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Low Interest Rates Make Fixed Rate Loans the Choice of Refinancers
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
Low Interest Rates Make Fixed Rate Loans the Choice of Refinancers
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
Low Interest Rates Make Fixed Rate Loans the Choice of Refinancers

May 19, 2011 (Jeff Alan)

The continuing historically low mortgage interest rates have prompted refinancing borrowers to overwhelmingly choose fixed rate mortgage loans over adjustable rate mortgages (ARM). In the first quarter of 2011, when borrowers financed their existing mortgage, over 95 percent chose a fixed rate loan according to statistics compiled by Freddie Mac.

According to the recently released Quarterly Product Transition Report, an increasing share of refinancing borrowers chose to also shorten their loan terms. Of borrowers who paid off a 30 year fixed rate loan, 22 percent opted for a 15 year fixed rate loan and 12 percent opted for a 20 year fixed rate loan.

Refinancing borrowers who paid off a 20 year fixed rate loan chose a lesser 15 year fixed rate loan 63 percent of the time, while 8 percent retained a loan of the same length.

Frank Nothaft, vice president and chief economist of Freddie Mac explained, “The mortgage rate on 15-year fixed was about three-fourths percentage point below that on 30-year fixed during the first quarter. For borrowers motivated to refinance by low interest rates, they could obtain even lower rates by shortening their term. In the first quarter we saw the largest share of borrowers shortening their term while refinancing in seven years.”

Borrowers who had a hybrid ARM chose to refinance to a fixed rate mortgage 84 percent of the time in the first quarter. Of those, 74 percent chose a 30 year fixed rate mortgage, 4 percent chose a 20 year fixed rate mortgage, and 6 percent chose a 15 year fixed rate mortgage. Sixteen percent felt comfortable enough with their ARMs to chose the same loan again.

Refinancing borrowers who had 1-Year ARMs chose to refinance to a fixed rate mortgage 89 percent of the time. Sixty-two percent of those chose a 30 year fixed rate mortgage, 22 percent chose a 15 year fixed rate mortgage, and the reminder chose 20 year fixed rate mortgages.

Those borrowers that refinanced balloon loans did so without hesitation as 96 percent chose a fixed rate mortgage. Sixty four percent chose a 30 year fixed rate mortgage, 21 percent chose a 15 year fixed rate mortgage, and 11 percent went with a 20 year fixed rate mortgage.

“Fixed mortgage rates averaged 4.85 percent for 30-year loans and 4.12 percent for 15-year product during the first quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages,” Nothaft added. “The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 6 percent at the end of 2010. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.”

Tags: Freddie Mac, 30 year fixed rate mortgage, 20 year fixed rate mortgage, 15 year fixed rate mortgage, adjustable rate mortgage, ARM, hybrid ARM, balloon loan

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 19, 2011 (Jeff Alan)

The continuing historically low mortgage interest rates have prompted refinancing borrowers to overwhelmingly choose fixed rate mortgage loans over adjustable rate mortgages (ARM). In the first quarter of 2011, when borrowers financed their existing mortgage, over 95 percent chose a fixed rate loan according to statistics compiled by Freddie Mac.

According to the recently released Quarterly Product Transition Report, an increasing share of refinancing borrowers chose to also shorten their loan terms. Of borrowers who paid off a 30 year fixed rate loan, 22 percent opted for a 15 year fixed rate loan and 12 percent opted for a 20 year fixed rate loan.

Refinancing borrowers who paid off a 20 year fixed rate loan chose a lesser 15 year fixed rate loan 63 percent of the time, while 8 percent retained a loan of the same length.

Frank Nothaft, vice president and chief economist of Freddie Mac explained, “The mortgage rate on 15-year fixed was about three-fourths percentage point below that on 30-year fixed during the first quarter. For borrowers motivated to refinance by low interest rates, they could obtain even lower rates by shortening their term. In the first quarter we saw the largest share of borrowers shortening their term while refinancing in seven years.”

