Mortgage Rates Newsletter - Market Analysis

Provided courtesy of: http://www.mortgagenewsdaily.com/reports/mortgage_rates/archive

Mortgage Rates Move Up From Long-Term Lows
Wed, 04 Aug 2021 21:10:05 GMT - Mortgage rates hit their best levels in 6 months yesterday, but moved higher today following a strong report on the services sector. The economy is one of the key inputs for interest rates. As such, several of the most relevant economic reports have a longstanding history of causing day-to-day volatility. Today's ISM Non-Manufacturing Index is one of a handful of the most important reports. By coming out much stronger than expected, it suggested the economy was closer to a level that would prompt the Fed to make changes to rate-friendly policies. Bonds reacted with lower prices and higher yields (aka "rates"). Of course we're only talking about only one economic report. A few short hours earlier, another important report, ADP Employment, missed by a longshot. A few days ago, ISM's own manufacturing
Mortgage Rates Drift Down to New 6-Month Lows
Tue, 03 Aug 2021 21:17:56 GMT - Mortgage rates moved slightly lower again today--extending a steady string of improvements that began after last week's Fed announcement. The average lender is now able to quote conventional 30yr fixed rates that are at least as low as those seen in the middle of July. In most cases, today's offerings are slightly better. The details can vary quite a bit depending on the scenario (purchase/refi, credit, downpayment, etc), but best-case scenarios have been back in the "high 2's" for weeks. In almost all cases, today's rates are the lowest since the beginning of February. What's up with the refreshingly strong move back toward all-time lows? At the beginning of the year, if you could only make one bet on rates, "higher" made more sense than "lower." That would actually still be a good bet as
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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