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Ever wonder why you get spammed after you fill out an online form for mortgage rates? At Rates in Motion, we don't do that.

Rising mortgage rates may have repercussions beyond the housing market

Mortgage rates began the year on the most sustained increase in the 40 years Freddie Mac has been tracking the data, rising in 15 of the first 21 weeks of 2018. Rates went from 4 percent to 4.66 percent before plateauing during the summer.

Increases in mortgage rates are both good and bad. They can eventually dampen housing prices, making more homes affordable to more people. For someone buying a home now, high rates reduce the cash they have available to spend on expenses such as dinners, trips, appliances and clothes.

"Last year, if you had a median (priced) existing home costing $250,000 and you put down 20 percent, you borrowed $200,000," said Brett Ryan, an economist with Deutsche Bank. "At 4 percent, that payment was around $950 a month. Fast forward to today, and median existing home price is around $260,000 and the interest rate you are paying on the loan is 4.6 percent, which means that your monthly payment is roughly $1,060, a little over $100 a month more than last year.

What Else Banks Can Help With (Besides Banking)

You might think of “the bank” as the place you keep your savings and checking accounts, but these financial institutions offer a lot more. As competition increases and technology advances, banks (including credit unions and savings institutions) are offering more and more services intended to attract – and retain – customers. Whether you’re opening your first savings account or you’ve been banking for years, it’s helpful to know which services your bank offers, so you can take full advantage. To get you started, here’s a list of the other services most banks provide.

Other Types of Accounts

Odds are you have a checking account to pay for bills and everyday spending, plus a savings account to build an emergency fund. Most banks also offer money market accounts , which tend to offer better interest rates than savings accounts, as well as certificates of deposit (CDs) , college savings plans, individual retirement accounts (IRAs) and investment accounts.

These accounts are designed to help you save for longer-term financial goals – think college for the kids and retirement for you – and help you grow your wealth by investing your money. That savings account you have may only pay 0.01% interest, for example, but move that money into a CD and it could be earning 3%. If you have extra money in either your checking or savings accounts, it’s worth looking into your bank’s other account offerings to see if there’s a better place to stash your cash.

Mortgage Rates?

My mortgage rate went up extremely high and now I'm in aw of it dont want to loose my house...What shall i do...I though that a Fixed rate would keep me at my same payment...Someone with a lot of knowledge plz help...And Thank You for your help ...

I wish I could help you more. 1) Find a good, reputable mortgage broker in your area. They can look over what you have and explain it.