Mortgages Blog

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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Tuesday, May 25, 2010 11:30 am
By Holden Lewis · Bankrate.com

Do you plan to refinance under today’s super-low rates? I’m asking loan officers and experienced borrowers to give refi advice in the comments section.

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Tuesday, May 25, 2010 9:11 am
By Holden Lewis · Bankrate.com

You should lock soon — like, in the next day or two — if you want to secure a rock-bottom mortgage rate. I said this yesterday and I dislike repetition. But this is important. Mortgage rates are extremely low right now. Time to lock, if you’re close enough to the closing date that you don’t

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Monday, May 24, 2010 10:53 am
By Holden Lewis · Bankrate.com

Home resales were 22.8 percent higher in April than they were 12 months before, according to the National Association of Realtors. Previously owned homes were resold in April at a seasonally adjusted annual rate of 5.77 million units, according to the National Association of Realtors. A year before, they were sold at a rate of

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