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How Low Can They Go: With Mortgage Interest Rates Low, Should You Refinance?

January 13, 2021 by Michael Addison

Do you have a mortgage? You've likely seen or heard a lot about mortgage refinancing as interest rates remained low in recent months. In today's blog post we'll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates. What is Mortgage Refinancing? In simple terms, refinancing refers to the practice of taking out a new mortgage and using the proceeds to pay off your old one in its entirety. You'll go through the full borrowing process with your chosen lender, including the credit check, financial history and employment history in order to ensure that you have the ability to pay your new mortgage – even if … [Read more...]

Filed Under: Mortgage Rates Tagged With: Interest Rates, Mortgage Refinancing, Mortgages

5 Key Factors That Affect Your Mortgage Rate

May 1, 2018 by Michael Addison

Many first time home buyers often wonder what factors determine their mortgage rate. Is it their credit score? Is it the type of loan chosen? Is it the size of the loan? The truth is, there are many factors at play. Mortgage interest rates are not standardized across the board, so they vary from lender to lender and from borrower to borrower. Here are 5 common factors that determine or affect your mortgage interest rate: 1.    Default Risk Risk is a key consideration when determining mortgage interest rates. Banks and other lenders are in a risky business because there is always a chance of a borrower defaulting on their loan repayments. This is known as default risk.  … [Read more...]

Filed Under: Mortgage Rates Tagged With: Credit, Financing, Mortgage Rates

What’s Ahead For Mortgage Rates This Week – September 25th, 2017

September 25, 2017 by Michael Addison

Last week's economic news included readings on housing starts, building permits issued and sales of pre-owned homes. The Fed's Federal Open Market Committee issued its customary post-meeting statement and Fed Chair Janet Yellen gave a press conference. Weekly readings on mortgage rates and new jobless claims were also released. Housing Starts Lower, but Building Permits Increase August saw fewer housing starts with 1.18 million starts on a seasonally-adjusted annual basis. July's reading was upwardly adjusted to 1.19 million starts; analysts expected 1.175 million starts annually in August. Building permits rose in August, which suggested builder confidence was strong regardless of fewer … [Read more...]

Filed Under: Mortgage Rates Tagged With: Mortgage Rates

What’s Ahead For Mortgage Rates This Week – September 18, 2017

September 18, 2017 by Michael Addison

Last week's economic readings release included reports on inflation, core inflation retail sales and retail sales excluding autos. Consumer sentiment, along with weekly readings on mortgage rates and new jobless claims were also reported. Inflation Exceeds Expectations, Retail Sales Lag Consumer prices rose 0.40 percent in August, which surpassed expectations of 0.30 percent growth and July's reading of 0.10 percent. Core consumer prices, which exclude volatile food and energy sectors, matched expectations with a reading of 0.20 percent growth and exceeded July's growth of 0.10 percent. August retail sales fell to -0.20 percent against expectations of no change from July's reading of 0.30 … [Read more...]

Filed Under: Mortgage Rates Tagged With: Mortgage Rates

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