Today's Home Mortgage Rates

Today s home mortgage rates

Home mortgage refinancing has been giving a lot of help to homeowners in the US. Amid the economic slowdown and the slump in the housing industry, the government has been extending help to more and more homeowners. One story after another, homeowners are slowly inching their way to recovery through home mortgage refinancing.

Today’s home mortgage rates have very low interest rates, so homeowners have been looking at refinancing theirs. This has uplifted homeowners and other financial institutions as well. A lot of banks have increasing their efforts and manpower to handle the sudden increase in customers applying for a refinance. Experts say that the volume of new customers is around five times the normal volume of those asking for a home mortgage refinance.

A lot of customers are actually applying for a refinance to get lower payments or to decrease the term of their loans. Some homeowners have refinanced to make their home mortgages payable within 15 years, from the original 30-year loan term. This has caused a lot of advantages and development the housing industry, where the economic crisis has been most evident.

If a person has a home mortgage rate of lower than 6 percent, then it could not be advisable to refinance. Closing costs could cost a lot and could be higher than the savings, if that is the kind of loan that a person has. It would make sense to refinance if the interest savings of the home mortgage would cover all the closing costs through a three-year or a four-year period.

Interest rates now range from 4 to 5 percent, which has been attracting a lot of homeowners to get a new home mortgage arrangement for them to be able to take advantage of the home mortgage refinancing program.

If you wish to refinance, it is important to know that is usually takes around 30 days. As a person applies for a home mortgage refinancing, documents are located and prepared to present to the lending company. There are also some costs involved, which are usually closing costs.

On the other hand, there have been some worries and uncertainties as experts predict an upcoming inflation. As the economy continues to experience sudden increases and decreases, the best thing to do is to conduct safe moves and actions that are well planned and well prepared for. You can take advices from experts and professionals regarding home mortgage refinancing to help you make informed decisions.


Mortgage Rates Exploding, Home prices to sink

2013-07-06 16:44:33 by LostDecades

On Friday, while you were busy nursing yourself back to life following the previous night's celebrations, mortgage rates exploded.
The daily recap from a widely followed mortgage industry publication characterized it as a "catastrophic surge," saying: "today's rise in mortgage rates is among the largest ever, and certainly the largest in the past 10 years. Today alone, rates rose more than most entire weeks."
According to its estimates, the rate on a conventional 30-year fixed rate mortgage "moved forcefully into 4.75% territory, with some lenders at 4.875%."

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