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Ana Said:

How long will it take the latest 3/4% interest rate cut to affect the mortgage and loan companies rates?

We Answered:

Unless you have a fixed-rate mortgage, the current mortgage interest rates are very important to deciding how much you should pay every month<!--therefore it is always a good idea to keep an eye on what the rates are doing. If interest rates should rise, so will your monthly payments and again, if interest rates were to fall, so would the amount you would have to pay.

http://mortgages-finance.awardspace.com/Mortgage-Rate-Compare.htm

Monthly repayments made on your mortgage and the amount that was borrowed, is determined by current mortgage interest rates. Different-->companies offer different interest rates so it is a good idea to shop around for the best deal before settling on one particular lender.

Yolanda Said:

Current Mortgage Rates 90/10 refinance with the latest cuts?

We Answered:

My advice...don't do anything! The rate on the second should drop again today because the fed just cut the prime rate. You could refi the first, but with closing costs rolled in, you aren't really saving anything unless you get a rate of about 4% which isn't gonna happen. Keep paying on the second until you are at 80% LTV and then, if rates make sense refi. Because even if you hit the 80% line NEXT MONTH, you are obligated to pay MI for 12 months. Don't let someone sell you a loan that truly won't benefit you!

Andrew Said:

what is the latest status of freezing ARM mortgage rates?

We Answered:

C'mon, this was an initiative GW thought was a good idea. When's the last time he did ANYTHING intelligent?

This was a useless gesture by a lame duck president trying to look like he did SOMETHING fiscally responsible since he squandered the first budget surplus since Jefferson was in the white house.

For the most part, this will do little to help anyone who really needs it.

Renee Said:

I am in the process of buying a second home. Should I buy now or wait on interest rates to drop?

We Answered:

With the latest rate cuts by the Fed and the record number of foreclosures there are lots of bargains to be had. If the Fed cuts again the repayment on your mortgage (I assume you will have a mortgage on the second home) will go down.

Right now the buyers are calling the shots. Don't believe all the Realtors say, they are trying to protect their % in a shrinking market.

Ian M

Jessie Said:

Where I can find the latest mortgage rate from bank?

We Answered:

go to Yahoo finance and look up the yield on the 10 year. When the yield goes up the rate goes up and vice versa....

This is the best indicator of market direction for a 30 year fixed rate mortgage. Understand that there is no such thing as "today's rate".

Large institutional lenders actually hire outside consulting companies to see where they are verses the competition. Cost or funds vary from lender to lender and they are passed onto you.

Add to that loan level adjustments (cost that is added for risk profile) and it's nearly impossible to compare one lender verses another without going through a complete credit application.

Yes, prices went up today. Look at the graph over time though. Rates are still incredibly low.

Lance Said:

When are 30 year fixed mortgage rates going to follow short term rates down?

We Answered:

I'm going to say yes, if you're patient they will go down. It will take about three months for the most recent interest rate cuts to trickle into the economy overall, and I think 30-year rate cuts will follow. We have good a friend who is in the mortgage business and did our refinancing (both times), and I'll call him tomorrow and ask him what he thinks. If I get ahold of him, I'll email you. Otherwise, be patient, and I think rates will go down. (Thanks for the cigar, by the way. I like scotch, hint hint)