Locking in a mortgage rate important when they are on the rise Reply

Mortgage rates have been rising pretty steadily over the last few months, so it is important that lenders lock in their customers’ rate. Although a difference of .5 percent may not seem like a lot, it is a big difference when it comes to a mortgage payment.  Locking in an interest rate keeps it at where it was at that time of your initial mortgage application, even if it rises by the closing date.  This will save you money. More…

Mortgage interest rates to remain low, but proposed lending rules too restrictive Reply

A combination of the stagnant state of the economy and the European debt crisis will keep mortgage interest rates low through 2013, according to a recent news article.  According to Freddie Mac, as of the end of August, the mortgage rates for a 30-year fixed-rate mortgage (FRM) averaged 3.59% with an average of .6 points. In August 2011, the interest rate for a 30 year FRM was 4.22% with an average of .7 points. More…