The Fed cut the fed funds rate at the end of October. The rate was dropped from 1.5% to 1%. This is the lowest the rate has been since 2003. Following the cut we saw drops in all the major mortgage products. The 30 year dropped from 6.46 to 6.2. The largest drop was in the 15 year mortgage which fell from 6.19 to 5.88 a drop of .31 points. 5 year arms and 1 years also fell .17 and .13 respectively. Below are mortgage interest rates for the last several weeks. November 6, 2008 30-yr 6.20 15-yr 5.88 5-yr ARM 6.19 1-yr ARM 5.25 October 30, 2008 30-yr 6.46 15-yr 6.19 5-yr ARM 6.36 1-yr ARM 5.38 October 23, 2008 30-yr 6.04 15-yr 5.72 5-yr ARM 6.06 1-yr ARM 5.23 October 16, 2008 30-yr 6.46 15-yr 6.14 5-yr ARM 6.14 1-yr ARM 5.16 As we can see from the numbers rates have been moving back and forth over the last few weeks pushed around by different bits of economic news coming out. And this week of course by the recent cuts by the fed. Let's look at what a mortgage would be this

When you are looking to buy a home, your eligibility for a home loan is a primary consideration. It is important to know exactly what lenders are looking for to make sure that you will be approved for the loan that you require. Two main factors that

I find it difficult to fully understand the complexities of the buy to let market at the best of times, but now I find myself renting in a small desirable town that is short on housing and sees a bigger influx of renters (by way of students) year on year. So how is buy to let being affected at the moment and what does this mean for the area over the coming year? Is the market subject to media sensationalism or buckling under the strain of the credit crunch? First off, it is important to note that buy to let mortgage products on the market have dropped by 25%, due to the nationalization of Bradford and Bingley. This simply suggests that currently, the only real viable deals to be made on the buy to let market can be reached by well-established landlords with sufficient money behind them and the fewer remaining lenders. The next thing to be aware of is the Lehman Brothers fall a few months back due to the effects of the credit crunch. This means that those newcomers to the buy to let m

This marks the third week in a row that mortgage rates have moved in one direction or another by more than .4 points. This is highly unusual. For some perspective for the 12 weeks from March 20th to June 5 mortgage interest rates held steady between 5.85 and 6.09. At this point mortgage rates are highly highly volatile. Here are mortgage interest rates for the last 4 weeks. October 30, 2008 30-yr 6.46 15-yr 6.19 5-yr ARM 6.36 1-yr ARM 5.38 October 23, 2008 30-yr 6.04 15-yr 5.72 5-yr ARM 6.06 1-yr ARM 5.23 October 16, 2008 30-yr 6.46 15-yr 6.14 5-yr ARM 6.14 1-yr ARM 5.16 October 9, 2008 30-yr 5.94 15-yr 5.63 5-yr ARM 5.90 1-yr ARM 5.15 October 2, 2008 30-yr 6.10 15-yr 5.78 5-yr ARM 6.00 1-yr ARM 5.12 30 Year rates have been a little more volatile than the 15 year fixed and 5 year arm products. The one mortgage product that stands out is the 1 Year ARM. It has for the most part been steadily rising over the last few weeks. So what is going on with mortgage rates? Basicall

So I imagine many people are breathing a sigh of relief this week. Last week mortgage rates made one of the largest one week jumps in the last 20 years. 30 year rates rose from 5.94 to 6.46 for over a half point increase. I thought that rates would drop this week since typically after a large move rates readjust in the opposite direction. But instead of a small readjustment /www.escapesomewhere.com/rates.html">mortgage rates tumbled back almost to the same position they were at last week. After going from 5.94 to 6.46 last week 30 year rates came back down to 6.04. We saw the same basic thing with 15 year rates. Last week they jumped from 5.63 to 6.14 and this week they fell back down to 5.72. Here are rates for the last 4 weeks for the different mortgage products. October 23, 2008 30-yr 6.04 15-yr 5.72 5-yr ARM 6.06 1-yr ARM 5.23 October 16, 2008 30-yr 6.46 15-yr 6.14 5-yr ARM 6.14 1-yr ARM 5.16 October 9, 2008 30-yr 5.94 15-yr 5.63 5-yr ARM 5.90 1-yr ARM 5.15 October 2, 2

