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How to land an ultra-low 15-year mortgage rate for your refinance

How to land an ultra-low 15-year mortgage rate for your refinance
How to land an ultra-low 15-year mortgage rate for your refinance

Thanks to this year’s historically low mortgage rates, refinancing remains a popular activity among homeowners — and it has taken on more urgency as a new refi fee threatens to push rates higher this fall.

A 30-year fixed-rate mortgage might be a borrower’s automatic first choice for a refi loan. But if you’ve been in your house a few years, refinancing to a 15-year mortgage can keep you from dragging out the debt and piling up massive interest costs.

The monthly payments on a 15-year home loan can be steeper, but the interest rates are lower: currently near an all-time low at an average 2.37%, which is one-half of 1 percentage point (0.50) below the typical 30-year mortgage rate, according to mortgage company Freddie Mac.

Some borrowers in 2020 have been able to score 15-year rates in the low 2s or even under 2%.

Could you? Here are four tips on how to get the very best deal when refinancing into a 15-year mortgage.

1. Run the numbers on 30- and 15-year loans

Most mortgage lenders offer both 30- and 15-year terms. Compare the current average rates between the two loan products, then zero in on a couple of lenders and see how their 30- and 15-year rates differ.

If 15-year mortgage rates don’t seem substantially lower, it may not seem worthwhile to accept the stiffer monthly payment that comes with the shorter-term loan.

Still, the long-haul savings can be considerable.

Freddie Mac says rates are now averaging 2.87% for a 30-year fixed-rate mortgage, versus 2.37% for the 15-year option. Let’s say you’re trying to decide whether to refinance a $200,000 mortgage balance for either 15 or 30 years at today’s average rates.

  • Your monthly payment would be $1,321

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Mortgage rate forecast Q4: Will the low rates continue? | Money

However, Ken H. Johnson, a housing economist at Florida Atlantic University, is less optimistic about a quick economic recovery. “Rates will remain low for at least another year,” he says. “I just do not see full or near-full economic recovery until COVID-19 no longer or minimally impacts the economy.”

— Economic recovery could boost rates

Greg McBride, CFA, Bankrate’s chief financial analyst, sees rates holding steady in the coming year. “Mortgage rates will remain at historically low levels and in no way be an impediment to well-qualified borrowers, but they won’t be quite as low as what was seen in the summer of 2020,” he says. “A refinance fee taking effect in Q4 2020 and further economic improvement will push rates a bit higher.”

Audrey Boissonou of Guarantee Mortgage in Walnut Creek, California, says the direction of the economy will prove crucial. “I’m locking people in in the high 2s right now,” she says. “I am seeing nothing that makes me think rates will go up. Of course, it all depends on what happens in the next few months. It can all change on a dime.”

Predicting rates is always a challenge, as Boissonou notes. But if the Fed’s attitude is any indication, then rates could remain low over the next year.

The Fed has set a pattern of keeping long rates low in challenging times, says William Emmons, the lead economist at the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis. “The demonstrated willingness of the Fed is to do the old cliche of ‘whatever it takes,'” says Emmons, who adds that he doesn’t state the Fed’s official position. “That’s pretty widespread, the belief that the Fed will do whatever it takes.”

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Global Bath Vanity market is expected to see growth rate of 5.31%

Edison, NJ — (SBWIRE) — 09/28/2020 — Latest released the research study on Global Bath Vanity Market, offers a detailed overview of the factors influencing the global business scope. Bath Vanity Market research report shows the latest market insights, current situation analysis with upcoming trends and breakdown of the products and services. The report provides key statistics on the market status, size, share, growth factors of the Bath Vanity. The study covers emerging player’s data, including: competitive landscape, sales, revenue and global market share of top manufacturers are RSI Home Products Inc.(United States), Ronbow Corp. (United States), American Woodmark Corp. (United States), Master Brand Cabinets (United States), Masco Corp. (United States), Wilsonart International (United States), Water Creation (United States), Virtu USA (United States), Studio Bathe (Canada), Masco Cabinetry (India), Kohler Company (United States), JSG Oceana (United States), Foremost Groups (United States), Empire Industries Inc. (India), Bellaterra Home LLC (United States), Design House (United States), DuPont (United States), Foremost Groups. (United States) and DuraSupreme Cabinet (United States).

Free Sample Report + All Related Graphs & Charts @: https://www.advancemarketanalytics.com/sample-report/81423-global-bath-vanity-market

The growing reconstruction and remodeling activities owing to change in consumer preferences is anticipated to spur the Global Bath Vanity Market. Moreover, the growing demand for functional bathrooms may promote the installation of specialized countertops which incorporate sinks. A bathroom vanity is defined as the blend of the bathroom basin or sink and the storage that encompasses it. Bathroom vanities are produced using diverse materials however they are resistant to moisture or water since bathrooms are mostly meant to be wet all the time. They can be exceptionally limited and sufficiently wide to hold the sink, or they can traverse the whole length of a bathroom wall. The size of the vanity relies upon the measure of the bathroom itself as it is

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