Borrowers who had a hybrid ARM chose to refinance to a fixed rate mortgage 84 percent of the time in the first quarter. Of those, 74 percent chose a 30 year fixed rate mortgage, 4 percent chose a 20 year fixed rate mortgage, and 6 percent chose a 15 year fixed rate mortgage. Sixteen percent felt comfortable enough with their ARMs to chose the same loan again.

Refinancing borrowers who had 1-Year ARMs chose to refinance to a fixed rate mortgage 89 percent of the time. Sixty-two percent of those chose a 30 year fixed rate mortgage, 22 percent chose a 15 year fixed rate mortgage, and the reminder chose 20 year fixed rate mortgages.

Those borrowers that refinanced balloon loans did so without hesitation as 96 percent chose a fixed rate mortgage. Sixty four percent chose a 30 year fixed rate mortgage, 21 percent chose a 15 year fixed rate mortgage, and 11 percent went with a 20 year fixed rate mortgage.

“Fixed mortgage rates averaged 4.85 percent for 30-year loans and 4.12 percent for 15-year product during the first quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages,” Nothaft added. “The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 6 percent at the end of 2010. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.”

Tags: Freddie Mac, 30 year fixed rate mortgage, 20 year fixed rate mortgage, 15 year fixed rate mortgage, adjustable rate mortgage, ARM, hybrid ARM, balloon loan

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 19, 2011 (Jeff Alan)

The continuing historically low mortgage interest rates have prompted refinancing borrowers to overwhelmingly choose fixed rate mortgage loans over adjustable rate mortgages (ARM). In the first quarter of 2011, when borrowers financed their existing mortgage, over 95 percent chose a fixed rate loan according to statistics compiled by Freddie Mac.

According to the recently released Quarterly Product Transition Report, an increasing share of refinancing borrowers chose to also shorten their loan terms. Of borrowers who paid off a 30 year fixed rate loan, 22 percent opted for a 15 year fixed rate loan and 12 percent opted for a 20 year fixed rate loan.

Refinancing borrowers who paid off a 20 year fixed rate loan chose a lesser 15 year fixed rate loan 63 percent of the time, while 8 percent retained a loan of the same length.

Frank Nothaft, vice president and chief economist of Freddie Mac explained, “The mortgage rate on 15-year fixed was about three-fourths percentage point below that on 30-year fixed during the first quarter. For borrowers motivated to refinance by low interest rates, they could obtain even lower rates by shortening their term. In the first quarter we saw the largest share of borrowers shortening their term while refinancing in seven years.”

Borrowers who had a hybrid ARM chose to refinance to a fixed rate mortgage 84 percent of the time in the first quarter. Of those, 74 percent chose a 30 year fixed rate mortgage, 4 percent chose a 20 year fixed rate mortgage, and 6 percent chose a 15 year fixed rate mortgage. Sixteen percent felt comfortable enough with their ARMs to chose the same loan again.

Refinancing borrowers who had 1-Year ARMs chose to refinance to a fixed rate mortgage 89 percent of the time. Sixty-two percent of those chose a 30 year fixed rate mortgage, 22 percent chose a 15 year fixed rate mortgage, and the reminder chose 20 year fixed rate mortgages.

Those borrowers that refinanced balloon loans did so without hesitation as 96 percent chose a fixed rate mortgage. Sixty four percent chose a 30 year fixed rate mortgage, 21 percent chose a 15 year fixed rate mortgage, and 11 percent went with a 20 year fixed rate mortgage.

“Fixed mortgage rates averaged 4.85 percent for 30-year loans and 4.12 percent for 15-year product during the first quarter in Freddie Mac’s Primary Mortgage Market Survey®, well below long-term averages,” Nothaft added. “The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 6 percent at the end of 2010. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.”

Tags: Freddie Mac, 30 year fixed rate mortgage, 20 year fixed rate mortgage, 15 year fixed rate mortgage, adjustable rate mortgage, ARM, hybrid ARM, balloon loan

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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