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For most people, the biggest purchase they will ever make is their home. In fact though, their mortgage and the mortgage interest rates it connotes are a larger purchase than their home. In single loan term, the amount you pay to cover the mortgage interest rate cost is more often than not more than what you paid for your house. Reducing even a fraction of your mortgage interest rates can save you a great deal of money on your mortgage.
The Factors That Affect Mortgage Interest Rates
The rise and fall of mortgage interest rates have become erratic during the past 20 years. As a rule of thumb, mortgage interest rates go up when the economy is strong and stock prices rise. On the other hand, if economy weakens, mortgage interest rates go down.
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A sad fact however, is that with mortgage interest rates, there are no certainties and no guarantees. No one can really tell whether or not mortgage interest rates will rise over a period of time. The current mortgage interest rate that you are charged right now is something that your banker or broker cannot control. Often, loans with unattractive mortgage interest rates are sold to FannieMae or FreddieMac which in turn, sell these loans to the secondary market.
This is more information about mortgage interest rates to help you best understand and how it can help you.
Mortgage investors purchase these secondary market loans with mortgage interest rates that are undesirable to the regular homebuyer. These investors are actually the ones who set the standards in mortgage interest rates.
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When news of a growing economy erupts, the Fed will raise the mortgage interest rates in an effort to slow down economic growth and lower stock prices. As a result, the investors would demand higher mortgage interest rates from their lenders. To sell their loans, lenders will increase their mortgage interest rate yields. This drives mortgage interest rates even higher.
What Happens When Economy is Going Downhill
When the economy goes down on the other hand, the same thing happens with mortgage interest rates, but in reverse. The Feds will cut down the mortgage interest rates in order to bring the economy back to life. Investors will start buying more bonds while the mortgage interest rates are low. Demand grows and loan sellers offer their products with lower mortgage interest rates. Thus consumers will be able to get loans for decreased mortgage interest rates.
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What Are Mortgage Interest Rates Based on?
Mortgage interest rates are based on a financial instrument called index. LIBOR (London Interbank Offered Rate) is among the most common indices that mortgage interest rates are based on. Other mortgage interest rate indices are 1-Year Treasury Security, Prime, 6-Month CD, and the 11th District Cost of Funds (COFI). These indices for mortgage interest rates are subject to the financial conditions of the market.
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Other alternative programs and payment plans for your loans can some difference on your mortgage interest rate. An adjustable rate mortgage initially has lower mortgage interest rates compared to fixed rates.
So basically, the effect of economics on mortgage interest rates is also counteracted by the type of mortgage you choose to take.
About the Author: Jenny Lane is a banking specialist who writes on related financing and banking industry topics. Find out more about the latest in banking industry at http://bankingtrends.com
Source: www.isnare.comCheck out some the other pages on our wesite to find out more about mortgage interest rates.
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