Three Mortgage Comparison calculators - and what they are best for:
1. Zillow.com
Best for vetting lenders and brokers. You an sort rate quotes based on user reviews.
The catch is that quotes are posted to your online account, so the rates may be out of date after a few days.
2. Mortgage-Marvel.com
Best for finding the most current rates. The site updates them in real time.
The catch is that the quote tool does not let you input your income. If yours is too low for the loan you want, you may have trouble getting approved.
3. LendingTree.com
Best for narrowing down your options. The site matches you with up to four lenders who get in touch via phone or e-mail to tell your their best rates.
The Catch is that you cannot shop anonymously. Plus, some lenders will pull your credit report, which can hurt your credit score if you don't get a mortgage within 30 days, and check it too often.
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Marina Vialtsina
Showing posts with label home loan rates. Show all posts
Showing posts with label home loan rates. Show all posts
Tuesday, June 2, 2009
Saturday, December 6, 2008
Mortgage Rates as of Saturday, 12/06/08
30-year conventional: Loan $130,000-$175,000---5.25-5.625%
Loan $175,000-$230,000---5.25-5.625% (almost 0.5% lower than last week)
Loan $230,000 to max ($417,000) --- 5.125-5.375%
30-year FHA: Loan $90,000-130,000 --- 5.25-5.625% (up to 0.875% lower than last week)
Loan $130,000-170,000 -- 5.125-5.375%
Loan $170,000 to max -- 5.125-5.375% (up to 1% lower than last week)
15-year conventional: Loan $130,000-175,000 -- 5.25-5.625% (about 0.625% lower than last week)
Loan $175,000-230,000 -- 5.125-5.5%
Loan $230,000 to max -- 5.125-5.5%
40-year conventional: Loan $130,000-175,000 -- 5.625-6.00%
Loan $175,000-230,000 -- 5.625-6.00%
Loan $230,000 to max -- 5.50-5.875%
30-year conventional jumbo: $417,000-$650,000 -- 6.125-6.5% (up to 0.25% lower than last week)
15-year conventional jumbo: $417,000-650,000 -- 6.125-6.5% (almost 1% lower than last week)
5/1 Arm cap 5/2/5: $130,000-175,000 -- 4.625-5.00%
$175,000-230,000 -- 4.625-5.00% (about 0.625% lower than last week)
$230,000 to max -- 4.5-4.875%
3/1 Arm cap 2&6: 417,000-$650,000 -- 5.75-6.125% (about 0.375% lower than last week)
5/1 Jumbo Arm - cap 5/2/5: $417,000 -- 5.75-6.125%
Loan $175,000-$230,000---5.25-5.625% (almost 0.5% lower than last week)
Loan $230,000 to max ($417,000) --- 5.125-5.375%
30-year FHA: Loan $90,000-130,000 --- 5.25-5.625% (up to 0.875% lower than last week)
Loan $130,000-170,000 -- 5.125-5.375%
Loan $170,000 to max -- 5.125-5.375% (up to 1% lower than last week)
15-year conventional: Loan $130,000-175,000 -- 5.25-5.625% (about 0.625% lower than last week)
Loan $175,000-230,000 -- 5.125-5.5%
Loan $230,000 to max -- 5.125-5.5%
40-year conventional: Loan $130,000-175,000 -- 5.625-6.00%
Loan $175,000-230,000 -- 5.625-6.00%
Loan $230,000 to max -- 5.50-5.875%
30-year conventional jumbo: $417,000-$650,000 -- 6.125-6.5% (up to 0.25% lower than last week)
15-year conventional jumbo: $417,000-650,000 -- 6.125-6.5% (almost 1% lower than last week)
5/1 Arm cap 5/2/5: $130,000-175,000 -- 4.625-5.00%
$175,000-230,000 -- 4.625-5.00% (about 0.625% lower than last week)
$230,000 to max -- 4.5-4.875%
3/1 Arm cap 2&6: 417,000-$650,000 -- 5.75-6.125% (about 0.375% lower than last week)
5/1 Jumbo Arm - cap 5/2/5: $417,000 -- 5.75-6.125%
Tuesday, November 25, 2008
D Word Could Change Direction of Rates
"THE IMPORTANT THING IN THIS WORLD IS NOT SO MUCH WHERE WE STAND, AS IN WHAT DIRECTION WE ARE MOVING." Oliver Wendell Holmes. And when it comes to the direction our economy may be moving, there was some surprising news from the Fed last week that the "Minutes" from their October meeting revealed.
After years of being concerned about inflation, the Fed is now concerned about deflation. So what exactly is deflation? Deflation is when prices drop, which generally is due to lack of demand, and therefore lack of pricing power. With the economy slowing down, we are hearing economists forecast that we may be in for a deflationary recession. In a deflationary environment, investors flee into fixed instruments like Bonds, because the fixed payment received would actually buy them more goods and services over time as prices decline.
So what does this mean for home loan rates? Remember, home loan rates improve as Bond pricing moves higher - and more demand for Bonds would mean higher prices for Bonds. In the spring of 2003, when Alan Greenspan uttered the "D" word, deflation, Bonds rallied 400bp in just a few weeks, bringing a significant drop in home loan rates. Of course, the economy is different right now, but as more money may be headed towards Bonds in a deflationary environment, we could again see a significant improvement in home loan rates down the road.
On the inflation front, last week's Producer Price Index indicated that wholesale inflation plummeted last month - by the most since records began in 1947 - largely due to declines in energy prices. In addition, the Consumer Price Index showed that inflation at the consumer level fell by a record 1.0%, thanks again to lower costs of energy.
When it comes to the direction the economy is heading, the week did end with some hopeful news. Federal Reserve President Jeffrey Lacker said that an economic recovery could begin in 2009 as low interest rates, low energy prices, and less drag from the housing sector may shore up spending. In the meantime, Bonds and home loan rates spent much of last week trading near a key level of technical support called the 200-Day Moving Average, finally moving and staying above this level on Friday. As a result, Bonds and home loan rates ended the week unchanged to slightly better than where they began.
After years of being concerned about inflation, the Fed is now concerned about deflation. So what exactly is deflation? Deflation is when prices drop, which generally is due to lack of demand, and therefore lack of pricing power. With the economy slowing down, we are hearing economists forecast that we may be in for a deflationary recession. In a deflationary environment, investors flee into fixed instruments like Bonds, because the fixed payment received would actually buy them more goods and services over time as prices decline.
So what does this mean for home loan rates? Remember, home loan rates improve as Bond pricing moves higher - and more demand for Bonds would mean higher prices for Bonds. In the spring of 2003, when Alan Greenspan uttered the "D" word, deflation, Bonds rallied 400bp in just a few weeks, bringing a significant drop in home loan rates. Of course, the economy is different right now, but as more money may be headed towards Bonds in a deflationary environment, we could again see a significant improvement in home loan rates down the road.
On the inflation front, last week's Producer Price Index indicated that wholesale inflation plummeted last month - by the most since records began in 1947 - largely due to declines in energy prices. In addition, the Consumer Price Index showed that inflation at the consumer level fell by a record 1.0%, thanks again to lower costs of energy.
When it comes to the direction the economy is heading, the week did end with some hopeful news. Federal Reserve President Jeffrey Lacker said that an economic recovery could begin in 2009 as low interest rates, low energy prices, and less drag from the housing sector may shore up spending. In the meantime, Bonds and home loan rates spent much of last week trading near a key level of technical support called the 200-Day Moving Average, finally moving and staying above this level on Friday. As a result, Bonds and home loan rates ended the week unchanged to slightly better than where they began.
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