What moves refinance mortgage rates? NASDAQ
When the European economy was threatened by instability in Greece and other countries, investors worldwide turned to American bonds as safe investments; that helped lower U.S. interest rates.
Mark Greenberg of Wealth & Tax Planners in Walnut Creek, Calif., says, "Long term rates are set by the 'market' (traders, banks, etc., i.e. the participants' collective wisdom about where rates should be). Mortgage rates, he explains, tend to follow the rates on 1, 5 and 10-year Treasury notes.
"As demand pushes bond prices up, they cost more, so they yield less (investors pay more for the same dividend amount). The converse is also true."
The Fed
Reading the financial news, it's easy to think that if your mortgage rate went up, it's because the Fed "raised" interest rates. That's simply not the way it works.
Savings institutions are required to maintain a certain level of deposits, called reserves, with the Federal Reserve Bank, to make sure that there is money to pay depositors when they want it. The Fed supervises overnight loans of these reserves from one bank to another to cover fluctuating needs for cash.
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Which bank offers the lowest interest rate for mortgage refinance in California?
I need to refinance my second/investment home in Milpitas California and I'm looking for a mortgage broker or a bank that offers lowest interest rate based on 700 or more fico score. Preferably a loan program with minimum monthly payment is preferred.
find the best rate you can find and then add 1% (1 point is what is the standard to add when dealing with an investment home)
A mortgage broker is supposed to find you the best rate from all the companies she works with. If you don't have a good one shop around.
Here is a website to find the average and best rates:
http://www.bankrate.com/brm/default.asp
will a bank lower your interest rate or refinance your mortgage if you tell them that you can no longer pay?
or you might file for foreclosure?
They may allow you to short sale the property. You need to prove that you can't make the payments in order to do this.
You can always apply to refinance.
And no, they can't just up and break the contract and lower your interest rate. You have to refinance in order to so that, signing new documents.
If you have been making your payments on time and your payments just went up because you had a variable interest rate then they should work with you if the payments will be the same or lower. But if you have been having problems in the past making the payments and are behind now, tyou should have went to them sooner and asked to help. Good luck
Why would a bank want to refinance my mortgage?
A few years ago, I had a mortgage with Bank A. The rates went way down so I refinanced with Bank B at a lower rate AND a shorter term (went from 30 year to 15 year.) Why would Bank B want to offer me something like that? What is in it for them? Please advise. Thank you!
It's all about the money. They are in the job of making money. I think I can explain it like this. They will be able to make lots of money off this new loan.
Let's just say that you borrowed $100,000.00 that would be 180 payments for 15 years. Now let's say that your new mortgage rate is 5% and now your new payments are $790.79.
On a $100,000 loan for 15 years the total Interest would be $42,342.20 Not a bad increase. You will have paid $142,342.20 for a $100,000.00 loan.
That's why they do it, in order to make a profit. Plus you had to pay refinance fees, closing fees and those should be factored into the final cost.
I've given you a webpage so you can calculate your own mortgage payments, even your old ones. Have fun with it.
Simple as that.
Keep in mind that lower interest rates do not mean lower profits for lenders. Whether the interest rate is 3% or 8% or 20%, they pretty much get to skim off the same dollar amount in profits.
They could sell your mortgage to an investor at a fixed rate which is lower than your mortgage interest rate.
It's a numbers game and simple mathematics.
These answers are are clueless.
They don't explain why a another bank would finance your home and give you a lower interest rate.
98% of all mortgages are sold.
Which makes about 98% of the answers given here wrong.
shop around,.
http://www.morgagess.com.
moga
Can I refinance a second mortgage with another bank to get a lower rate?
You can always shop around as much as you want; you are a consumer and you have the right to do business with whomever you want! Credit Unions and commercial banks are always looking for good people to lend money to. There are web-based companies that shop for you then get a commission if you do business with the firms they recommend. You have many options! Keep in mind that credit is very tight right now and without strong credit scores you'll be offered higher rates on loans and in some cases, with low scores, no offers at all.
Then yu wood hafta konvins banker...kan yu?
refinans requie kloes kosts. Banker mae insist on get hous revalued.
What is the interest rate for a 30 year mortgage to refinance a house w/ a reputable bank?
the problem with this question is one a person has to licensed to quote rates in most states and the rate is a fluid thing changing which use to be daily but with the markets being in this crazy state. we can see the rate on the thirty year moving up and down three to four times a day .also depending on where you live in the usa the rate may be different then a nearby state. so what i suggest is looking at the local sunday paper in the real estate business section and they will give that weeks rates. hope this helps.or just call your local bank but remember they are giving a retail rate whereas a mortgage broker gets a wholesale rate which is lower.
is it easy to refinance my mortgage with Bank of America?
I currently have a 30 year fixed mortgage that I obtained one year ago at 6.00%. I was looking today's rate and a 15 year fixed mortgage is 4.875%. Do you know how easy or hard is to refinance through Bank of America? Average closing costs to refinance? Thank you
My personal experience with BOA was that they are difficult to deal with, tack on a lot of questionable fees that if not disputed, can cost you hundreds more and in general were arrogant. maybe in today's economic climate they may be more accommodating.
