The Difference Between Interest Rate and APR—Nope, They’re Not the Same

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Image via iStock Some people believe that a loan’s interest rate and its annual percentage rate (APR) are the same thing. They’re not. What is interest? Interest is the money a borrower pays to a lender for the privilege of borrowing money. If lenders did not charge interest, they would make no profit by lending money. Interest is the money … Read More

Mortgage Rates Are Back Down: Why They’ll Stay Low

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Mortgage rates were down this week, averaging 4.09 percent for a 30-year, fixed-rate loan, down from 4.12 percent last week. Last year at this time, the rate was 3.81 percent, according to Freddie Mac . What’s going on? Immediately after Donald Trump’s unexpected victory in the presidential election, mortgage rates jumped, with the 30-year fixed climbing as high as 4.32 … Read More

The Fed Raised Rates, So What Will Happen With Mortgages?

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Mortgage rates were up this week, averaging 4.16 percent for a 30-year, fixed-rate loan, up from 4.13 percent last week. Last year at this time, the rate was 3.97 percent, according to Freddie Mac . As recently as late October, the 30-year fixed was at 3.47 percent, so the current rate does mark a notable hike. And just on Wednesday, … Read More

Mortgage Rates Are Up. What Does that Mean for Housing?

Build RealtyMarket News

Mortgage rates shot up this week, averaging 3.94 percent for a 30-year, fixed-rate loan, up from 3.57 percent last week. Last year at this time, rates were 3.97 percent, according to Freddie Mac . What does this mean for homebuyers and homeowners going forward? That’s not as clear. “The new Trump administration’s economic plan has the potential to have long … Read More

Mortgage Rates: They May Go Up in 2017

Build RealtyMarket News

Mortgage rates were up this week, averaging 3.52 percent for a 30-year, fixed-rate loan, up from 3.47 percent last week. This is the first time in four months the rate has been above 3.50 percent. Last year at this time, rates were 3.70 percent, according to Freddie Mac . A consensus is growing on what may happen in the near … Read More

Mortgage Rates: Housing is Getting Stronger, But Rates Will Stay Low

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Mortgage rates inched down this week, averaging 3.48 percent for a 30-year, fixed-rate loan, dropping from 3.50 percent last week. Last year at this time, rates were 3.86 percent, according to Freddie Mac .   Yesterday, in a much-anticipated meeting, the Federal Open Market Committee (FOMC) decided to keep the Federal funds rate unchanged in a contested vote, with three of ten members … Read More

Mortgage Rates: Homebuyers Might Not Need to Depend on Cheap Borrowing Anymore

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Mortgage rates rose this week, averaging 3.50 percent for a 30-year, fixed-rate loan, up from 3.44 percent last week. Last year at this time, rates were 3.91, according to Freddie Mac . But the real news for homeowners and homebuyers came on Tuesday, when the Census Bureau released its annual report on Income and Poverty in the United States . In an unambiguously positive turn, the … Read More

Mortgage Rates: Does the Federal Reserve Drama Really Matter?

Build RealtyMarket News

Mortgage rates inched up this week, averaging 3.46 percent for a 30-year, fixed-rate loan, up from 3.43 percent last week. Last year at this time, rates were 3.89 percent, according to Freddie Mac . While mortgage rates are very likely to stay low in the near and medium term, there was some drama with the Federal Reserve last week.   … Read More

Mortgage Rates: Good News (For Buyers With Good Credit)

Build RealtyMarket News

Mortgage rates dipped this week, averaging 3.43 percent for a 30-year, fixed-rate loan, down from 3.45 percent. At this time last year, rates averaged 3.93 percent, according to Freddie Mac . Source: Freddie Mac Rates have held below 4 percent for 33 weeks, the second-longest run of cheap borrowing the U.S. has ever had. The record was set from March 2012 … Read More