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Mortgage Loans - Refinance
Interest rates go up and down. And, if you're watching, mortgage rates go up and down at the same time.
If you're the average person, you take little notice of what's going on in the financial markets.
But, if you have a mortgage, you should be interested. Why? Because changes in interest rates can either cost you money or save you money.
If you have an adjustable rate mortgage, as interest rates go up, so do your interest payments. A half a percentage increase in your mortgage interest rate will mean higher interest payments for many months. For every $100,000 of your mortgage balance, you'll pay about $41.67 a month more when your interest rate is hiked by just half a percent.
So, if you have an adjustable rate mortgage, it might be cost effective to refinance to a fixed rate mortgage, just to keep your payments constant.
If interest rates drop, you may want to refinance to take advantage of lower monthly payments.
Refinancing is all about saving money.
Mortgage Loans - Refinance resources for you to consider
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Current Mortgage Outlook
A nationally syndicated financial column reflecting mortgage and home loan trends
1. Home loans cost a little more, but remain affordable
The mortgage industry is in turmoil.
2. Home loans cost a little more, but remain affordable
Interest rates are a quarter- to half-point higher than they were last fall and winter after mortgage costs took a surprising jump in late May and early June.
3. Interest rates level off after spring's surprising jump
For nearly 10 months interest rates moved up a little, then down a little, but the average cost for most types of mortgages remained below 6.5%.
4. Interest rates level off after spring's surprising jump
For nearly 10 months interest rates moved up a little, then down a little, but the average cost for most types of mortgages remained below 6.5%.
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