It's the first week of April and rates have changed, but have not increased. We promise this is not an April Fool's joke! Our 30-year fixed rate has dropped from 3.625 percent to 3.5 percent. Our 20-year fixed rate has fallen from 3.5 percent to 3.375 percent. And our 15-year fixed rate stepped down from 2.750 percent to 2.625 percent.
Rates have risen once again this month. Our 30-year fixed rate increased from 3.375 percent to 3.625 percent. Our 20-year fixed rate rose from 3.250 percent to 3.5 percent. And our 15-year fixed rate has risen from 2.625 percent to 2.750 percent.
While rates are rising, the new house market is improving. Last year, housing permits hit their highest level since 2008 and 2012 saw a 20 percent increase in new home sales. If you are currently looking for your next home, you may see a wide selection of new houses for sale. To see whether you should go with a brand new house or previously owned home, check out this article from Money Magazine. It offers the pros and cons of buying a new home and what questions you need to ask before you do.
Bank of Little Rock Mortgage has rolled out a new blog to provide our experience and expertise on mortgage finance, written in plain English for you to follow easily. We invite you to subscribe to The Mortgage Statement.
Are you interested in seeing if you prequalify for a home loan? We have a quick-and-easy way for you to get prequalified for a mortgage online.
If you have any questions, comments or concerns, we would love to hear from you. Just contact us and let us know what you need.
Happy Monday,
Scott McElmurry
President & CEO of Bank of Little Rock Mortgage
NOTE: Your mortgage rate can be affected by a number of factors, including your credit score, loan-to-value ratio, your down payment and the loan program you choose. No matter what, we'll always find you the best mortgage loan at the best rate, guaranteed. For more information, visit our Today's Rates page.
Mortgage rates have not changed since last week, continuing to stay steady through the month of February.
It's the first week of February and rates have risen since last week. Our 30-year fixed rate rose slightly from 3.25 percent to 3.5 percent, our 20-year fixed rate went up from 3.125 percent to 3.375 percent and our 15-year fixed rate jumped from 2.5 percent to 3 percent. Though rates are now on the uptick, the movement is slow, so you should still have time to take advantage of low rates before they rise too far from their record lows.
If you are still on the fence about refinancing, "there's no point to dilly-dally" said Frank Nothaft, Freddie Mac's chief economist in a USA Today article discussing the rise in rates and whether or not lower rates are in our future. Read the article to learn more about why rates are rising and why you should be refinancing now rather than later.
Bank of Little Rock Mortgage is also rolling out a new blog to provide our experience and expertise on mortgage finance, written in plain English for you to follow easily. We call it The Mortgage Statement.
Are you interested in seeing if you prequalify for a home loan? We have a quick-and-easy way for you to get prequalified for a mortgage online.
If you have any questions, comments or concerns, we would love to hear from you. Just contact us and let us know what you need.
Happy Tuesday,
Scott McElmurry
President & CEO of Bank of Little Rock Mortgage
NOTE: Your mortgage rate can be affected by a number of factors, including your credit score, loan-to-value ratio, your down payment and the loan program you choose. No matter what, we'll always find you the best mortgage loan at the best rate, guaranteed. For more information, visit our Today's Rates page.
Mortgage rates remain the same from last week with a 2.5 percent for a 15-year fixed rate and 3.125 percent for both 30-year and 20-year fixed rates. And these rates are expected to stay low at least for the rest of the month.
When it comes to applying for a home loan or refinancing, it's important to have all of your facts straight. There are several myths you may come across before and after you apply that may stop you from accessing all of your home loan options. Here's a great article from Inman News, an online news source dedicated to real estate and mortgage information, that debunks several misconceptions about the mortgage process.
Bank of Little Rock Mortgage is also rolling out a new blog to provide our experience and expertise on mortgage finance, written in plain English for you to follow easily. We call itThe Mortgage Statement.
Are you interested in seeing if you prequalify for a home loan? We have a quick-and-easy way for you to get prequalified for a mortgage online.
If you have any questions, comments or concerns, we would love to hear from you. Just contact Arkansas mortgage lenders and view or Arkansas mortgage calculator.
Happy Monday,
Scott McElmurry
President & CEO of Bank of Little Rock Mortgage
NOTE: Your mortgage rate can be affected by a number of factors, including your credit score, loan-to-value ratio, your down payment and the loan program you choose. No matter what, we'll always find you the best mortgage loan at the best rate, guaranteed. For more information, visit our Today's Rates page.