When I refinanced 3 years ago, I went to BOA (holder of my mortgage), Wachovia, Wells Fargo and WaMu. The best deal I got was 1% less than BOA nad 3/4% less than the others. Wells Fargo came in lowest at 5.25% APR, quickly and with few junk fees.
Check them out and compare. If you have good credit, good equity and in a viable economic commuinity you are in the driver's seat. Good Luck
I have a mortgage I want to refinance to get the new lower rates. Which bank should I go to?
Which bank and what rates , terms can I get now? I have very good credit, never missed a payment. The rates the mortgage broker gave us 2 years ago were horrible, and we never pay off the principal. I want to pay off the principal with good rates. Which bank is best? Thanks.
Your best bet is to work with a mortgage banker/broker. The problem with going with a bank is its like going to McDonalds, you'll only get their programs and rates. If you use a broker you now have access to multiple lender/programs and you a person shopping around for the best rates and terms. Here is an example.
I just closed a client who went to Countrywide first. CW wanted the client to pay off over $16,000.00 in old collections before they would close a loan. I was able to get them the same FHA loan without having to pay all of that old debt of and saved them $16,000.
http://www.bankrate.com/brm/rate/mtg_home.asp
but usually you should start with the bank you use for your main banking since you already have a relationship with them.
Your question depends on alot of factors you haven't provided, nor should you on this venue. Your whole financial picture needs to be considered before providing you with any options.
Looking to find lowest refinance home mortgage rates?
I’m looking for a better home loan mortgage rate than I currently have with my bank. So I am seriously considering refinancing. Does anyone know where I can currently check for the lowest refinance home mortgage rates?
You can actually get a better mortgage rate – without refinancing. There is a website which allows you to check for free if there is a better rate available with your current lender.
You can avoid the costs and all the paperwork and hassle associated with refinancing. Your bank won’t tell you that there is a better rate available with them, but there usually is.
Check for a lower rate here free:
http://www.checkmyrate.com.au
Where is the best (only) bank to get the absolute best deal on a refinance mortgage?
Does any such organization exist in this thievery invented by jews? It seems no matter what my credit score is I ALWAYS will get dinged on either a) closing costs b) rate or most often BOTH! Then, when you really play hardball with the banks they typically tell you they'll only do an ARM or something, anything less than a 30 year fixed rate mortgage. What gives? Where is the deal? I couldn't even find such a deal when they said rates were so good 3 years ago!.
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
Refinancing mortgage with Bank of America ripoff?
A little background: my fiance and I bought our first home in February 2008. We qualified for a first time homebuyer loan. The interest rate is 6.3%. We do not pay PMI. We have about 11% equity. We have paid on time every month, and even paid a little extra towards principal.
A couple of weeks ago, I checked BOA's mortgage rates and a 30 year fixed were at 5%. Refinancing into one fixed mortgage at that amount would save us a significant amount of money each month.
So I call to ask if we can refinance. They said we wouldn't have to pay PMI, but the rate they offered me was 6.6%! I asked why I wouldn't get 5%. They said it was because we didn't have a whole lot of equity yet. But I feel that's unfair because if I were a new customer just buying now, I would be getting 5%. Is this typical?
I'm pretty unhappy about this. I am contemplating applying for a mortgage at another (local) bank so we can refinance to a lower rate, but that means I'd have to go through that whole horrible loan process again! It would have been much easier with Bank of America since we already hold the mortgage with them.
Should I be more persistent with them? Or just accept my fate and let the "historically low" interest rates pass us by?
Hi, yes you're right, we have a split loan, I forgot to spell that out. The interest on the larger chunk is low-ish but the smaller one is higher. Combined, the weighted average is 6.3%. I did suspect that they might tell us we would have to pay PMI if we got a regular 30 year fixed, but they said no, they just offered a ridiculous interest rate higher than our current. They did say, well yes, new customers will get a better rate. But how then are people refinancing at low rates? I guess they are going to another bank?
bank mortgage rate refinance - News
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Are Lower Mortgage Rates Working? For Some, Yes; for Others, No - RisMedia.com (press release) Are Lower Mortgage Rates Working? For Some, Yes; for Others, No “We analyze each refinance based on its merit,” said Ed Barbier, mortgage branch manager of Home Street Bank in Vancouver. He urges first-time home buyers |
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East Hartford Woman, Facing Foreclosure, Battles To Keep Her House - Hartford Courant East Hartford Woman, Facing Foreclosure, Battles To Keep Her House Without a lower mortgage rate, she'd still be facing a monthly payment of $2200, which she couldn't afford even with help from her two grown daughters and |
Bank on home-loan relief - Sydney Morning Herald
Sydney Morning HeraldBank on home-loan relief With the official cash rate at 3.25 per cent it is possible to find mortgage rates below 6 per cent - about 4 per cent lower than six months ago.
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America's New Housing Problem: Unemployment - Forbes America's New Housing Problem: Unemployment While home prices were on the upswing, an unemployed borrower could sell the property or refinance, raising cash, but now, with property depreciating, |
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(FED) Stabilizing the Housing Market: Focus on Communities - Forex Hound (FED) Stabilizing the Housing Market: Focus on Communities However, it also reflects the fact that reduced home equity and tighter mortgage credit have impaired borrowers' ability to refinance their mortgages in |