Mortgage Rates Keep Dropping to New Record Lows

Mortgage Rates Keep Dropping to New Record Lows

U.S. rates on 30-year and 15-year fixed mortgages this week fell yet again to new record lows for the sixth straight week. 30-year loan rates dropped to 3.67 percent (down from 3.75 percent last week) and 15-year mortgage rates dropped to 2.94 percent (down from 2.97 percent last week.)

Rates on the 30-year mortgages have been below 4 percent since early December.

These low rates make it an excellent time to buy or refinance for those who are able. Check out our Homeownership Simplified section a for information & tips on buying a house in Washington State as well as our handy calculators to figure out potential mortgages, closing costs, and more!

Wow! 30-year mortgage rate drops to new record of 3.75 percent.

Wow! 30-year mortgage rate drops to new record of 3.75 percent.

Average U.S. rates on 30-year and 15-year fixed mortgages dropped to record lows again this week, with the 15-year loan dipping below 3 percent for the first time ever reports Freddie Mac.

The average rate on the 30-year loan dropped to 3.75 percent (down from 3.78 percent last week) which is the lowest since longer-term mortgages began in the 1950s.

The 15-year mortgage, which is a popular option for refinancing, fell to 2.97 percent (down from 3.04 percent last week).

These low rates make it an excellent time to buy or refinance for those who are able. Check out our Homeownership Simplified section a for information & tips on buying a house in Washington State as well as our handy calculators to figure out potential mortgages, closing costs, and more!

One in three mortgage holders still underwater

One in three mortgage holders still underwater

Got that sinking feeling? Amid signs that the U.S. housing market is finally rising from a long slumber, real estate Web site Zillow reports that homeowners are still under water.

Nearly 16 million homeowners owed more on their mortgages than their home was worth in the first quarter, or nearly one-third of U.S. homeowners with mortgages. That’s a $1.2 trillion hole in the collective home equity of American households.

Despite the temptation to just walk away and mail back the keys, nine of 10 underwater borrowers are making their mortgage and home loan payments on time. Only 10 percent are more than 90 days delinquent.

Read More on MSNBC…

Are you a struggling homeowner? Check out our Avoiding Foreclosure section for resources and tips.

Two easy ways to pay your mortgage off early

Two easy ways to pay your mortgage off early

A lot of homeowners want to pay off their mortgages before the end of the loan term. This is especially true for borrowers who want to repay their home loans before retirement. There are a number of ways to accomplish a mortgage payoff.

The two easiest ways to put more money toward a mortgage are to set up automatic payments from a bank account or use the lender’s website, explains Jerald Banwart, senior vice president of customer operations at Wells Fargo Home Mortgage in Des Moines, Iowa.

Read More on the Seattle Times…

Mortgage-aid revisions paying off for bankers, some borrowers

Mortgage-aid revisions paying off for bankers, some borrowers

A newly streamlined government plan to reward homeowners who diligently pay their underwater mortgages is proving a bonanza for banks, which by one estimate may pocket $12 billion in extra revenue by refinancing loans.

The revisions to the Obama administration’s 3-year-old Home Affordable Refinance Program have yielded mixed results for homeowners, analysts and mortgage professionals say.

Some responsible homeowners are indeed getting lower-interest loans despite owing far more than their homes are worth. But others have loans that don’t qualify, or must jump through hoops the plan was supposed to eliminate, such as on-site appraisals and extensive paperwork.

Read More…