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Mortgages

In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.

Rates

Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.

Home Buying

Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.

Loans

There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.

Moving

When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.

MORE MORTGAGE ARTICLES

What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more

3 Reasons Banks Reject Short Sales

There are many reasons why banks reject short sales. The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale. more

3 Factors that Can Negatively Affect Your Mortgage Application

Many factors can affect your mortgage application and get you denied. Know what factors will hurt you and plan ahead so you can present the best financial picture to the lender. more

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Rates Tumble Making Way for More Home Sales

After rising the week before, long-term mortgage rates fell in the latest week on mixed economic data, a move that helped push applications for purchase mortgages higher. The average interest rate on a 30-year fixed rate mortgage sank to 4.34 percent, excluding fees, according to mortgage backer Freddie Mac, a three-week low, down from 4.41 percent the previous week. While still very historically low, rates have moved up considerably from a year ago when they averaged 3.43 percent. The drop in rates came in reaction to a mix of positive and negative market data, according to Freddie Mac. “Mortgage rates eased a bit following the decline in 10-year Treasury yields,” commented Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.” Lower interest rates paved the way for more home purchases, as this week the Mortgage Bankers Association reported a three percent increase in its Purchase Index, a measure of total home purchase mortgage request volume. Part of that increase may simply be attributed to the beginning of the spring buying season, but lower rates certainly make purchases more enticing. At the same time however, the MBA’s Refinance Index declined five percent and has fallen to a low not seen since July 2009. Refinance requests made up 51 percent of all mortgage applications this week, down from 53 percent the week before and is down 14 percent from April 2013. Refinance loans have made up the bulk of mortgage applications since the Great Recession, but as the housing market recovers and rates are trending slowly upward, home purchase requests should start to balance out refinancing. more