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Question by LaLa: Are current interest rates higher or lower than usual?
I’m in a college finance class, buy I need to know if current interest rates are higher or lower and what are the current trends. Is there a website that will tell me the recent activity and other info?
Best answer:
Answer by Musicman812
current rates
www.bankrate.com
trends
www.marketwatch.com
Fed Funds Rate has decreased significantly — now 1%
-the rate at which banks loan to each other
There are a tons of articles on rates @ marketwatch.com. You could also do a search in google.
Good luck
What do you think? Answer below!
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Question by HumanSky: How to refinance my home if equity keeps dropping?
I bought my house about 5 years ago for $ 320k at around 5.8% for 30 years. I would love to take advantage of all these historically low mortgage interests rate, viagra sale but every mortgage company I call looks at zillow.com (or some other tool) for an estimate on my propertie’s worth. Since the value supposedly is now around $ 250k, physician I’m having a hard time getting to the 70% equity needed in order to refi. Am I just SOL or are there other options?
Best answer:
Answer by Ryan M
Sadly…SOL. It seems like the only way to get help for honest people who play by the rules is to become a deadbeat and force the lender’s hand into modifying your mortgage.
Know better? Leave your own answer in the comments!
Don’t trust zillow too much
A tid-bit of info. My home insurance company pretty much gets it on the money when I call to try to lower my home insurance. (I do this about every 5 years).
I ask them to re-evaluate the home price.
And they ask me questions on improvements, etc.
Very accurate. Give that a try.
Are you sure your bank is requiring 70%?
Call them up and see if they will re-fi at 80%.
If you or your spouse wee veteran you might try a VA refinance. The VA would lend 100% on a refinance even if you currently have a conventional mortgage.
If you are not veteran check with refinancing with a FHA mortgage loan. In some instances you might be able to refinance your current mortgage at around 90%-95%.
To refinance with VA or FHA, you would have to contact a local government mortgage lender. You might google or look in your local telephone book for such a lender.
You would have to qualify, however, the qualification is not as difficult as some would think.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
You are out of luck until your house gains in value again. That may not happen since it sounds like your house should have NEVER sold for 320k. LOL You are in the same boat as a lot of other people.
Unless you can bring cash to the closing to fill that gap between the appraised value and what you owe, you won’t be getting in on a lower interest rate.
Banks are not lending more money than the asset is worth anymore.