Sales of new homes jumped to a record high in July, up 6.5 percent from June, the Commerce Department said on Wednesday. Refinancings last week increased as a percentage of all mortgage applications, up to 43.7 percent from 42.4 percent, the MBA said.
Home owners are looking at ways to free up funds by refinancing or opting for home equity loans. For example, a $200,000 home with a $125,000 mortgage has $75,000 in equity.
Home Refinancing AlternativesNow using a mortgage payment calculation tool compare mortgage payments at current rates with he mortgage rates in the chart. Significant savings? If so, you see the value of opting for home loan refinancing.
Cash Out Refinancing Program.This not only frees up funds per month but also puts immediate cash in hand for other purposes such as investing in stocks and bonds or pursuing a business venture or some other income generating pursuit.
Mortgage Market Snapshot
Daily Mortgage Averages Updated: 8/25/2005
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PRODUCT RATE POINTS APR CHANGE
30 Year Fixed 5.46% 0.52 5.57% 0.000%
15 Year Fixed 5.04% 0.56 5.25% 0.000%
30 Year Fixed Jumbo 5.73% 0.63 5.84% 0.000%
15 Year Fixed Jumbo 5.29% 0.61 5.48% 0.000%
5 Year Balloon 5.36% 0.84 5.94% 0.000%
7 Year Balloon 5.55% 0.61 5.94% 0.000%
1/1 ARM 4.45% 0.64 6.25% 0.030%
3/1 ARM 4.78% 0.63 5.91% 0.010%
5/1 ARM 4.98% 0.59 5.79% -0.030%
1/1 Jumbo ARM 4.20% 0.87 6.28% 0.010%
3/1 Jumbo ARM 4.92% 0.75 6.02% 0.000%
5/1 Jumbo ARM 5.12% 0.66 5.98% 0.000%
FHA 30 Year Fixed 5.34% 0.52 5.45% -0.010%
FHA 1 Yr ARM 4.46% 0.60 6.39% 0.000%
VA 30 Year Fixed 5.43% 0.43 5.53% -0.010%
FHLMC 5.56% 5.59%
Fannie Mae 5.67% 5.71%
Home owners are looking at ways to free up funds by refinancing or opting for home equity loans. For example, a $200,000 home with a $125,000 mortgage has $75,000 in equity.
Home Refinancing AlternativesNow using a mortgage payment calculation tool compare mortgage payments at current rates with he mortgage rates in the chart. Significant savings? If so, you see the value of opting for home loan refinancing.
Cash Out Refinancing Program.This not only frees up funds per month but also puts immediate cash in hand for other purposes such as investing in stocks and bonds or pursuing a business venture or some other income generating pursuit.
Mortgage Market Snapshot
Daily Mortgage Averages Updated: 8/25/2005
-------------------------------------------------
PRODUCT RATE POINTS APR CHANGE
30 Year Fixed 5.46% 0.52 5.57% 0.000%
15 Year Fixed 5.04% 0.56 5.25% 0.000%
30 Year Fixed Jumbo 5.73% 0.63 5.84% 0.000%
15 Year Fixed Jumbo 5.29% 0.61 5.48% 0.000%
5 Year Balloon 5.36% 0.84 5.94% 0.000%
7 Year Balloon 5.55% 0.61 5.94% 0.000%
1/1 ARM 4.45% 0.64 6.25% 0.030%
3/1 ARM 4.78% 0.63 5.91% 0.010%
5/1 ARM 4.98% 0.59 5.79% -0.030%
1/1 Jumbo ARM 4.20% 0.87 6.28% 0.010%
3/1 Jumbo ARM 4.92% 0.75 6.02% 0.000%
5/1 Jumbo ARM 5.12% 0.66 5.98% 0.000%
FHA 30 Year Fixed 5.34% 0.52 5.45% -0.010%
FHA 1 Yr ARM 4.46% 0.60 6.39% 0.000%
VA 30 Year Fixed 5.43% 0.43 5.53% -0.010%
FHLMC 5.56% 5.59%
Fannie Mae 5.67% 5.71%
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