Mortgage Rates     

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Mortgage rates are something that affects most of us who have an interest in real estate or owning a home. Mortgage rates at this time are at a historical low and that means more and more people with less income can afford a home and mortgage for buying that home. As mortgage rates rise, more income is needed to service the payment or debt and that means you can borrow less than if you borrowed at a lower mortgage rate.

There has been a large consolidation of mortgage brokers and lenders within the last couple of years due to the economy. More and more people have fallen on hard times with either a job loss or other financial hardship and this has taken its toll on home ownership and foreclosures around the country.

We hear every day how home prices have fallen and they are not worth what people owe on them. Should we be concerned? Well, yes and no. If you have to move quickly or you do not have the income to service the debt you borrowed, you should be worried.

If you do not need to move and your income is sufficient to service your debt service, then you just need to make your payments and hopefully time will heal some of your pain and wounds. The idea that you can make money just by purchasing a house is crazy. A house is meant to be lived in and enjoyed. If you do end up making money, you are lucky and it means that things worked out for you with the purchase and investment.

With mortgage rates being as low as they are right now we are seeing that many first time home buyers are purchasing their first home in this market. Several states and federal government have also created buying credits that help any first time buyers with receiving money back on their income tax forms in the means of actual cash refunds. It appears that these credits along with lower housing prices and lower mortgage rates are allowing more people to absorb many of the vacant and distressed homes on the market.

Mortgage Rates are set by the world financial markets and the cost of borrowing money on both short and long term basis. Lenders that make home loans and mortgage loans want to be sure that they will get their money back when they loan you some money to buy that dream home.

The lenders will usually offer either fixed rated mortgage loans or adjustable rate mortgage loans. Depending on your financial needs and wants, either of these types of mortgage loans could be good for you.

If you want to find the lowest mortgage rates, then usually an adjustable mortgage loan with a shorter term will fit your need. If you know that you will only be in your home a few years before you move or relocate, then it is important to get mortgage rates that will save you the most money on the home. If you are going to live in the house for ever, then you may want to play it safe and borrow on a fixed twenty or thirty year loan.

Mortgage rates affect us all. That means that everyone in our country is impacted when rates go too high, or even too low. Right now we are seeing mortgage rates at very low interest and this is causing problems with a very weak dollar as we speak.

The government and the fed believes that printing up more money will help save the consumer, while many other people feel that no printing up more money and not bailing out the banks and others that were reckless is a better way to keep our dollar strong. Either way, mortgage rates affect us all in one way or the other.

 

 

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