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Mortgage rates drop for Tuesday

30-year fixed mortgages

The average 30-year fixed-mortgage rate is 4.17 percent, a decrease of 14 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.33 percent.

At the current average rate, you’ll pay principal and interest of $487.27 for every $100,000 you borrow. That’s $8.19 lower, compared with last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.45 percent, down 11 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $712 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.

Lower mortgage rates help Hovnanian reduce its net loss

"While we're not satisfied with the loss in the quarter, the substantial improvement over last year gives us confidence in our 2019 full year's performance," Ara Hovnanian, the company's chairman, president and CEO, noted in its earnings call.

The company's metrics for the trailing 12-month period are strong, he noted. Peer group studies show Hovnanian Enterprises has the second highest inventory turnover rate for that period, behind only NVR.

Sales during the quarter were mixed, but ultimately strong.

"The quarter clearly began with a very weak November compared to last year. We reported that during our year-end call," Hovnanian noted. "Fortunately, you can also see that December and January reversed that trend with contracts per community similar to last year."

The builder attributed improvement in its performance later in the quarter in part to a drop in mortgage rates to 4.35% by February from near 5% in the latter part of last year. Home cancellation rates, which previously peaked at 26% in November, responded by dropping to 18% in February.

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.

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