It seems that now more than ever, the mortgage and housing markets are made up of the haves and have nots. While the opportunities to recast and pay down debt are plentiful for one audience (the haves), the options for the other audience (the have nots) are few and far between.
According to new data released from CoreLogic, the number of borrowers who are refinancing to shorter-term mortgages is increasing: Read the rest of this entry »
Are you looking for a mortgage rate even lower than five percent, but not interested in an adjustable rate mortgage? Have you considered a 15-year fixed-rate loan? Like the 30-year conforming rate, 15-year rates are at historic lows:
The move to shorter-term loans comes as rates on these mortgages have dropped to near historical lows. Rates on 15-year fixed-rate conforming mortgages averaged 4.46% last week, according to HSH Associates in Pompton Plains, N.J., well below their recent high of 5.25% in mid-June. Rates on 30-year fixed-rate conforming loans averaged 4.99%, or about half a percentage point higher.
Eager to rid themselves of debt as quickly as possible, many borrowers are turning to 15-year mortgage loans over the more conservative 30-year fixed loan. With interest rates some 30 points lower than 30-year loans, and the prospect of paying off your debt in half the time, more and more borrowers are convinced that a 15-year loan is the best way to save thousands.
It’s true — in comparison to a 30-year loan, paying off your mortgage in 15 years will save you thousands in interest payments: Read the rest of this entry »
HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.
