Mortgages Blog

Wednesday, June 2, 2010 9:46 am
By Holden Lewis · Bankrate.com

Mortgage rates have settled into a groove since last Thursday. Yields on mortgage bonds have chugged along at more or less the same level since then, and that implies that mortgage rates haven’t moved much, either. Today is the day when Bankrate conducts its weekly rate survey; I predict that it will say that the

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Tuesday, June 1, 2010 10:53 am
By Holden Lewis · Bankrate.com

Like the life of a male praying mantis, this week’s economic calendar is brief and uneventful until it ends with a bang. Friday morning brings us the May employment report. It’s the week’s most important report when it comes to mortgage rates. According to Briefing.com, the consensus is that the report will say that nonfarm

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Friday, May 28, 2010 1:25 pm
By Holden Lewis · Bankrate.com

Mortgage rates are about an eighth of a percentage point higher than a week ago. In the last two days, your lender probably has either raised rates slightly or is charging more for discount points. That makes refinancing less attractive. This isn’t the result of a bait-and-switch scheme. Mortgage rates are volatile. They’ve been known

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Thursday, May 27, 2010 12:28 pm
By Holden Lewis · Bankrate.com

Today I wrote a post that explained how to analyze a simple rate-and-term refinance. Now we’ll step through something more complex, involving a hybrid ARM, or adjustable-rate mortgage. This query comes from the comments in a recent blog post. A reader named Mark writes: “Should I refinance now or wait? I have a 30-year, 7/1

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Thursday, May 27, 2010 11:23 am
By Holden Lewis · Bankrate.com

Mortgage rates fell again to their lowest levels since Bankrate began its weekly rate surveys in 1985. This week, the 30-year fixed averaged 4.92 percent. The survey is conducted on Wednesdays. So far today, there has been upward pressure on mortgage rates. Mortgage bond yields are at their highest in 10 days, which isn’t saying

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Thursday, May 27, 2010 10:34 am
By Holden Lewis · Bankrate.com

Should I refinance? That’s the question on the minds of readers, via e-mails and blog comments. I can’t answer each question, but I can tell you how to decide for yourself. The tools you need are available on Bankrate. I’ll step you through a simple rate-and-term refinance. In reality, there are few “simple” refi scenarios

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Wednesday, May 26, 2010 4:05 pm
By Holden Lewis · Bankrate.com

You want to refinance, eh? In tomorrow’s mortgage analysis, I’ll have some tips for refinancing mortgages. I’ll lay one on you now: Get your paperwork in order. If you haven’t got a mortgage loan in the last three more years, you’re in for a surprise. The level of documentation required has gone up considerably. Before

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Wednesday, May 26, 2010 1:50 pm
By Holden Lewis · Bankrate.com

Marilyn Bowden wrote a useful article this week for Bankrate about mortgage loan modifications and credit scores. The most important point that the article makes is that, even if you pay your modified loan on time, your credit score takes a hit. Why? Because “the original contract, in which you promised to pay a certain

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Wednesday, May 26, 2010 9:33 am
By Holden Lewis · Bankrate.com

Today is the day that Bankrate conducts its weekly mortgage rate survey. Last week, mortgage rates hit a record low in Bankrate’s nearly 25-year history when the 30-year fixed fell to 4.96 percent. I think today it’ll be around 4.93 percent, setting another record. In this week’s Rate Trend Index, I’m predicting that rates will

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Tuesday, May 25, 2010 4:54 pm
By Holden Lewis · Bankrate.com

Mortgage bond yields fell a little bit this morning, then recovered. Bond yields influence mortgage rates. As I write this, mortgage bond yields are back to where they were Friday afternoon — very low. I track Freddie Mac’s required net yields. Typically, you can add about half a percentage point to the Freddie RNY and

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