lizabet17110 asked:


My credit score is between 660 and 687. I need to refinace my current rate 7.35 adjustable mortgage. What kind of rate will I get.
Countrywide my current lender says I only qualify for a 8.75 rate because I had a bankraupcy in 1997 and I had two collections in 2003 due to my husbands illness and inability to work. He has since started to get Social Security and Retirement benefits.
I pay all my bills on time and pay more then the minimum on all of them including on my mortgage.
I can’t see why items from 3 yrs ago should still affect my credit since I have been making sure I pay everything beforeit is due and do not use more them 1/3 of my credit available.

Jason

areusmarterthanafifthgrader asked:


from regression analysis I found that there is a strong positive relationship between the unemployment rate and mortgage rates. I can’t figure out why. Any thoughts?

Sandra

elmho01 asked:


Hi
How come Fed rate is down and mortgage rate are up to the roof?
Thanks

Mathew

nothingness asked:


I recently visited the US. Everyone I know there that has a mortgage has gotten a fixed interest rate. There is virtually no difference in cost between fixed and variable rate mortgages. You can also fix for 30 years no problem. In Ireland it’s almost impossible to fix for more than 5 years and the cost puts an extra 200 or 300 Euro per month on your mortgage, which means there’s really no point in fixing. Can anyone tell me why there’s such a difference in the type of deals available between Ireland and the US?

Clifford

NickG asked:


The Fed has announced they may cut interest rates in the middle of March. I am currently working on getting a mortgage for a property I will close in mid-April. Should I wait to lock the rate until after the Fed announces the cut?

Evelyn

Kiwi asked:


I just read that foreclosures are up 78% in my state, and a lot of them were because people could not afford to pay on their skyrocketing adjustable rate mortgage. I have never bought a home before, but I would like to know why anyone would choose such a mortgage. Are fixed rate mortgages so much harder to obtain?

Betty

thatguy2007 asked:


It seems as though when money is more readily available, the 30 yr mortgage rates should drop.

Julio

Ruben M asked:


With mortgage rates on the rise, is it prudent to pursue ANY type of adjustable rate mortgage (ARM) at this time? Or should home buyers be scrambling to lock in fixed rates?

In a simple world, I’d consider this question to be a slam dunk, until you factor in the various ARM options available on the market (1, 3, 5, 7, 10). The questions is essentially, is it possible to pick an ARM with a front-end period (where the rate stays fixed) that essentially “jumps” over the upcoming rate spike?

Naturally, we’re talking about rational home buyer options, NOT interest-free or 40-year loans.
For the record, the ARM options I was considering were 7/1 and 10/1. Because the first 7 (or 10) years are fixed, I would have assumed both to be a viable option. My thinking was that you’d basically be gambling that rates would be better in 7 or 10 years than they are right now. Is a decade of high rates really a possibility?

Alex

tardis_mom asked:


We would like to refinance our current mortgage and I was hopeful that the result of the Fed rate cut would be a drop in the mortgage rates. However, it seems like mortgage rates only dropped by about 1/4 % point (I was hoping to go down to about 5% on a 30 year fixed rate with no points with an excellent credit score). What determines whether mortgage rates fall and how much?

Mildred

GI beaner asked:


whould the mortgage rate go up or down.

Holly