A 30 year fixed rate mortgage utilized to be and nonetheless will be the most well-liked for a lot of home mortgage borrowers. When buying a brand new house, most likely probably the most confusing components is choosing a mortgage. The very best time to acquire a 30 year mortgage is when the costs are reduced. Nevertheless, could it be the proper option for you  personally?

What is a fixed mortgage rate and why go for it?

A fixed mortgage rate is very advantageous to a homeowner because the rate of interest for the home loan taken will not vary throughout the loan period. There are different kinds of fixed mortgage rates depending upon the requirement of the homeowner and how much he is willing to pay. It is a fact that most people prefer an interest rate that doesn't change through out the entire loan period. It is also true that a fixed mortgage rate, in the beginning gives off higher interest rates when compared to the average type of mortgage loan. But whatever the market is subjected to, those fluctuations will not affect your fixed rate. This fact was comforting for those people who had to take out a mortgage during the last two years. The higher rates of unemployment, lack of timely payment for services done and price rises all carried a heavy weight on the shoulders of the homeowner. Thankfully, he doesn't have the added worry of raised home payment during those critical years.

10-year mortgage rate

Rock-bottom mortgage rates -- and low home prices -- can open the door for you to buy more houses for your money in less time.

While 30- or 15-year mortgages are popular, the 10-year term is not as widely sought. This mortgage, however, can offer lower interest rates than other options, saving you a bundle.

 

Filing Status and Income Tax Rates 2012

 

Definitions

Mortgage amount

Original or expected balance for your mortgage.

Gee it seems like only yesterday that we were talking about the newest innovation in mortgages - the 40 year loan. Actually it wasn't exactly yesterday, it was January, 2005 and the 40 year loan term wasn't exactly new, it had been around since the record high interest rates in the 1980s without ever achieving any real acceptance. But last year Fannie Mae announced a pilot program to test-market a 40 year product throughout the country. Today approximately 5 percent of new mortgages in the country are written for a 40 year term.

 

After our 10-year mortgage story, one of our readers posed the question of how often 10-year mortgages were a better choice than 5-year mortgages.

We did a study on this a few years ago and decided to update it for this story.

 

With the recent dip in long-term funding costs, lenders are finally sharpening their pencils on 10-year mortgage pricing.

Decade-long rates haven’t been this cheap in virtually forever.

Some brokers are quoting as low as 4.34% today, whereas most lenders were over 5% last quarter. (Not that long ago, 4.34% was considered good for even a 5-year rate, let alone a 10-year.)

30-Year Fixed Mortgage at Lowest Rate (December 2010)

The 30-year fixed mortgage rate peaked at 4.55 percent last Thursday, and then fluctuated between 4.42 percent and 4.48 percent for the remainder of the week. The lowest reported 30-year fixed rate prior to this week was 4.5 percent on December 7, 2010.

Additionally, the 15-year fixed mortgage rate this morning was 3.69 percent and for 5/1 ARMs, the rate was 2.92 percent.

 

A 30 year fixed rate mortgage utilized to be and nonetheless will be the most well-liked for a lot of home mortgage borrowers. When buying a brand new house, most likely probably the most confusing components is choosing a mortgage. The very best time to acquire a 30 year mortgage is when the costs are reduced. Nevertheless, could it be the proper option for you  personally?

 

Rate on 30-year fixed mortgage hovers at 4%

The average rate on the 30-year fixed mortgage hovered above its record low for a fifth straight week. Despite the great opportunity, few have the means or stomach to buy or refinance in the depressed housing market.

Freddie Mac said Thursday the rate on the 30-year home loan rose slightly to 4 percent from 3.98 percent the week before. Eight weeks ago, it dropped to a record low of 3.94, according to the National Bureau of Economic Research.

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