Conventional, 30-yr Fixed: 4.625%/APR 4.788%
FHA and Federal VA, 30-yr Fixed: 4.75%/APR 5.981%
USDA, 30-yr Fixed: 4.75%/APR 5.299%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit and property qualifications, and therefore, you interest rate may differ. Please contact a Loan Officer at www.equityloansoregon.com for further information.
Monday, July 25, 2011
Interest Rates Going Up or Down?
Economists are predicting that interest rates will remain relatively unchanged over the next 30 days.
Mortgage rates seem to be moving based on the debt ceiling situation in Washington, D.C. Regardless of the decision to increase the debt ceiling or to cut the deficit, interest rates will remain volatile.
The expectation is that the volatility will continue until a resolution is reached. Overall, interest rates should stay in their current range, despite the day-to-day ups and downs.
Mortgage rates seem to be moving based on the debt ceiling situation in Washington, D.C. Regardless of the decision to increase the debt ceiling or to cut the deficit, interest rates will remain volatile.
The expectation is that the volatility will continue until a resolution is reached. Overall, interest rates should stay in their current range, despite the day-to-day ups and downs.
Lower Interest Rates Reason Enough to Refinance Your Home Loan
When interest rates are low, plenty of homeowners rush to refinance before evaluating the true consequences of their actions. Sometimes a mortgage refinance can be the wrong move.
People often make poor decisions because of what is called "interest rate envy" around the water cooler. Do not jump at refinancing just so you can say you got a lower rate.
The first step when deciding to refinance is to establish a clear objective: 1) lower your overall payment regardless of the length of the loan, 2) shorten the term of the loan in order to pay it off sooner, 3) compare the length of time you plan to stay in your home to see if refinancing with the costs will actual result in a net benefit to you.
Borrowers must have good credit, an acceptable debt load for their income and enough equity in their home, among other requirements, to be approved for a loan.
People often make poor decisions because of what is called "interest rate envy" around the water cooler. Do not jump at refinancing just so you can say you got a lower rate.
The first step when deciding to refinance is to establish a clear objective: 1) lower your overall payment regardless of the length of the loan, 2) shorten the term of the loan in order to pay it off sooner, 3) compare the length of time you plan to stay in your home to see if refinancing with the costs will actual result in a net benefit to you.
Borrowers must have good credit, an acceptable debt load for their income and enough equity in their home, among other requirements, to be approved for a loan.
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