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Mortgage rates dip to their lowest levels in more than a year

After soaring to seven-year highs in November, mortgage rates have been on a steady decline the past 2½ months and this week sank to levels not seen in more than a year.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 4.37 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.41 percent a week ago and 4.38 percent a year ago.

The 15-year fixed-rate average fell to 3.81 percent with an average 0.4 point. It was 3.84 percent a week ago and a year ago. The five-year adjustable rate average slipped to 3.88 percent with an average 0.3 point. It was 3.91 percent a week ago and 3.63 percent a year ago.

“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.

Detroit's mortgages return to pre-recession levels, still face obstacles

— Nearly 1,300 home buyers took out mortgages   in the city in 2018, a number not seen here since before the Great Recession. 

The milestone signals a strengthening housing market in a city that once boasted one of the largest homeownership rates among African-Americans. But by 2012, the number of new mortgages had dwindled to just 244, a marker of economic distress.

More than six years later, most home sales still are all-cash, and many Detroiters cannot obtain a loan. But mortgages are appearing in more neighborhoods, home values are up and the city is attracting financial industry investment.

Chemical Bank, which recently moved its headquarters from Midland to Detroit's downtown, said last month it intends to merge with Wayzata, Minnesota-based TCF Bank. The new TCF Bank, potentially one of the largest banks in the nation, would be headquartered in the $60 million tower Chemical is planning at Elizabeth Street and Woodward Avenue.

Whats the total mortgage payment for a 105k home?

I want to know what would be a mortgage payment with everything included like taxes and etc. for a 105k home. I am looking to buy my first home and my credit score is 730. Our total take home money a month is $3600.

What is the term of the loan and what is the interest rate.