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Posts Tagged ‘mortgage rates’

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The Best of 2009

December 25th, 2009 by Matthew C. Keegan | 1 Comment | Filed in Blog Recap

Our top five articles for the year

What exactly makes a website tick? In other words, why are some people drawn to one website and not to another one?

2009Well, there are a number of factors which can help answer those questions including inbound and outbound link strategies, social networking, advertising, and just plain ‘ole luck. But what really matters is having great content, information that will cause people who find your site in the first place to return again and again and again.

We like to think that SayEducate.com offers solid information to our readers in the form of timely tips, helpful news, good advice on the things that matter most to them. We wouldn’t know this for sure unless our traffic reports indicated the same which brings us to the point of this article: a recap of our top five articles for 2009, light reading for your Christmas Day pleasure.

Turn Your Garage Into Valuable Living Space – One of our top articles in 2008 was the clear winner in 2009, drawing in four times the amount of traffic as the second most popular article. We think we know why too: out of all the home renovations people might undertake in a recession, taking existing storage space within your home and converting it to living space is the most affordable improvement project out there.

Home Mortgage Rates Expected To Drop Below 5% Soon – When we published this article at the beginning of the year, the worst of the recession was being felt. Homes were being lost to foreclosure, jobs were disappearing, and people were desperate. Many people still are.

7 Ways To Reduce Home Electricity Consumption – If you’re going to save money, cutting back on your daily expenses can help you achieve just that. Your electrical consumption can spell the difference between finishing the month positively or finding yourself slipping behind. Fortunately, energy efficiency pays huge dividends and is less taxing on the environment.

Check Engine Light On? You Can Turn It Off! – Car maintenance is costly and can set you back $80 or more just to have a mechanic tell you what the message code means when your check engine light comes on. Spend about that same amount and you can get a tool that tells you the same thing, saving you hundreds of dollars in repairs.

Laying A Sure Home Foundation – One of the oldest articles on SayEducate is one published in November 2007 shortly after we launched this site. Why is it still popular? Probably because hope springs eternal: as long as people dream, they like to dream big. And, building a new home is as important for some people today as it ever was.

That’s it – our top five articles for the year soon to end. Merry Christmas and a have a wonderful 2010!


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Zillow Reports 5% Mortgage Threshold Has Been Breached

September 16th, 2009 by Krayton M Davis | 3 Comments | Filed in Home Financing
Mortgage rates continue to drop, opening up a door of opportunity for savvy consumers. If you have excellent credit and a good job, you could qualify for a fixed rate thirty year home loan offered at a five percent interest rate.

Mortgage rates continue to drop, opening up a door of opportunity for savvy consumers. If you have excellent credit and a good job, you could qualify for a fixed rate thirty year home loan offered at a five percent interest rate.

Despite the economic uncertainty one fact remains: mortgage loans can be had for at near historic low rates. This is good news for home buyers or for people who want to refinance their current mortgages, provided that they have excellent credit and a good paying job in order to get approved.

Virginia Leads The Nation

The Zillow Mortgage Marketplace, a service of Zillow.com the real estate trends tracking site, says that the average rate for a thirty-year fixed rate mortgage (the most popular choice for consumers) is now down to 5.04%. Importantly, in several states, the five percent floor has been passed, with rates dropping to as low as 4.96% in Virginia.

The move downward follows a trend seen over the past several months. Indeed, the national average dropped from 5.09 to 5.04 just in the past week, showing that even lower rates may be ahead. While six percent is still considered to be an excellent rate for mortgages, when the market drops below 5% the psychological boost can be quite good.

15-Year, ARM Rates Drop Too

15-year fixed rates mortgages are now down to 4.48% while 5/1 ARM have dropped to 4.02%. ARM or adjustable rate mortgages have caused plenty of grief for consumers over the past few years as ultra low rate loans taken out in in 2001 and 2002 have since reset at a much higher rate. Those higher rates have contributed to mortgage delinquencies and a record number of home foreclosures, thus consumers considering an ARM today must take into consideration the possibility of much higher rates in the years to come.

Feel free to search our archives for mortgage tips and refinancing information, details which can help you save money.

Source: Zillow.com

Adv. – Despite rising interest rates, now is still a good time to refinance your home. If your current mortgage offers unfavorable terms, why not explore refinancing while rates remain below 6%? Visit PickMyMortgage.com or SayLending.com to find the best mortgage opportunities out there.


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Home Loan Rates? Going Down!

