Compare Home Mortgage Interest Rates Online With No Or Low Closing Costs - Rate Quotes
Mortgage interest rates go up and they go down and are dependant on a few factors including the cost of funds and the availability of those funds. The Federal Reserve can lower interest rates but they can also increase the money supply.
We have been comparing mortgage interest rates since November 2007. The subprime lending crisis has had a negative effect on the availability of the funds. In the past, lenders and mortgage brokers passed the loans along to a secondary market who bought the loans in bundles.
As long as these loans were purchased by others, the lenders could continue to loan out more money. That secondary market tanked and the hedge funds and security purchasers quit buying the bundled mortgages.
The nations largest lender, Countrywide, suffered this fate. The mortgage broker and originator was unable to re-coup their funds from the secondary market. Countrywide could not longer make many loans.
Since November rates have dropped, but the availability of funds has been tightened. Lenders have become very selected in their lending practices because it has become more difficult to resell those loans.
So what should these lenders do? The foreclosure rate has risen making it even harder to sell a home. Banks are taking these homes back at an alarming rate. The banks need to begin working with the borrowers who are suffering from the higher interest rates after they reset.
Our survey has discovered that since November rates have dropped from 6.4 percent (APR) to about 5.8 percent (APR). These rates are based on a new purchase loan from $300,000 to $417,000. We removed national lenders from the calculation. See the link below for more information.
Current Home Loan Mortgage Interest Rates And Calculator
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