Tag: ARM

  • Could Government Default Send Homebuyers Racing to ARMs?

    Could Government Default Send Homebuyers Racing to ARMs?

    If government default sends interest rates skyrocketing, where would that leave homebuyers seeking affordable mortgages? Continue Reading

  • Facebook CEO Mark Zuckerberg Refinances Mortgage Loan Down to 1%

    Why Mark Zuckerberg Has a 1% Mortgage -- and You Don't

    Like millions of Americans have done in recent years, the Facebook founder decided to refinance his mortgage. But the average homeowner probably shouldn't try what he did to get it a rock-bottom interest rate. Continue Reading

  • Mortgage Rate Falls to New Record Low -- Again

    Mortgage Rate Falls to New Record Low -- Again

    WASHINGTON -- The average rate on the 30-year fixed mortgage fell again this week to a record low. The eighth record low in a year is attracting few takers because most who can afford to buy or refinance have already done so. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year fixed... Continue Reading

  • Fixed Mortgage Rates Fall to New Record Lows

    Fixed Mortgage Rates Fall to New Record Lows

    WASHINGTON -- The average rate on the 30-year fixed mortgage fell to a record 3.91 percent this week, the third time this year that rates have hit new lows. Freddie Mac said Thursday that the average on the 30-year home loan fell from 3.94 percent the previous week. The 3.91 percent rate is the lowest average... Continue Reading

  • 101-Year-Old Woman Evicted in Foreclosure

    101-Year-Old Woman Evicted in Foreclosure

    DETROIT -- A 101-year-old woman was evicted from the southwest Detroit home where she lived for nearly six decades, after her 65-year-old son failed to pay the mortgage. Texana Hollis was evicted Monday and her belongings were placed outside the home. Her son, Warren Hollis, said that he didn't pay the bill for... Continue Reading

  • Mortgage Rates Sink to 5-Month Low

    Mortgage Rates Sink to 5-Month Low

    Just in time for the spring buying season, mortgage rates have fallen to their lowest level in five months, according to a lender survey released this week. This marks the fourth straight week in which mortgage rates have dropped. The benchmark for conforming 30-year fixed rate mortgages fell to 4.88 percent,... Continue Reading

  • Hello to ARMS: Variable-Rate Loans Make a Comeback

    Hello to ARMS: Variable-Rate Loans Make a Comeback

    Roundly blamed as one of the key reasons behind the collapse of the housing market, the once-popular ARMs--adjustable-rate mortgages that started low and then adjusted to higher and less affordable payments--have crept back into the marketplace. The home-loan product that was virtually eradicated during the... Continue Reading

  • Current Mortgage Rates: Fixed-Rate or ARM?

    Current Mortgage Rates: Fixed-Rate or ARM?

    Until recently, the only dilemma for home loan seekers was what kind of mortgage to take on: a 30-year fixed rate mortgage or adjustable rate (ARM). A gentle upward climb of current mortgage rates -- as well as home prices -- was looking inevitable. The smart money was predicting that home prices had dropped as... Continue Reading

  • Adjustable Rate Mortgages: Time to Reconsider?

    Adjustable Rate Mortgages: Time to Reconsider?

    Mark Shapiro, owner of a public relations company in San Diego, went shopping last month for a mortgage to buy a house near Poway, Calif. Shapiro, pictured left, had every intention of following his mortgage broker's advice and choosing a 30-year fixed-rate mortgage. But then he looked at the difference between... Continue Reading

  • Mortgage Jargon in Simple Terms

    Mortgage Jargon in Simple Terms

    Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and conditions on various mortgage types that may be so difficult to understand that you just want to pull out your hair.... Continue Reading

  • Mortgage Applications, Refis Hurt by Job Market Stagnation

    Mortgage Applications, Refis Hurt by Job Market Stagnation

    Minnesota homeowner Matt Kreger refinanced his $168,000 mortgage into a 4.75 percent 30-year fixed-rate three weeks ago, to get out of a 5-year, interest-only ARM with a 5.7 percent rate, which was set to change at the end of September. Borrowers such as Kreger were part of a push before Labor Day to close on... Continue Reading

  • An ARM That Goes One Way: Down

    An ARM That Goes One Way: Down

    An Adjustable-Rate Mortgage that only goes down? Sounds too good to be true. But that's what a Virginia startup is promising. But first, the background. If you've refinanced your mortgage without paying closing costs, there's a good chance that you're still paying for the privilege, in the form of a "yield... Continue Reading