When it comes to refinancing or purchasing a home, you might have the option to buy down the interest rate using discount points—or prepaid interest on the mortgage loan. A point is a fee equal to 1 percent of the loan amount. For example, a 30-year, $150,000 mortgage might have a rate of 7 percent but come with a charge
Thinking about foregoing your 30-year mortgage in favor of a home loan that lets you pay off what you owe in half the time? If you want fewer mortgage payments, less interest over the life of the loan and a lower interest rate, then you might want to consider a 15-year mortgage. According to Trulia.com, here are some reasons you
Confidence among the nation’s homebuilders is showing improvement, with the National Association of Home Builders/Wells Fargo Housing Market Index moving up from a July reading of 58 points to 60 in August. Any reading above 50 is considered positive for the index, which gauges builder perceptions of current single-family home sales and sales expectations for the next six months. The
Mortgage Rates Revert to Near 2016 Low Treasury yields fell for the week ending Aug. 4 following the Federal Open Market Committee’s meeting and a disappointing advance estimate for second-quarter gross domestic product. According to the most recent Freddie Mac Primary Mortgage Market Survey, mortgage rates—which had increased 7 basis points during the previous three weeks— responded by erasing most of those gains, falling 5 basis points to 3.43
Today’s mortgage rates remain near three-year lows, but everyone wants to know where they’re headed in the future. According to Realtor.com Chief Economist Jonathan Smoke, global economic concerns—most recently from the Brexit fallout—have kept mortgage rates low as investors seek refuge in dollar-denominated assets, U.S. bonds and U.S. mortgage–backed securities. In addition, the nation’s slowdown in economic growth as a
