Refinance Mortgage Rates [mortgageinsuranceguide.blogspot.com]
Question by : Should I refinance my mortgage interest rate? Should I refinance my interest rate on my home mortgage? I have been in my home for 9 years and an employee from Chase finance (Chase is my current lender) said for me not to refinance since I have paid off a good portion of the interest. Is this true? Should I refinance? My Chase mortgage interest rate is 6.5 fixed. Best answer for Should I refinance my mortgage interest rate?:
Answer by someone
Unless you get a rate of 4.5% don't bother. Closing costs will eat up the small monthly savings
Answer by Lisa L
Have a loan officer run the numbers for you. You have paid down your mortgage so your balance will be less, therefore your loan amount will be less. Look at a 20 year mortgage. If you have good credit you can get below 5%. You will skip making a payment the first month of your new loan so plan on bringing that amount to closing rather than putting all costs in your loan. If you intend to stay in your home for several more years it may be worth it to refinance. Get opinions from several lenders. Then you can make an educated decision.
Answer by Paul
Can you refi into a 15 year loan? If you are in a 30 year loan and you refi, you'll go back to square one to save a few bucks each month. 30 more years of payments! If you are planning to move in the next few years and don't think you can afford the current payments, then maybe a refi is a good option. If you are planning on staying in the home for a long time and you dont have a problem with the payments then I wouldnt do it... If you could get a really good rate (you have good credit) on a 15 year loan and your payments are going to end up about the same I would do that for sure...
Mortgage Refinance
Mortgage Rates Rise
Mortgage rates on fixed mortgages have ticked up for the fifth straight week, reflecting higher yields on long-term Treasurys, according to insiders. Freddie Mac, the king of mortgages, said that the the average rate on a 30-year fixed mortgage rose to 4.83 percent from 4.61 percent in the preceding week. Last month (November), the mortgage rate reached a 40-year low of 4.17 percent.
The average rate on the 15-year loan also ever so slight increased to 4.17 percent from 3.96 percent. It reached 3.57 percent in November (last month), the lowest level on records dating back all the way to 1991, if you can believe that. Mortgage rates are on the rise after falling for seven straight months. Investors are slowing moving money out of Treasurys and into stocks, according to insiders.
That's based largely on the speculation and expectation that the tax-cut plan that Congress is apparently all but ready to bless will spur growth and potentially higher inflation. Other fear the bill might actully "spurn" growth, rather than spur growth.Sigh.
What are yields and how to yield work? In essence, these so-called yields tend to rise on fears of higher inflation. Mortgage rates track the yields on what's known as the 10-year Treasury note. The sell-off and run in the 10-year Treasury note is complicating the Federal Reserve's efforts to lower interest rates by buying up $ 600 billion in Treasurys. Truth is, there is nothing "Federal" about the Federal Reserve at all.
Yet some traders had hoped the central bank would boost the scope of its purchases to keep interest rates down.The increase in mortgage rates already is sending chills through the housing market. Refinance activity apparently fell last week for the fifth straight week, while the number of people applying for a mortgage to purchase a home dropped 5 percent from the week before. This again, according to insiders with knowledge. Yet how are mortgage rates calculated today? To calculate average mortgage rates, Freddie Mac collects rates from mortgage lenders across the country on Monday through Wednesday of each and every week. These mortgage rates often fluctuate significantly, even within a single day.
Suggest Refinance Mortgage Rates Issues
