Wednesday, October 12, 2005

Mortgage Applications in U.S. Fall to Lowest Since April

Mortgage Applications in U.S. Fall to Lowest Since April, MBA Index Shows as interest rates rise. As mortgage applications fall lenders and brokers rush to make a deal on loans. This can open the way for more competitive offerings to lure in business. Among the common offerings are cash back incentives, lower fees and rates.

The key is to know whats being offered and put it on the table. One way to do this is by making good use of online lending market places

Todays Rates
30 Year Fixed 5.66% 0.51 5.76% 0.010%
15 Year Fixed 5.28% 0.46 5.47% 0.010%
30 Year Fixed Jumbo 5.88% 0.50 5.96% 0.000%
15 Year Fixed Jumbo 5.48% 0.50 5.65% 0.000%
5 Year Balloon 5.59% 0.62 6.20% 0.010%
7 Year Balloon 5.55% 0.63 6.11% 0.010%
1/1 ARM 4.25% 0.67 6.42% -0.020%
3/1 ARM 5.10% 0.50 6.12% 0.000%
5/1 ARM 5.22% 0.51 5.96% 0.000%
1/1 Jumbo ARM 4.76% 0.77 6.34% 0.000%
3/1 Jumbo ARM 5.25% 0.50 6.08% 0.010%
5/1 Jumbo ARM 5.41% 0.50 6.04% -0.010%
FHA 30 Year Fixed 5.64% 0.18 5.71% 0.000%
FHA 1 Yr ARM 4.72% 0.80 6.55% 0.000%
VA 30 Year Fixed 5.67% 0.29 5.75% 0.000%


Why use a lending marketplace over cold calling lenders? Time and competition are the two major factors. With little time to apply for a loan and make cost and rate comparisons over the phone, many users are making use of online rate quote applications and cutting time and costs.

15-YEAR FIXED RATE MORTGAGEThe monthly payment is higher but the interest rate is usually lower and one saves half the total interest cost of the 30-yr mortgage. Terms does not allow for the maximum mortgage interest tax deduction.