Both the 30-year fixed-rate mortgage and 5/1 adjustable-rate mortgage are payable in 30 years. That’s their only common ground; both loans are structured differently because of their interest rate type. Surely, the 30-year FRM has its strengths (and weaknesses) as does the 5/1 ARM. Which purchase Read more
Mortgage Rates Rise So Do Mortgage Applications
With the rise of mortgage rates comes a higher volume of mortgage applications, latest weekly surveys made separately by Freddie Mac and the Mortgage Bankers Association confirmed. On the mortgage rate side, the 30-year fixed mortgage rate increased for the first time this 2017. Meanwhile, mortgage Read more
Mortgage Rates Are Low Again, Should You Refinance?
As of January 19th, the 30-year mortgage rate averaged 4.09% from the prior week’s 4.12%. The results of Freddie Mac’s latest weekly survey on mortgage rates mark the second week they’ve dipped lower. And when rates are low, the question of refinancing is in order. Will rates remain low to merit a Read more
Is Refinancing Into a 5/1 ARM for You?
Mortgage rates welcomed 2017 with a bang or a breather for homebuyers and refinancers. As of January 5, 2017, mortgage rates on 30-year FRMs slowed down to 4.20% while 5/1 ARMs moved slightly to 3.33%. With almost a percentage-point difference, a 5/1 ARM is still lower compared to a 30-year FRM. Is Read more