In the midst of the 'credit crunch', a reduction in the amount of credit available to borrowers is not the only problem currently facing consumers. Any mortgage deal or other loans, and especially short term debts, have generally become more expensive over the last year. Many of us have racked up short term debts on plastic cards in the spending boom, and are now feeling the pinch. Faced with high credit card repayments and ever increasing costs of living, rising food and fuel prices, many individuals are struggling to make ends meet, and are using their credit cards as a way of securing short term borrowing. Spending on credit cards in the UK has soared to an average of £45 million every month. With the housing market falling in value by 10% so far this year, a forced sale in this market can mean losing considerable amount of capital, especially if a move to rental property is being considered. This may make the option of securing a new mortgage deal particularly attractive to m

The international shortage of credit is continuing to bite, and as of August 2008 there is still no sign of it easing. This means that for many individuals, finding a remortgage deal or any other kind of long term credit could be difficult. Many of us have racked up short term debts on plastic cards in the spending boom, and are now feeling the pinch. Faced with high credit card repayments and ever increasing costs of petrol, electricity and food bills, many individuals are struggling to make ends meet, and are using their store and other credit cards as a way of securing short term borrowing. Spending on store and other credit cards in the UK has soared to an average of £45 million every month. Securing a remortgage deal to release equity in a home to can relieve the pressure caused by short term debt; by paying off short term debts with capital released by re-mortgaging, monthly repayments can be more affordable overall: released equity can be used to clear credit card debts and

In the midst of the 'credit crunch, a reduction in the amount of credit available to borrowers is not the only problem currently facing consumers. Any remortgage deal or other loans, and especially short term debts, have generally become more expensive over the last year. Many of us have racked up credit card debts in the spending boom, and are now feeling the pinch. Faced with high credit card repayments and ever increasing costs of petrol, electricity and food bills, many individuals are struggling to make ends meet, and are using their credit cards as a way of securing short term borrowing. There has been a total rise of £717million in credit cards spending in the year to June 2008, indicating a massive rise in use of high interest, short term debt. With the housing market falling in value by 10% so far this year, a forced sale in this market can mean losing considerable amount of money, especially if a move to rental property is being considered. This may make the option of s

It was not so long ago that the economic climate was positive, with strong forecasts for continued growth. Securing a mortgage or remortgage deal was comparatively easy and rates were competitive. Then, in the middle of 2007 the Northern Rock crisis broke into the news as the global market became squeezed for credit, and the UK economic climate changed quite dramatically. Mortgages and most especially remortgage deals have become harder to find and more expensive; to make matters worse, many consumers have racked up credit card debts in the spending boom, and are now feeling the pinch. Faced with high credit card repayments and ever increasing costs of petrol, electricity and food bills, many individuals are struggling to make ends meet, and are using their plastic cards as a way of securing short term borrowing. So what options do consumers have? In the current property market, one could be forgiven for thinking that this isn't the time for anyone to be putting their house up for

This week 30 year mortgage rates rose over half a point. This is the largest one week increase this year. It's interesting that the rate increases happened after the bailout was passed by the government. Although this is not a sign the bailout will fail its not a positive sign of its future effectiveness. The primary purpose of the bailout was to influence banks to lend. And "hopefully" taking away billions of bad loans would cause banks to ease restrictions and lower rates. Instead we are seeing a dramatic rise in mortgage rates. In essence the banks are saying thanks for the money but it's not going to cause us to lend. How much have rates risen? Besides a period at the end of July and the beginning of August 30 year mortgage rates are the highest they have been all year. Below are rates for the last few weeks. October 16, 2008 30-yr 6.46 15-yr 6.14 5-yr ARM 6.14 1-yr ARM 5.16 October 9, 2008 30-yr 5.94 15-yr 5.63 5-yr ARM 5.90 1-yr ARM 5.15 October 2, 2008 30-yr 6.10 15-