September 2nd, 2009 by Matthew C. Keegan | 2 Comments | Filed in Consumer Financing, Home Financing

If you’re looking for good news these days in the housing market, then you may have heard that home sales are up and prices have stabilized in some markets. But, you may  have also heard that come 2011, there could be a rash of new foreclosures as a fresh batch of variable rate loans come up for an adjustment.

Signs of relief are beginning to appear in the housing market. HARP and HAMP programs from the federal government could help to keep you in your home.

Signs of relief are beginning to appear in the housing market. HARP and HAMP programs from the federal government could help to keep you in your home.

Several markets remain depressed including Detroit, Las Vegas and much of Florida. However, sections of Southern California, Texas and various cities dotting the south and midwest are holding their own. Likely, the performance differences between these markets will continue as unemployment and other issues weigh in.

Additional Help For Home Buyers?

When Congress returns from their break next week, they’ll have a number of issues to take up besides national health care. One issue that should be on the mind of potential homeowners, particularly first time buyers, is the $8000 federal tax credit which must be taken by December 1, 2009. There has been talk about extending and expanding the credit to allow all home buyers to participate while also increasing the rebate to as high as $15,000 per purchase. We’ll let you know more about this information should a bill be presented over the coming weeks.

Meanwhile, the rate for a fixed-rate thirty-year mortgage continues to slide, dropping to 5.17% nationally according to the Zillow Mortgage Rate Monitor. Even better, the rate on a fifteen-year fixed-rate mortgage is 4.57% while 5/1 adjustable rate mortgages can be had for just 4.17%. Keep in mind that these rates apply only to the most creditworthy customers. Shop around for a deal that is most favorable for you.

HARP or HAMP

For homeowners struggling to keep up with payments, the federal government’s “Making Home Affordable” program could help you modify your current loan or seek out an all new loan. The government’s HARP – Home Affordable Refinancing Program – and HAMP – Home Affordable Modification Program has helped thousands of homeowners keep their homes thus far. Visit the related website to learn more including confirming your own eligibility to participate.

Finally, if you’ve been getting the run around when it comes to refinancing your home, then going the traditional rate of refinancing may help you out especially if your personal economic situation has improved over the past several months. Private lenders are still looking for customers, so first verify that your credit is good by obtaining copies of your credit reports to see where you stand. Who knows, the help you’re wanting could be within your reach!

Adv. – Are you considering a loan modification? If so, this mortgage medication website could offer just the prescription you need to improve your financial health.

See Also — Will Nearly Half of Mortgages be Under Water in 2011?


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Historically Low Mortgage Rates Are A Golden Opportunity

March 26th, 2009 by Matthew C. Keegan | 2 Comments | Filed in Home Buying, Home Financing

You hate to tell someone that this could be a “once in a lifetime opportunity” but in the case of mortgage rates that statement may very well hold true.

mortgage chimneyHome buyers and current owners who want to refinance their homes should take note of a critical line that was recently crossed – the interest rate on thirty-year fixed mortgages has dropped below five percent for people who have very good credit. Coupled with an $8000 first time home buyers credit from the federal government, things are suddenly looking a lot better during this spring home buying season.

Rates Have Been Dropping Since November

Interest rates began their gradual decline last November when the Federal Reserve decided to push down mortgage rates. Moreover, last week the Federal Reserve promised to spend as much as $1.25 trillion to buy mortgage securities this year. The Fed is also purchasing long-term Treasury bonds in a bid to push down rates on those securities, whose valuation affects mortgage rates.

For the person who has a fixed rate home loan of 6% and an outstanding balance of $200,000, refinancing at 4.7% could see their monthly mortgage payment drop from $1199.10/month to $1037.28, a savings of just over $160/month or about $1940 a year.

Closing Costs and Your Loan

Keep in mind that if you choose to refinance, closing costs may apply. When rates were higher, some lenders absorbed or reduced these costs but the trend today is for homeowners to shoulder at least a part of those costs. This means that it could take a year or two for you to realize savings with your new mortgage, but that shouldn’t be a problem for the person who plans to stay put for the long term.

No one is quite certain for how long mortgages will stay at historically low rates, though some predict that they should last through the summer. Most likely by next spring rates will begin to climb as the full force of the federal governments multi-trillion dollar spending spree kicks in. When that happens mostly everyone agrees that inflation will return, sending interest rates higher perhaps for many years.

So if you’re planning to buy a home or refinance your current mortgage, you’ll want to act as soon as possible. Oh, by the way, make sure that you check your FICO score first to see if you’ll qualify for the best loan available.


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