Mortgage brokers, borrowers eye effect on interest rates Charlotte Observer
Charlotte-area mortgage brokers on Monday scanned the news and juggled calls from borrowers wondering whether interest rates would keep falling or start climbing.
Mortgage rates dipped to record lows last week - a rare bright spot for consumers in an anemic recovery - as the debt-ceiling debate ended and economic troubles persisted nationally and globally.
But new uncertainty surrounding the nation's downgraded credit rating and free-falling stock markets had some wondering whether those levels will hold.
"Interest rates are all about risk," said Keith Luedeman, chief executive of the Charlotte online mortgage lender Goodmortgage.com . "Generally, to take more risk, people want more return, which means a higher rate."
Rates fell to historic levels during the recession and have remained there as economic worries pushed investors toward the safety of U.S. Treasury securities. Interest rates began to climb on Friday as buzz about the Standard & Poor's credit downgrade spread, Luedeman said.
Should Homeowners in Texas Refinance Their Mortgage?
Choosing to refinance a mortgage can be a very difficult task. While the prospect of a lower rate, lower monthly payment, or disconnect your home is used for other purposes may seem attractive, a number of factors a homeowner must take into account when deciding that the time is right.
The following five factors to consider when making this decision.
First The most obvious factor is low interest rates to refinance interest. Fortunately, mortgage rates are generally lower in Texas than in other parts of the country due to the perceived lower risk in the housing market. If mortgage rates have decreased since the last loan from a fixed or if prices are relatively low and there is an adjustable rate mortgage, refinancing may make sense. In the case of converting the adjustable rate loan to a fixed rate loan, the interest savings would not be that important if your primary goal is to remove the risk of rising interest rates in the future budget. A low setting, it may be the opportunity to reduce your monthly payment, while about the same time the mortgage. You may also be time refinancing the mortgage payment to keep consistent, but allows you to pay off the loan sooner. Any of these options, while saving for your interest during the term of the mortgage amount to several thousand dollars easily.
Second Increased Equity in your home unlike many areas of the country, many residents of Texas, especially South Texas communities such as Spring, Tomball, forests, and Houston experienced increases in the value of its own since it bought due to the strong local economy continues to thrive in the energy crisis in 2007-08. In addition, home affordability in Texas is still high compared to other Americans, that is, there will likely be a ready source of customers, such as markets, like Las Vegas or Southern California. Unfortunately, unlike the brokerage account, it is not easy to achieve it's own, except when you sell your home. Another would be to...
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