Mortgage Rates Newsletter - Market Analysis

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

Mortgage Rates Lowest Since Halloween
Wed, 20 Nov 2019 22:09:28 GMT - Mortgage rates are in the midst of a winning streak of moderate size and duration. Specifically, rates have improved by at least an eighth of a percentage point for the average lender since the beginning of last week and have moved lower on all but one of the days between now and then. That brings them to the lowest levels since October 31st. As far as rate rallies go, that qualifies as just a bit longer than average and just a bit better than average. Notably, it comes at the expense of weaker rate momentum for nearly the entire month of October. In the bigger picture, however, rates are staggeringly lower than they were this time last year. Despite having risen from multi-year lows in September, we're still in a very solid ball park. In the coming weeks, we'll be watching closely for signs
Mortgage Rates Hold Steady
Tue, 19 Nov 2019 22:13:06 GMT - Mortgage rates had a great week last week and haven't done anything to jeopardize that so far this week. Today was the first time during these 2 weeks where rates have merely held steady as opposed to move lower. The recent winning streak requires a caveat , however. It was largely made possible by the losing streak that preceded it. But if we're going to play that game, we could just as easily say that the losing streak was largely a reaction to the even bigger winning streak that's characterized most of 2019. The takeaway from the back and forth above is that rate momentum can often adhere to considerations that are almost like the laws of physics (you know... equal and opposite reactions?). Generally speaking, the longer and stronger any given move has been, the more likely it becomes that
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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