What caused the spike in mortgage interest rates starting May 29th of this year resulting in a 6 month high?

Question by Navid H: Is it possible to somehow transfer my current mortgage to another house?
I need to move in about 6 months, this pharmacy but my current mortgage has a nice 5.1% rate. If I sell my current house and buy a new house, approved ed I’d be in the 7% range, shop which means I have to get a smaller house. Is there any options for me to keep this rate somehow? I know there are portable mortgages out there (etrade has one) that let you transfer your mortgage to another house, but I don’t have this kind of mortgage. Should I maybe keep this house and rent it out and just rent a place? Any other suggestions?

Best answer:

Answer by Treesy
Unfortunately, your mortgage is tied to that property. If the lien isn’t released (mortgage company won’t release their security if the loan isn’t paid off. It would go from a loan secured by a home to an unsecured loan… basically a glorified VISA card.), the people who buy the house will have a lien on their property for a loan they aren’t even responsible for. I would suggest talking to a Mortgage Loan officer to discuss your options. There is no charge to do this (if they try to charge you, go somewhere else.) I suggest asking credit unions if they do mortgages. They won’t try to scam you. If you can afford to keep the place as a rental, that might be a good idea.

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Question by John H: How can i lower my mortgage payments without refinancing?
I heard from a friend that Obama came up with a new plan, medical anyone know what that is? Whats the right way to go to lower my payments?

Best answer:

Answer by versantly
contact your mortgage lender for more info.

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Question by NWFC: Can I transfer an existing home equity loan, sildenafil attached to my current residence to a new residence?
I took a home equity loan out a while ago and in this market, my equity has dropped considerably.

If I were to sell my home, I could pay off my 1st mortgage, but I’d still have a balance of about $ 30,000-$ 50,000 on the 2nd mortgage. Do lenders transfer 2nd mortgages to a new home?

Best answer:

Answer by Leo F
Sorry but that’s not going to happen, that 2nd mtg is secured by the current home and they do not transfer Mtg from one house to another.

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Question by caffine_loady: What caused the spike in mortgage interest rates starting May 29th of this year resulting in a 6 month high?
Look at any trend chart, drug and you’ll see a definate spike resulting in a nearly 3/4% increase in a week! Any idea what caused this? According to the morning news, recipe yesterday’s meeting by the fed decided to leave rates at an all time low. So… if the fed’s rates are at an all time low, why are mortgage rates up? For that matter, what causes them to change?

Best answer:

Answer by jlf
Long term bond rates, mainly. The “fed rates” are short term rates and not the primary driver of mortgage rates.

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