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Fixed Rate Loans Still The Choice of Borrowers Who Refinance
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Fixed Rate Loans Still The Choice of Borrowers Who Refinance
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Fixed Rate Loans Still The Choice of Borrowers Who Refinance

May 15, 2012 (Chris Moore)

Fixed rate loans, spurred by historically low mortgage rates, continued to be the overwhelming choice with borrowers who refinanced their home loans in the first quarter of 2012 according to Freddie Mac’s Quarterly Product Transition Report.

Over ninety-five percent of the borrowers who refinanced their existing first mortgage chose a fixed rate mortgage regardless of whether their previous loan was a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM).

Thirty-five percent of the borrowers who refinanced out of a 30-year FRM chose a 15-year or a 20- year mortgage to replace their original loan, down from forty percent in the fourth quarter of 2011. Only one percent chose an adjustable rate loan.

Borrowers who refinanced a hybrid ARM chose a fixed rate loan sixty-eight percent of the time during the quarter, up from fifty-eight percent in the fourth quarter. Thirty-two percent of borrowers who refinanced a hybrid ARM chose to refinance into the same type of product, down from forty-two percent in the previous quarter.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates averaged 3.92 percent for 30-year loans and 3.19 percent for 15-year product during the first quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages. The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 5.1 percent during the first quarter of 2012. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.”

Refinancing borrowers whose original loan was a 30-year FRM chose another 30-year FRM sixty-four percent of the time, a 20-year FRM fourteen percent of the time and a 15-year FRM twenty-one percent of the time. That compares to fifty-eight, fifteen, and twenty-five percent, respectively, in the fourth quarter of 2011.

Borrowers who originally had a 15-year FRM chose to stay with that product eighty-nine percent of the time while eight percent lengthened the term of their loans to 30 years and one percent lengthened their loans to 20 years. That was unchanged from the previous quarter.

“Compared to a 30-year fixed-rate mortgage, the interest rate on a 15-year fixed was about three-quarters of a percentage point lower during the first quarter. For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. Further, under the enhanced Home Affordable Refinance Program—HARP—announced by FHFA on October 24, 2011, certain risk-based fees are waived for HARP borrowers who refinance into shorter-term loans,” Nothaft added.

Tags: Freddie Mac, refinancing borrowers, Transition Report, fixed rate mortgage, adjustable rate mortgage, hybrid ARM, interest rate savings

Source:
Freddie Mac

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 15, 2012 (Chris Moore)

Fixed rate loans, spurred by historically low mortgage rates, continued to be the overwhelming choice with borrowers who refinanced their home loans in the first quarter of 2012 according to Freddie Mac’s Quarterly Product Transition Report.

Over ninety-five percent of the borrowers who refinanced their existing first mortgage chose a fixed rate mortgage regardless of whether their previous loan was a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM).

Thirty-five percent of the borrowers who refinanced out of a 30-year FRM chose a 15-year or a 20- year mortgage to replace their original loan, down from forty percent in the fourth quarter of 2011. Only one percent chose an adjustable rate loan.

Borrowers who refinanced a hybrid ARM chose a fixed rate loan sixty-eight percent of the time during the quarter, up from fifty-eight percent in the fourth quarter. Thirty-two percent of borrowers who refinanced a hybrid ARM chose to refinance into the same type of product, down from forty-two percent in the previous quarter.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates averaged 3.92 percent for 30-year loans and 3.19 percent for 15-year product during the first quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages. The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 5.1 percent during the first quarter of 2012. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.”

Refinancing borrowers whose original loan was a 30-year FRM chose another 30-year FRM sixty-four percent of the time, a 20-year FRM fourteen percent of the time and a 15-year FRM twenty-one percent of the time. That compares to fifty-eight, fifteen, and twenty-five percent, respectively, in the fourth quarter of 2011.

Borrowers who originally had a 15-year FRM chose to stay with that product eighty-nine percent of the time while eight percent lengthened the term of their loans to 30 years and one percent lengthened their loans to 20 years. That was unchanged from the previous quarter.

“Compared to a 30-year fixed-rate mortgage, the interest rate on a 15-year fixed was about three-quarters of a percentage point lower during the first quarter. For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. Further, under the enhanced Home Affordable Refinance Program—HARP—announced by FHFA on October 24, 2011, certain risk-based fees are waived for HARP borrowers who refinance into shorter-term loans,” Nothaft added.

Tags: Freddie Mac, refinancing borrowers, Transition Report, fixed rate mortgage, adjustable rate mortgage, hybrid ARM, interest rate savings

Source:
Freddie Mac

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 15, 2012 (Chris Moore)

Fixed rate loans, spurred by historically low mortgage rates, continued to be the overwhelming choice with borrowers who refinanced their home loans in the first quarter of 2012 according to Freddie Mac’s Quarterly Product Transition Report.

Over ninety-five percent of the borrowers who refinanced their existing first mortgage chose a fixed rate mortgage regardless of whether their previous loan was a fixed rate mortgage (FRM) or an adjustable rate mortgage (ARM).

Thirty-five percent of the borrowers who refinanced out of a 30-year FRM chose a 15-year or a 20- year mortgage to replace their original loan, down from forty percent in the fourth quarter of 2011. Only one percent chose an adjustable rate loan.

Borrowers who refinanced a hybrid ARM chose a fixed rate loan sixty-eight percent of the time during the quarter, up from fifty-eight percent in the fourth quarter. Thirty-two percent of borrowers who refinanced a hybrid ARM chose to refinance into the same type of product, down from forty-two percent in the previous quarter.

Frank Nothaft, vice president and chief economist of Freddie Mac, stated, “Fixed mortgage rates averaged 3.92 percent for 30-year loans and 3.19 percent for 15-year product during the first quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages. The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 5.1 percent during the first quarter of 2012. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.”

Refinancing borrowers whose original loan was a 30-year FRM chose another 30-year FRM sixty-four percent of the time, a 20-year FRM fourteen percent of the time and a 15-year FRM twenty-one percent of the time. That compares to fifty-eight, fifteen, and twenty-five percent, respectively, in the fourth quarter of 2011.

Borrowers who originally had a 15-year FRM chose to stay with that product eighty-nine percent of the time while eight percent lengthened the term of their loans to 30 years and one percent lengthened their loans to 20 years. That was unchanged from the previous quarter.

“Compared to a 30-year fixed-rate mortgage, the interest rate on a 15-year fixed was about three-quarters of a percentage point lower during the first quarter. For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. Further, under the enhanced Home Affordable Refinance Program—HARP—announced by FHFA on October 24, 2011, certain risk-based fees are waived for HARP borrowers who refinance into shorter-term loans,” Nothaft added.

Tags: Freddie Mac, refinancing borrowers, Transition Report, fixed rate mortgage, adjustable rate mortgage, hybrid ARM, interest rate savings

Source:
Freddie Mac

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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