Compare Mortgage Rates: Fixed Rate Mortgages, Mortgage Refinance, Home Mortgages
News Brief
- Mortgage Rates Declined by a point to 4.56%.
The 30-year fixed mortgage rate declined to 4.56% this past week from 4.57%. The 15-year fixed mortgage rate dropped to 4.03%, and the once popular 5-year ARM (adjustable rate mortgage) decreased to 3.79%.
Many homeowners can benefit by refinancing their mortgages as mortgage rates remain at these historically low rates. A 1% reduction in your mortgage rate on a $250,000 30-year mortgage can generate a monthly savings of $154, or $1,846 for the year. You can use our mortgage loan calculator to calculate your savings by refinance at today’s mortgage rate, or take advantage of our mortgage pre-approval calculator to find out the maximum mortgage you can qualify to refinance.
The Mortgage Bankers Association (MBA) weekly survey of mortgage activity for the week ending July 2, 2010 shows a 6.7% increase in mortgage loan application from one week earlier, as homeowners took advantage of these historic low mortgage rates.
The level of refinance applications increased to a new 13-month high. However, purchase applications for June declined almost 15% relative to the prior month, and were down more than 30% compared to April.
The 30-year fixed mortgage rate declined to 4.56% this past week from 4.57%. The 15-year fixed mortgage rate dropped to 4.03%, and the once popular 5-year ARM (adjustable rate mortgage) decreased to 3.79%.
Many homeowners can benefit by refinancing their mortgages as mortgage rates remain at these historically low rates. A 1% reduction in your mortgage rate on a $250,000 30-year mortgage can generate a monthly savings of $154, or $1,846 for the year. You can use our mortgage loan calculator to calculate your savings by refinance at today’s mortgage rate, or take advantage of our mortgage pre-approval calculator to find out the maximum mortgage you can qualify to refinance.
The Mortgage Bankers Association (MBA) weekly survey of mortgage activity for the week ending July 2, 2010 shows a 6.7% increase in mortgage loan application from one week earlier, as homeowners took advantage of these historic low mortgage rates.
The level of refinance applications increased to a new 13-month high. However, purchase applications for June declined almost 15% relative to the prior month, and were down more than 30% compared to April.
Mortgage Terms
Mortgage Lenders
Obtaining the Best Mortgage Rates
Shopping for a mortgage or home loan can help you get the best financing deal - mortgage rate. A mortgage - whether it is to finance a new home purchase, refinancing of an existing mortgage, or obtaining a home equity loan for home improvement - is a product, so the price - mortgage rate - and terms are negotiable.
Factors to consider for when comparing Mortgages and Mortgage Rates
It’s always important to compare among several lenders the mortgage interest rates, fees, and closing costs involved in obtaining a mortgage. Shopping, comparing, and negotiating can save you significant dollars.
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Obtain information from several lenders, either separately or through you mortgage broker
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Get a list and amount of all the costs, fees and interest rates - mortgage rates - and points
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Obtain a current credit report, address and repair any credit issues that can affect your qualification for a mortgage.
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Obtain the best mortgage rate by always shopping, comparing and negotiating.
- Mortgage Rates
- Fixed Rate Mortgages
- Mortgage Refinance Rates
- Home Mortgage Rates
- Interest Only Mortgage Rates
- Mortgage Refinancing Rates
- Bad Credit Mortgage Rates
- Mortgage Loan Calculator
Mortgage Lenders
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Chase Mortgage
Wells Fargo Mortgage
Wachovia Mortgage
Bank of America Mortgage
References:
US Govt: Learn About Making Home Affordable
Mortgage Bankers Association: Mortgage news and more
FDIC: Consumer Protection - Loans & Mortgages
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Financial overhaul targets lending practices of mortgage crisis.
Included in the sweeping financial legislation being considered by Congress are little-publicized provisions aimed at preventing a repeat of the mortgage meltdown that ultimately doomed global financial markets.
The provisions are designed to curb abusive lending practices that lured people into ill-suited mortgage loans prone to foreclosure.
The provisions would change the way loan officers are compensated, hold lenders responsible for the mortgage loans they make, require them to extend mortgages only to borrowers who can repay them and limit penalties for those who pay off their loans early.
A key provisions deals with the compensation of loan officers and mortgage broker. The provisions would bar lenders from sweetening compensation for mortgage loans with higher rates or other features, such as prepayment penalties.
It would bar prepayment penalties on adjustable-rate mortgage loans, subprime mortgages and mortgages, for instance, that have excessively high fees or interest rates. For standard fixed-rate mortgages, the penalties would be allowed only in the first three years. Lenders would have to document a borrower's income and assets, and so-called “no documentation” loans would be prohibited.
Included in the sweeping financial legislation being considered by Congress are little-publicized provisions aimed at preventing a repeat of the mortgage meltdown that ultimately doomed global financial markets.
The provisions are designed to curb abusive lending practices that lured people into ill-suited mortgage loans prone to foreclosure.
The provisions would change the way loan officers are compensated, hold lenders responsible for the mortgage loans they make, require them to extend mortgages only to borrowers who can repay them and limit penalties for those who pay off their loans early.
A key provisions deals with the compensation of loan officers and mortgage broker. The provisions would bar lenders from sweetening compensation for mortgage loans with higher rates or other features, such as prepayment penalties.
It would bar prepayment penalties on adjustable-rate mortgage loans, subprime mortgages and mortgages, for instance, that have excessively high fees or interest rates. For standard fixed-rate mortgages, the penalties would be allowed only in the first three years. Lenders would have to document a borrower's income and assets, and so-called “no documentation” loans would be prohibited.