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- July 17, 2008: 30 year fixed-rate averaged 6.26%MarketWatch: U.S. mortgage rates fall: Freddie Mac (July 17, 2008)
- July 17, 2008: 15 year fixed-rate averaged 5.78%MarketWatch: U.S. mortgage rates fall: Freddie Mac (July 17, 2008)
- U.S. mortgage lending rates had been rising since the subprime mortgage crisis
- The federal government has cut rates to help prevent the mortgage crisis from causing a broader economic recession
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A mortgage is a loan used to buy real estate. Under the terms of a mortgage, the real estate is used as collateral for the loan. Most residential mortgages are set for payment durations of 15, 20 or 30 years.
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Mortgage Components
There are 5 general components that make a mortgage:Principle: The amount of money that has been borrowed and not repaid to the lender.
Interest: The charge or rate of increase that is added to the principle. These rates change daily and are negotiable.
Taxes: Property taxes can either be added to the principle of a mortgage or can be paid independently.
Property and Life Insurance: Similar to taxes, property and life insurance can be included in your mortgage payment.
Mortgage Insurance: Sometimes referred to as PMI or MIP this insurance protects the lender in the event of death, forclosure, or in the event that an unconventional mortgage is negotiated.
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Mortgage Crisis
On Friday, July 11, 2008, the second largest bank failure in U.S. history took place as federal regulators took over the IndyMac Bank.CNNMoney.com: Bank Regulators close IndyMac (July 11, 2008) The bank closed its doors three hours early on Friday and re-opened on Monday under federal control and a new name. In addition, the Federal Reserve opened up more credit for two other failing lending institutions: Freddie Mac and Fannie Mae. Together, these organizations either funded or guaranteed over half of all mortgages in America.The New York Times: Making Sense of the Fannie and Freddie Stock Slide (July 11, 2008)
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What Happes If I Miss A Mortgage Payment?
Ehowfinance explains what happens when a mortgage payment is missed and mentions that the most important thing you can do is to get in touch with your bank or lender as soon as possible.
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Mortgages Questions
What are some tips that you would give to a first time home buyer looking to get a mortgage? 6 AnswersI just bought a condo so I have some experience with mortgages. I would recommend keeping an eye on the rates over time. Sites like bankrate.com will show you... read more
Where can I find private 1st mortgage money? 1 AnswerSee these web sites http://www.privateloanlender.com/ http://www.myprivatelender.com/ http://www.1stbridge.com/ http://www.privatemortgagesnetwork.com/ Be aware... read more
If I have a current repo. on my car do I still qualify for the Obama mortgage reduction? 1 AnswerSorry..no ..each car that is being traded in..must not have any liens on it. read more
What are some of the details of the Mortgage relief plan? 3 AnswersThe Associated Press released a brief article on some of the plan's highlights this morning (see link below). Some of these include: -"$2 billion in competitiv... read more
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Mortgages at 3.5%!!!!, You Are How You Think - http://tinyurl.com/yjuankl
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Rate on 30-year mortgages dips to 4.83 percent http://bit.ly/89QhkC
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I'd really love it if ex-Reds didn't sully the memories by being wankers in the media. Mortgages on mansions to pay, I guess....
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@MicheleKnight just emailed you actually. I am DarwinianTheory@Gmail.com probably next to Viagra and Mortgages in your spam box now ;)
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Of interest to everybody that owns a house. Consumers need to prepare for higher mortgage rates next year. http://bit.ly/8izSqw #mortgages
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