NewBuyer Blog » mortgage rates

Daily Mortgage Rates

Elizabeth Dennis — Mon, 08 Aug 2011 13:28:26 +0000

When purchasing a house either for the first time or for the fifth, one of the most important things to look at is the interest rate. Because interest rates change on a daily basis, it is important to keep up with the general trend and try to get the lowest rate you can. This is because even a difference of 2% can save you thousands of dollars over the life of the mortgage.

Daily mortgage rates are based on the simple concept that banks and other lending institutions make money when they loan you money. This is where the interest rate comes from. You are paying the bank back more money than they originally lent you so; they are making more in the end. However, your bank is also borrowing money, only they go to the federal government for funds. These loans are associated with the Federal interest rate which is otherwise known as the prime rate or the overnight borrowing rate. Because the bank is also borrowing money, they want to make more off of you than they owe, so the mortgage rate you get will always be higher than the prime rate.

There are many factors that go into determining the daily mortgage rate. Some of these include the return your bank or lending institution is making on short term investments, medium length investments such as treasury notes and long term investments and loans such as treasury bonds.

Currently, the daily mortgage rate for a 15 or 30-year fixed loan are some of the lowest they have ever been. This generally signals a point where it is a good time to buy a home. This is especially true if you lock in the low rate over the course of the loan and you will find yourself saving significant money when interest rates eventually go back up.

How Much of a Home Loan Can I Afford?

NewBuyer — Wed, 16 Dec 2009 05:00:14 +0000

A essential warning to help first time home buyers avoid taking on a mortgage that they cannot afford. The resource emphasizes that mortgage lenders can only tell you how much they can lend you, not how much you can afford. Additionally, help is offered on how to create a buying budget and how to effectively use a mortgage calculator.

From the resource: “‘We figured we could afford the payments since the lender approved us for that amount. Turns out we were wrong.’ I can’t tell you how common this statement is. It happens all the time, and it’s one of the most common scenarios that lead to home foreclosure.”

Source: Arming your Farming

Read More About Home Affordability at Newbuyer.com

Negotiating Offers

NewBuyer — Mon, 14 Dec 2009 04:35:59 +0000

A condensed resource subtitled “The Lost Art of Give and Take, or How to Negotiate Successfully!” which includes a checklist of the top ten tips on negotiating home prices successfully. The compilation includes key points such as “knowledge is power”, “silence is golden” and “everyone wins.”

An example from the resource: “Never major in minors. Never let negotiations stall out a transaction over a minor point (i.e. furniture or appliances). If you can’t agree, put the point aside and come back to it later. Concentrate on getting agreement on major points like price and terms. Don’t lose the sale because of a TV set!”

Source: Wright Realty

Read More About Negotiating the Purchase of a Home at Newbuyer.com

Find Your Best Local Interest Rate

NewBuyer — Fri, 11 Dec 2009 08:00:52 +0000

An easy-to-use tool to view the available mortgage rates in your local area and those available online. Seven steps, each on their own page gather information such as the purpose of your home loan (purchase or refinance), amount of home loan, type of loan and loan term. The resulting comparison chart presents the lender name, interest rate, APR, fees, points, estimated payment and more.

Source: Interest.com

Read More About Current Mortgage Rates at Newbuyer.com

Negotiating Mortgage Points before Signing Anything

NewBuyer — Wed, 09 Dec 2009 00:03:13 +0000

An insightful look at negotiating mortgage points. Learn how mortgage points work and how you can buy points to lower the interest rate on your home loan. See how to calculate the break even point if you decide to buy your points up front and when it might be better to spread the cost of the points over the life of the loan. Other tips from the resource include researching current rates to see how much it will cost to buy mortgage points, realizing the seller can help you pay for your points and asking for the points in terms of dollar amount and not a percentage.

Source: Mortgage Loans Explained

Read More About Mortgage Negotiation at Newbuyer.com

Today’s National Average Mortgage Rates

NewBuyer — Tue, 08 Dec 2009 16:01:26 +0000

These small-in-size charts display today’s national average mortgage rates (30 year FRM, 15 year FRM, 1 year ARM). From the resource: “These daily mortgage rates statistics come from surveyed data – not advertising. Our stats include loans of all sizes, not simply conforming loans, which gives you a better look at your mark.”

Source: HSH Associates

Read More About Current Mortgage Rates at Newbuyer.com

Mortgage Trends & Daily Mortgage Update

NewBuyer — Mon, 07 Dec 2009 15:08:13 +0000

A top-notch source with latest news about mortgage rates, home insurance, credit ratings and real estate sales. See average weekly mortgage rates for 30-year and 15-year fixed loans, 30-year jumbo loans, and one-year and five-year adjustable loans.

Source: Interest.com

Read More About Home Financing in the News at Newbuyer.com

Historic Mortgage Rate Graph

NewBuyer — Sat, 05 Dec 2009 20:58:32 +0000

A simplifed, quick look at weekly fixed mortgage rates over the past three years. The default graph is that of 30-year FRM loans. Fifteen-year FRM and one and five-year ARM reports are also available.

Source: HSH Associates

Read More About Current Mortgage Rates at Newbuyer.com