Current VA home mortgage rates

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If you put down at least 20% of the purchase price, you typically won't have to pay for private mortgage insurance (PMI). And when you put down more, you're more likely to qualify for lower interest rates. Putting down more money will likely save you more money over the life of the loan. Learn more about mortgage down payments.

Adjustable-rate mortgage (ARM)

A mortgage or home equity loan in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. Lenders may charge a lower interest rate for the initial period of the loan. Most ARMs have a rate cap that limits the amount the interest rate can change, both in an adjustment period, and over the life of the loan. Also called a variable-rate mortgage.

Annual percentage rate (APR)

The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, however, it includes other charges or fees to reflect the total cost of the loan. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans.

Interest rate

Cost for the use of a loan, usually expressed as a percentage of the loan, paid over a specific period of time. The interest rate does not include fees charged for the loan. See also: annual percentage rate (APR).

Fixed-rate mortgage

A home loan with a predetermined fixed interest rate for the entire term of the loan.

Discount points

Typically, it’s an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower or “buy down” the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100, 000 mortgage would cost $2, 000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also called mortgage points or points.

Purchase price/sales price

The total amount paid by a buyer to a seller for the purchase of property.

Points

Typically, it’s an amount usually paid at closing to the lender in conjunction with a mortgage loan in order to lower the interest rate. One discount point equals one percentage point of the loan amount. For example, two points on a $100, 000 mortgage would cost $2, 000. Negative points reflect the amount that will be credited to you and reduce the amount of closing costs you will pay. Also referred to as discount points or mortgage points.


BiblioGov Economic Development: Equitable Interest Rates Are Needed for Farmers Home Administration Loans: Rced-83-157
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2006-08-23 11:22:58 by tobelieveit_cool

Daily Real Estate News | August 23, 2006
NAR: Existing-home Sales Down, Prices Soften
Existing-home sales were down in July, while home prices in many areas are slightly below year-ago levels, according to the National Association of Realtors®.
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – dropped 4.1 percent to a seasonally adjusted annual rate1 of 6.33 million units in July from a downwardly revised pace of 6.60 million June, and were 11.2 percent below the 7.13 million-unit level in July 2005.
David Lereah, NAR’s chief economist, said higher interest rates dampened sales but that price softening is...

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Home > Blog > Current Mortgage Rates For Tuesday December 10 2013  — Mortgage Rates & Trends
To recap: currently the Fed is buying $85 billion in MBS and Treasuries per month in an effort to drive down long term interest rates and encourage lending, in an effort to stimulate the economy.

Current mortgage rates at Bank of America (Thursday November 28, 2013)  — USFinancePost
Current mortgage rates at Bank of America The customers looking for new home purchase or refinancing deals at Bank of America (NYSE: BAC) BAC +0.03% might have to face some ups and downs today, when it comes to the underlying rates of interest.

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