Mortgage Interest Rates
The most significant factor in determining a home loan payment is the mortgage interest rate. When considering rates, you must determine if the mortgage has a fixed or adjustable interest rate. We offer quotes for conforming, subprime, jumbo, VA and FHA interest rates. When rate shopping online, make sure that the lenders are providing similar mortgages so you can compare "apples to oranges."
We must reiterate that the home loan companies associated with SMHL, specialize in competitive interest rate offers from several national mortgage specialists. We are confident that our lenders are dedicated to delivering not only the superior mortgage rates, but favorable terms and minimized costs that help preserve your capital. The only thing we ask you to do on your end is complete a short loan application and the lenders will price the loans for you base on what you are approved for and then you can make a decision at your leisure. We won't harass you never ending offers or insult you with "bait and switch" sales tactics that seem so common in today's marketplace. Mortgage interest rate offers from 3-4 home mortgage specialists who have experience closing loans in your town. When comparing Fixed and ARM Rates, remember that fixed home loans maintain an even principal and interest payment schedule that are demonstrated from the initial first payment to the last payment. Adjustable home mortgages are linked to one of the following indexes; LIBOR, MTA and Treasury Indexes. Always factor in the "unknown" when calculating the payment schedule, because if you keep the loan long enough, it will adjust and your monthly payments for this mortgage will be higher. In a robust market with rising real estate prices, ARM loans make more sense and carry less of a risk. When analyzing the variable loan option, do not forget that these ARM's contain trigger points written into the loan with brief introductory teaser rate periods expire.
Interest Rates for Home Loans Remain Low
According to Bank Rate, a mortgage data company from Florida fixed mortgage rates were virtually unchanged this past week in anticipation of several economic indicators that were noted in their weekly interest rate survey of large lenders. The average 30-year, fixed-rate mortgage was 6.25%, compared with 6.125% the previous week, while the average 15-year, fixed-rate mortgage had a rate of 5.875% a week earlier. FHA and VA mortgage rates remain stable with virtually the same pricing as conventional loans that require excellent credit.
On super-sized home loans, the average jumbo 30 year, fixed-rate dropped to 6.6.25% from 6.75%. The cost of financing reports indicated the average 5/1 adjustable-rate mortgage fell to 6.25%, from 6.375%, and the average one-year ARM fell to 5.875% from 6%, the first time three-year ARMs have dipped below 6% in the last twenty four months. One week after hitting a five-month low, mortgage rates were largely unchanged as financial markets awaited several key economic indicators this week. The government assisted programs are scheduled for many revisions in 2008, 2009 and 2010. The conforming limits remain at 2006 and 2007 levels with real estate pricing for loan amounts continuing the value-based trends that have been seen for primary resident, single-family home that have loan amounts below $417,000. Many lenders believe that Fannie Mae and Freddie Mac will be increasing loan limits for the high rent districts that require more income to afford the more costly housing sector.
- Mortgage Rate Priced for Cash Back
- Secured Refinancing
- 100% VA Home Loan Rates
- Stated Income Rates
- No Income Documentation Home Loans
- Subprime Mortgage Rates
- Interest Only Available with Conventional or Jumbo
- FHA Purchase Rates
- No Money Down Home Loan Rates
- Home Equity Rates
- 30 Year Fixed Rate Loans
- 15 Year Discount Rates
- Bi-Weekly Mortgage Accelerator
Often times, negative economic conditions can actually produce positive results as the Fed lowers interest rates to help stimulate the economy. Fixed mortgage rates are closely related to yields on long-term government bonds.
Fixed rate mortgage loans remain a full percentage point below the Prime rate since the Fed revisited the trend of cutting rates. At the time, the average 30-year fixed mortgage rate was 6.25%, meaning that the monthly payment on a loan of $165,000 was $1,090. With the average 30-year fixed rate now 6.5%, the same loan originated today would carry a monthly payment of $1,041.83. Fixed mortgage rates remain an attractive refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.
Purchase a Home
Get a Home Equity Loans
Get a Equity Line of Credit
Consolidate Your Debt
If your credit rating is less than perfect you can even apply for bad credit loans , check out our mortgage calculator to see your estimated payment for different loan amounts, interest rates, and terms.
What's advantage for you: Ask about our bad credit loans If your credit is truly damaged, you may need a " SubPrime " loan. These loans may have higher interest rates, but they can often get you approved when no one else can.
Refinance Your Home Mortgage
Refinancing replaces your existing loan with another lower interest rate loan for the same amount. This can save you tons of money when market interest rates drop 1 or more percentage points lower than your present rate. Home refinancing can be used to reduce your interest rate, change the term of your loan, or to consolidate your debts.
Home Equity Loans
With a home equity loan you can use your home as collateral to consolidate bills, make home improvements, buy a new car, plan a vacation, etc. The minimum amount available for a loan is $10,000, but you can borrow as much as $250,000. There are no closing costs or fees associated with the loan.
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FHA Home Loans
The Title I loan is a government created FHA loan that was created for individuals needing funds for home improvement , but who have little or no equity in their property or who live in a state where equity loans are very limited. If you have some equity in your home you may want to consider refinancing for your home improvements. Title I loans bear a higher interest rate than other loan types available.
First Time Home Buyer Purchase Loans
Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly income before taxes and other paycheck deductions are taken out. Use our mortgage calculator to see what will be your monthly payment.