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Home Mortgages: Should You Apply Now?
If you're thinking about applying for a new mortgage or refinancing your current mortgage, you might want to take action now.
In its survey this week (the week of Aug. 1), Freddie Mac, the corporation that finances many of the country's mortgages, reported that rates on 30-year, fixed-rate mortgages rose to a nationwide average of 5.82 percent. This represents the fifth week in a row that the rate on fixed-rate mortgages has gone up. This increase put the rate is at its highest since it averaged 5.91 percent for the week ending April 14.
That's the not-so-good news. The good news is that rates on 30-year mortgages are still reasonable and have, in fact, stayed below 6 percent for all but two weeks this year.
This, of course, would be for a new mortgage. If you are thinking of refinancing your current mortgage, you might want to look into a 15-year, fixed rate mortgage. The rates on these mortgages averaged 5.38 percent this week. This compares with an interest rate average of 5.34 percent last week.
Frank Nothaft, Freddie Mac's chief economist, has said that "Long-term mortgage rates will more than likely rise over the next few months."
Also, the Federal Reserve is expected to continue to increase a key short-term interest rate. It has increased this rate ten times since it began to tighten credit in June of 2004 and is expected to continue to increase this rate.
Keep in mind that the nationwide interest rate averages quoted here do not include add-on fees known as points. Both 30-year and 15-year fixed-rate mortgages currently carry an average fee of 0.6 point
Last year at this time, 30-year mortgages had an average interest rate of 5.99 percent and 15-year mortgages were at 5.40 percent. This means that right now, your interest rate on a new mortgage would probably be slightly less than a year ago.
So, if you need a new mortgage or want to refinance your existing mortgage, now could be a pretty good time.
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MORE RESOURCES updated Tue. August / 11 / 2020
How to get a low-cost mortgage refinance Bankrate.com
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
6 Ways to Slash the Cost of Your Mortgage Refinance MoneyWise.com
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
How much does it cost to refinance? Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
Mortgage Rates Today, August 11, 2020 | Rates climb Bankrate.com
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
How the right questions yield smart mortgage... Kent Reporter
How to Refinance a Jumbo Loan Credible News
Smart Money Podcast: Lower Mortgage Rates, and Moving During a Pandemic StarNewsOnline.com
What Is A No-Closing-Cost Mortgage? Bankrate.com
Bots Help Meet Mortgage Demand Credit Union Times
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
How Does Mortgage Repossession Work? The Motley Fool
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
How to save through refinancing KTAR.com
Just Approved: Run, don't walk to refinance Beaumont Enterprise
Compare mortgage, refinance, insurance, CD rates Bankrate.com
Mortgage refinance: Everything you need to know Fox Business
How to get a jumbo mortgage when lenders are scarce Bankrate.com
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida - South Florida Business Journal
Money Roundup: South Florida GDP plunge worse than national average; Local billionaires made billions in first months of pandemic and more - South Florida South Florida Business Journal
Should a homeowner in their 70s with an underwater mortgage let the property go into foreclosure? - Washington Post
Should a homeowner in their 70s with an underwater mortgage let the property go into foreclosure? Washington Post
Is now the best time to refinance your mortgage? Fox Business
Six Ways COVID-19 Has Affected Home Lending whatcomtalk.com
10 things to know before refinancing your mortgage Fox Business
Sell Rocket Companies: It Is REKT Seeking Alpha
Refinancing boom hits Central Coast Pacific Coast Business Times
'The Market is On Fire': Coronavirus Heats Up Real Estate Market Alongside Record-Low Mortgage Rates - Spectrum News 1
'The Market is On Fire': Coronavirus Heats Up Real Estate Market Alongside Record-Low Mortgage Rates Spectrum News 1
When should you refinance your mortgage? Fox Business
Washington Post: Reverse Mortgage a Possible Option for 'Underwater' Homeowner - Reverse Mortgage Daily
Washington Post: Reverse Mortgage a Possible Option for 'Underwater' Homeowner Reverse Mortgage Daily
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
Is Now the Right Time to Purchase a Home? The Motley Fool
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch