Mortgage rates tend to rise when the outlook is for fast economic growth, higher inflation and a low unemployment rate. Mortgage rates tend to fall when the economy is slowing down, inflation is.
An amount paid to the lender, typically at closing, in order to lower the interest rate. Also known as mortgage points or discount points. One point equals one percent of the loan amount (for example, 2 points on a $100,000 mortgage would equal $2,000).
Adjustable Rate Mortgage (ARM) – An ARM often comes with interest rates well below those of a 30-year. With an ARM, a borrower receives a very low fixed interest rate for an introductory period of time, which normally ranges form 1 to 7 years, before the rate adjusts to a higher level.
The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance. the Mortgage Bankers Association, a trade group that represents the home-loan.
· The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point, according to freddie mac. (Like Fannie Mae, Freddie Mac is a government-sponsored mortgage company.)
A year ago, mortgage rates stood at 4.85 percent. Low mortgage rates help propel U.S. home sales and the refinance market.
Today’s Mortgage Rates and refinance rates. 15-year fixed-rate jumbo 4.375% 4.391% 7/1 ARM Jumbo 4.125% 4.649% Rates, terms, and fees as of 8/24/2018 10:15 AM Eastern Daylight Time and subject to change without notice. Select a product to view important disclosures, payments, assumptions, and APR information. Please note we offer additional home loan options not displayed here.
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