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 06

October Jobs Report Blows Away Estimates; Mortgage Rates Falling

November 6, 2012 By Justin Paulhamus Leave a Comment

Another month, another good showing for the U.S. economy. Mortgage rates are performing surprisingly well after Friday's release of the October 2012 Non-Farm Payrolls report. The Bureau of Labor Statistics' monthly report beat Wall Street expectations, while also showing a giant revision to the previously-released job tallies of August and September. 171,000 net new jobs were created last month against calls for 125,000 and revisions for the two months prior totalled … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Bureau of Labor Statistic, Economy of the United States, Jobs, Mortgage loan, mortgage rates, Non-Farm Payrolls, Point (mortgage), report, Unemployment, Unemployment Rate, Wall Street

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

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

Sep 10

What’s Ahead For Mortgage Rates This Week : September 10, 2012

September 10, 2012 By Justin Paulhamus Leave a Comment

Mortgage markets worsened slightly in last week's holiday-shortened week. As expected, Wall Street took its cues from Europe and from the U.S. jobs market, and mortgage rates moved across a wide range. Home buyers in DC and would-be refinancing households were greeted with wildly varying mortgage rates, depending on which day they loan-shopped. According to Freddie Mac's weekly mortgage rate survey, 30-year fixed rate mortgage rates averaged 3.55% nationwide last week, with an accompanying … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: ECB, European Central Bank, Federal Open Market Committee, Federal Reserve System, FOMC, Freddie Mac, Mortgage loan, Point (mortgage), Wall Street

Sep 04

What’s Ahead For Mortgage Rates This Week : September 4, 2012

September 4, 2012 By Joshua Oliver 1 Comment

Mortgage markets improved last week for the second consecutive week. With no news coming from Europe, Wall Street was focused U.S. economic data and Federal Reserve Chairman Ben Bernanke's planned public speech from the Fed's annual retreat in Jackson Hole, Wyoming. Rate shoppers and home buyers in DC caught a break. The housing market was shown to be improving last week, as was the average household income nationwide -- two events which would have typically moved District of Columbia … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Ben Bernanke, District of Columbia, ECB, European Central Bank, European Union, Federal Reserve, Federal Reserve System, Freddie Mac, Mortgage loan, Non-Farm Payrolls, Point (mortgage), Wall Street, washington dc

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)

Apr 13

Mortgage Rates Fall For Third Straight Week

April 13, 2012 By Mark Mlakar Leave a Comment

After a brief surge north of 4 percent last month, mortgage rates have settled down, near their lowest levels of all-time. According to Freddie Mac's weekly Primary Mortgage Market Survey, for applicants willing to pay 0.7 discount points plus a complete set of closing costs, the average 30-year fixed rate mortgage rate fell to 3.88 percent this week. 0.7 discount points adds $700 to your mortgage closing costs for each $100,000 borrowed. Mortgage rates are down this week on "safe … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: dc, Discount Points, District of Columbia, Fixed rate mortgage, Freddie Mac, mortgage, Mortgage loan, North Central Region, Point (mortgage), Spain, Wall Street, washington dc