A Guide to Mortgage Rates
A Guide to Mortgage Rates
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Home Page > Finance > Real Estate > A Guide to Mortgage Rates
A Guide to Mortgage Rates
Posted: Aug 16, 2009 |Comments: 0
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This, however, could further obviate the demand for mortgage loans. However, it is important to understand the nuances of the home mortgage loan before delving deeper into the issue. It is a housing loan that can be availed, in which a financial institution such as a bank or private company like Quicken Loans lends the borrower money who in return pays the lender interest. Among the many types of mortgage rates, the most popular are fixed rate mortgages and adjustable rate mortgages. As the names suggest, a fixed rate mortgage is one in which the mortgage rate remains the same and an adjustable rate mortgage is where the mortgage rate is subject to adjustments.
Mortgage rates or the interest rates for home loans are affected by a variety of factors. More often than not, they are influenced by supply and demand. A strong economy results in more borrowing which in turn results in higher interest rates. Conversely, with the softening of an economy, borrowing goes down and so does interest rates. The Federal Reserve can also influence interest rates through raising or lowering the discount rate which is the interest rate banks are charged when they borrow money from the Federal Reserve.
According to a recent survey released by Freddie Mac, the interest rates on the U.S. 30 year fixed rate mortgages dropped to 5.32% during the first week of July. Going from an average of 5.42% in the previous months and 6.35% the previous year, the significant drop in mortgage rates can prove to put in positive vibes to the housing market. The drop in the mortgage rates has consequently resulted in an 11% increase in mortgage applications and a significant increase in applications to purchase housing property in three months.
Mortgage rates, however, need to be at 5% or below to significantly boost the home loan demand. According to real estate soothsayers, in the next two quarters, mortgage rates are likely to average 5.35% before mounting to 5.28% roughly around the first quarter of next year and most likely hit the 5.5% mark in the following quarters of 2010.
Scott Anderson, a senior economist at Wells Fargo, says that home sales are “tantalizingly close” to stabilizing. “Sometime this summer I think we will see (them) bottoming out,” he says. “It’s really just a question of absorbing the supply of vacant properties,” says Dana Johnson, the chief economist at Comerica Bank. “We are making headway, but we have some work to do.” Home prices, however, are not likely to hit bottom until early 2010 and Anderson expects home prices to fall another 5 to 10% at the national level before stabilizing.
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Robin Garg -
About the Author:
Robin Garg a Webmaster of Housing News Live and a real estate Analyst
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