Mortgage ArticlesNevada Mortgage Applications RiseTip! Not many people who need to shop for a low mortgage rate actually have gone to school or otherwise been specially trained in financial matters. Therefore, no matter how much time you spend doing amateur research on how a mortgage rate works, you’ll probably still have a number of questions regarding your mortgage rate. That is fine. Your representative should go over the ins and outs of your mortgage rate and the other terms and conditions of your loan, making sure all of your questions are answered. If he or she is somewhat secretive about any aspect of your mortgage rate, or if he or she gives you answers that are unhelpful, be cautious. You should read over your mortgage carefully and possibly seek the advice of a financial advisor or mortgage broker to make sure that your mortgage rate is fair and that you aren’t being scammed. A friendly and helpful lender is the key to securing a good mortgage rate and a fair mortgage. Current mortgage trends around the United States and in Nevada have seen a 1.8% rise in applications. This could be due to the decline in fixed rate mortgage rates. Low percentage Nevada fixed rate mortgages can be more beneficial than adjustable rate mortgages because the rate is very low and can not be raised. Compared with a year ago, mortgage application volumes are down 26.1%, but applications for purchase mortgages in Nevada have risen 3.7%. This coincides with other data that shows the housing market could be cooling down significantly. After hitting a five-month high, Nevada applications for home refinance loans fell 0.9%. Home refinancing loans accounted for 41% of loans, which is down from 41.5% the previous week. Spreads have been tightening more and more between adjustable rates and fixed rates. ARM's accounted for just 26.2% of loans, the lowest ARM share in nearly three years. 30 year mortgage rates fell as well from 6.39% to 6.31%. This is the lowest rate rates have been since March. In the past eight weeks, 30 year fixed rates have fallen almost 50 basis-points. A popular Nevada refinancing loan, the 15 year fixed loan, fell from 6.06% to 5.97%. This is its lowest rate since March. The average rate for a one-year ARM fell from 5.97% to 5.91%. Mortgage Loan Tips. Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage - For The Least Points - And No Junk Fees. The 40 basis-point spread between the 30 year fixed loan and the ARM matched the tightest spread since January 2001. The spread widened to as much as 297 basis points in August 2003, a key factor in generating the popularity of ARM's.
|