by Alterna Mortgage | Jul 11, 2024 | Financing, Interest rates, Real Estate, Refinancing
‘We expect rates to continue to come down over the summer months,’ Freddie Mac says. Mortgage rates fell to their lowest level since early April as the U.S. economy showed indications of a slowdown. The 30-year fixed-rate mortgage averaged 6.86% as of June 27,...
by Alterna Mortgage | Jul 10, 2024 | Financing, Refinancing
PMI is typically required when you take out a conventional conforming mortgage and put down less than 20%. Your loan servicer must automatically drop PMI when your mortgage balance reaches 78% of your home’s purchase price. It’s possible to cancel PMI in other cases,...
by Alterna Mortgage | May 9, 2023 | Financing, Interest rates, Refinancing
They are fighting a new type of economic battle with the same approach. Even though they hint the issues may be different this time. On Wednesday May 3rd the Federal Reserve’s policy committee lifted interest rates by a quarter of a percentage point, the 10th hike of...
by Alterna Mortgage | May 3, 2023 | Financing, Home Buying, Interest rates, Refinancing
There are several factors that can affect your ability to qualify for a lower interest rate on a mortgage, including: Good credit score: Your credit score is one of the most important factors in determining the interest rate you qualify for on a mortgage. The higher...
by Alterna Mortgage | Mar 26, 2023 | Financing, Home Buying, Interest rates, Real Estate, Refinancing
The Federal Reserve suggested that the days of regular increases in the federal funds rate could be winding down. The decision to increase federal funds rate by only 25 basis points on March 22, 2023, represents the first major test of its commitment to curtail...
by Alterna Mortgage | Mar 13, 2023 | Financing, Interest rates, Mortgage Programs, Refinancing
Today the national average 30-year fixed mortgage rate for the beginning of March 2023 is at 7.02%. This is the rate for big banks and large banking firms. Since Alterna Mortgage is an independent broker our average rate today for a 30-year fixed is 5.99%. That is a...
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