Mortgage Rates Newsletter - Market Analysis

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Mortgage Rates Just Barely Higher, But Lower This Week
Fri, 16 Mar 2018 21:36:49 GMT - Mortgage rates rose modestly today, but many lenders were essentially unchanged compared to yesterday's latest offerings. Moreover, rates ended the week slightly lower compared to last Friday's latest levels. That's no small victory in 2018, despite the fact that it is a small victory in general. Part of the motivation toward slightly higher rates over the past 2 days could be the looming Fed announcement next week. Oftentimes, bond markets (which underlie rates) don't want to move too far outside recent ranges when there's a risk the Fed may say or do something to redefine that range. In the current case, Wednesday's improvement brought average rates to their best levels in roughly 3 weeks. Traders aren't eager to explore anything lower without the Fed's blessing. But at the same time, they
Mortgage Rates Hold Steady at Lowest Levels in March
Thu, 15 Mar 2018 20:42:23 GMT - Mortgage rates held steady today as political headlines helped to offset some initial weakness in bond markets. When bonds weaken, rates tend to move higher. That said, this morning's weakness was quite modest. The helpful headlines (regarding Robert Mueller's subpoena of members of the Trump Organization) had a similarly modest effect, thus leaving bonds and rates in relatively unchanged territory. That's perfectly acceptable in this case because it means rates are holding in line with their lowest levels since March 1st. The risk is that March 1st served as a floor for rates after they began falling from mid-February highs. It could be the case that rates will have a tough time moving any lower than today's levels without more meaningful motivation and that they're waiting to decide on such
Home Equity Loan

Home Equity Loan

What is a 'Home-Equity Loan'

A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's Current market value.  The mortgage also provides collateral for an asset-backed security issued by the lender and sometimes tax deductible interest payments for the borrower. 

Also known as "equity loan" or "second mortgage".

BREAKING DOWN 'Home-Equity Loan'

A home-equity loan is basically a line of credit secured by your home. When the line of credit is drawn down, the financial institution providing it places a second mortgage loan on your home until the loan is paid off, after which the you can use the loan to finance other purchases. However, if the loan is not paid off, your home could be sold to pay off the remaining debt. Interest rates on such loans are usually adjustable rather than fixed and lower than standard second mortgages or credit cards.


Home Equity Loan or Line or Credit?

Should you get a home equity loan or a home equity line of credit, known as a HELOC? With a home equity loan, you get a lump sum. A HELOC provides you a revolving credit line, much like a credit card. 


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