Lower Interest Rates
There is some good news for the realestate market. CNNMoney.com reported recently that mortgage rates fell sharply this week on early signs that inflation may be less of a threat, according to a survey released Thursday.
"The Producer Price Index (PPI) and Consumer Price Index (CPI) for October came in lower than expected and bond yields dropped, pulling mortgage rates lower," said Frank Nothaft, Freddie Mac vice president and chief economist.
The 30-year fixed-rate mortgage (FRM) averaged 6.24 percent for the week ending Nov. 16, down from 6.33 percent, according to Freddie Mac's (Charts) Primary Mortgage Market Survey. A year ago, the 30-year FRM averaged at a higher level: 6.37 percent.
"We've probably seen the worst of the housing slump, although it may not have entirely bottomed out yet," said Nothaft. "On the other hand, lower mortgage rates should help stimulate activity in the housing market."
posted by Connie Webb @ 3:28 PM
1 comments
1 Comments:
Hello,
I recently published an article on mortgage loans, tips on how to make them work for you and other forms of mortgage financials – here is a quote from it, in case you are interested:
Smell a Good Deal for a Real Estate – Try to discover a property that has already got some equity in it, when you purchase it. Equity represents the value of a real estate, a property after you have paid any mortgage or other charges relating to it.
Try to Get a Second Mortgage on the Real Estate – You could try to be more creative and ask the seller whether he would be willing to have a second mortgage on that home. Thus you could set up an agreement with the seller through which you will have to pay monthly an approximate sum of $200, for instance, on $15,000 of the price of the real estate (plus or including the interest rate), for the second mortgage.
Save Some Money to Pay in Advance – Some lenders might give you a full credit if you come with at least a small percentage of the sum. This would grant you supplementary points for getting the credit and would also lower the interest rate – e key point of any mortgage refinance program.
Don’t Give up, Go Further – don’t trust the first broker who tells you that there is no hope for you. You will finally find someone who could offer a viable solution, just keep asking and searching. An alternative is to apply online to mortgage services. Thus your application would be seen by more lenders and you might get more offers to analyze your solvency.
Improve Your Present Credit Score – by not applying to credit cards, auto loans or other loans, if possible. Too many inquiries would also affect credit scores. Another important thing you should do to improve your credit scores is to acquit your current duties and payments on time.
If you feel this help, please drop by my website for additional information, such as mortgage calculators or additional resources on mortgage loans.
Regards,
Michael
Post a Comment
<< Home