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By: Dennis Norman Dennis Norman In the past many investors have relied upon home equity lines of credit (HELOC) to allow them to use the equity in their residence to invest in real estate. Over the past year however many have found their lines of credit frozen or greatly reduced as a result of their lenders concern [...] By: Dennis Norman Yesterday, Bankrate, Inc. issued their weekly mortgage interest rate report showing that mortgage rates after rising to almost 6% have retreated in this past week with 30-year fixed-rate mortgages averaging 5.76%, down from 5.95% last week, with an average of 0.43% in discount and origination fees. The report shows 15-year fixed-rate mortgages were also lower this week at an average of [...] By: Dennis Norman Today, Bankrate, Inc. issued their weekly mortgage interest rate report showing that mortgage rates jumped this week with 30-year fixed-rate mortgages averaging 5.65%, up from 5.45% last week, with an average of 0.44% in discount and origination fees. The report shows 15-year fixed-rate mortgages were also higher this week at an average of 5.06%, up from 4.86% last [...] By: Dennis Norman Today, as expected, the Board of Governors of the Federal Reserve System slashed the discount rate (the interest rate the Federal Reserve charges on loans to commercial banks) from 1.25% to 1/2%. This action will lower the prime rate charged by most banks to around 3.25% which will be the lowest prime rate has [...] |
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