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The Half-Truth Of Borrowing From Your 401(k) Plan For A Downpayment
Tue, 06/17/2008 - 13:55The Half-Truth Of Borrowing From Your 401(k) Plan For A Downpayment
Who's Hurt Most by Mortgage Rate Increases?
Tue, 06/17/2008 - 13:49Mortgage Interest Rates have increased significantly over in the past few weeks due to concerns about inflation, making mortgage loans generally less affordable for the average buyer. But is the average buyer the one that is hit the hardest by this jump in mortgage rates?
All signs point to even more rate increases in the months to come, and if you are looking into mortgages or Home Equity Loans, that means higher monthly payments. However, declining home values could heklp soften the blow to potential buyers. The ones that are really getting hit the hardest are homeowners looking to refinance the existing loans. This includes the high volume of homeowners that took our their original loans at an adjustable rate, and are looking to convert to a 30 year fixed loan.
Home prices are expected to continue to decline for the rest of the year, and perhaps even well into 2009 before any type of recovery is expected. The good news is that there has been an unexpected boost in overall mortgage applications as we enter the summer months. That means that more people are applying for mortgages, Home Equity Loans and Home Equity Line of Credit, providing a boost, and a bit of newfound optimism to the financial sector's near term future.
All signs point to even more rate increases in the months to come, and if you are looking into mortgages or Home Equity Loans, that means higher monthly payments. However, declining home values could heklp soften the blow to potential buyers. The ones that are really getting hit the hardest are homeowners looking to refinance the existing loans. This includes the high volume of homeowners that took our their original loans at an adjustable rate, and are looking to convert to a 30 year fixed loan.
Home prices are expected to continue to decline for the rest of the year, and perhaps even well into 2009 before any type of recovery is expected. The good news is that there has been an unexpected boost in overall mortgage applications as we enter the summer months. That means that more people are applying for mortgages, Home Equity Loans and Home Equity Line of Credit, providing a boost, and a bit of newfound optimism to the financial sector's near term future.