

The interest rate differential between fixed-rate and adjustable-rate mortgages continues to widen and has now reached historic levels. There's never been a better time to lock an ARM. According to Freddie Mac's weekly Primary Mortgage Market Survey, homeowners in DC who lock their mortgage rate today will save 129 basis points on rate, on average, by choosing a 5-year ARM as their mortgage product as compared to a 30-year fixed rate loan. The average 30-year fixed rate is 4.51%. The … [Read more...]