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

Nov 27

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

November 27, 2012 By Justin Paulhamus Leave a Comment

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...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: 15-Year Fixed Rate Mortgage, 30-Year Fixed Rate Mortgage, Amortization, Choice, Fixed interest, Fixed rate mortgage, Floating interest rate, Loan, Mortgage loan, Payment, Point (mortgage)

Nov 13

When It Pays To Refinance Your Mortgage — Literally

November 13, 2012 By Joshua Oliver Leave a Comment

To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: Adjustable-rate mortgage, Closing Costs, Fixed interest, Fixed rate mortgage, Home equity, Loan, Loan Term, mortgage, Mortgage loan, Refinance, Refinancing

Oct 16

Buyers Win 6.6 Percent Increase In Purchasing Power

October 16, 2012 By Joshua Oliver Leave a Comment

Mortgage rates in District of Columbia continue to troll near all-time lows, boosting the purchasing power of home buyers statewide. According to Freddie Mac's most recent Primary Mortgage Market survey, the average 30-year fixed rate mortgage is now 3.39 percent nationwide, just three ticks off an all-time low. At the start of last quarter, 30-year fixed rate mortgage rates averaged 3.62 percent. One year ago, they averaged 4.12%. When mortgage rates are falling, they present DC home … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Buyer, Fixed rate mortgage, Freddie Mac, Market research, Mortgage loan, mortgage rates, Purchasing Power, U.S. Housing Market, washington dc

Oct 15

What’s Ahead For Mortgage Rates This Week : October 15, 2012

October 15, 2012 By Jessica Wilkie Leave a Comment

Mortgage markets improved slightly last week. With a dearth of new U.S. economic data due for release, investors turned their collective attention to the Europe, China, and the Middle East. U.S. mortgage rates fell slightly in the holiday-shortened week. The combination of civil protests, economic slowdowns, and growing political tensions caused investors to dump risky assets in favor of the relative safety provided by the U.S. mortgage bond market. According to Freddie Mac, the average … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: China, District of Columbia, Fixed rate mortgage, Freddie Mac, Greece, Middle East, mortgage, Mortgage loan, Point (mortgage), Wall Street, washington dc

Oct 09

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

October 9, 2012 By Justin Paulhamus Leave a Comment

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...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Beige Book, Bureau of Labor Statistics, Eurozone, Federal Reserve System, Fixed rate mortgage, Freddie Mac, Greece, Mortgage loan, Non-Farm Payrolls, Wall Street

Sep 24

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

September 24, 2012 By Justin Paulhamus Leave a Comment

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...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Federal Reserve System, Fixed rate mortgage, Freddie Mac, Housing Starts, Mortgage loan, National Association of Realtors, PCE, Point (mortgage), QE3, Wall Street

Aug 31

Mortgage Rates Drop For The First Time In 4 Weeks

August 31, 2012 By Justin Paulhamus Leave a Comment

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...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: 30-Year Fixed, Fixed rate mortgage, Freddie Mac, mortgage, Mortgage loan, North Central Region, PMMS, Point (mortgage), real estate, washington dc

Aug 17

Mortgage Rates Rise For Third Straight Week

August 17, 2012 By Jessica Wilkie Leave a Comment

Mortgage rates in DC keep on rising. According to Freddie Mac's weekly Primary Mortgage Market Survey, for the third straight week, the 30-year fixed rate mortgage rate rose, this time tacking on 3 basis points on a week-over-week basis to 3.62%, on average, nationwide. The 3.62% mortgage rate is available to mortgage applicants willing to pay 0.6 discount points plus a full set of closing costs. Freddie Mac's published mortgage rates are compiled from a 125-bank … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: 30-Year Fixed, Ben Bernanke, Federal Open Market Committee, Fixed rate mortgage, Freddie Mac, Mortgage loan, North Central Region, PMMS, Point (mortgage)

Jun 22

Mortgage Rates Make New Lows At 3.66%

June 22, 2012 By Joshua Oliver Leave a Comment

Mortgage rates have resumed their downward trend. According to Freddie Mac's weekly Primary Mortgage Market Survey, the national average 30-year fixed rate mortgage rate fell 5 basis points to 3.66% this week. The rate is available to "prime" borrowers who are willing to pay, on average, 0.7 discount points plus a full set of closing costs. 30-year fixed rate mortgage rates are down in seven of the last eight weeks but, depending where you live, the mortgage rates made available to you … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Closing Costs, Discount Points, Fixed rate mortgage, Freddie Mac, Mortgage loan, North Central Region, PMMS, Point (mortgage)

May 09

With LIBOR Low, Don’t Rush To Refinance Your ARM

May 9, 2012 By Jessica Wilkie Leave a Comment

Is your mortgage scheduled to adjust this season? You may want to let it. This year's ARM-holding homeowners in District of Columbia are finding out that an adjusting mortgage may be the simplest way to get access to today's low mortgage rates -- without paying the closing costs. Currently, conventional adjustable-rate mortgages are adjusting to near 3.00 percent. If your home is financed via an adjustable-rate mortgage, you're likely cognizant of your loan's life-cycle. At first, your … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: Adjustable-rate mortgage, Adjustable-Rate Mortgages, ARM, Closing Costs, Fixed rate mortgage, LIBOR, Loan, Mortgage loan, Percentage, Teaser rate