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PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

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PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
PRODUCT Rate
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%
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John B Landers

Homeowners Hurt By "Zombie Foreclosure" Debt after Walking Away

February 22, 2013 at 1:49 PM
By: John B Landers
Foreclosure and Bankruptcy
Housing experts estimate that anywhere from tens of thousands to as many as 2 million “zombie” foreclosures line neighborhoods across America. The term refers to homes where borrowers move out after a foreclosure auction has been scheduled. However, months—sometimes years later, it’s discovered that the auction never materialized or the mortgage lender failed to transfer title to the property.
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President Obama Wants to Eliminate Obstacles to Mortgage Refinance

February 15, 2013 at 12:48 PM
By: John B Landers
Mortgage Refinance
After nearly six years of a badly deteriorated housing market, the real estate analytics firm Corelogic estimates that 4.5 million Americans lost their home. According to the S&P Case-Shiller Home Price Index, the average U.S. homeowner lost about 35% off the value of their home 2007 - 2012. That amounts to almost $7 trillion of wealth—most of it which homeowners planned to use to help fund their retirements.
Currently, 11 million Americans have an underwater mortgage, based on Corelogic numbers. The term has become synonymous with homeowners who owe more on the balance of their home mortgage than the actual market value of their home.
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Determine If Refinancing to Shorter Term Loan Is a Good Choice

February 10, 2013 at 11:25 PM
By: John B Landers
Mortgage Refinance
Higher home values and low mortgage interest rates have many homeowners consider refinancing their mortgages. In additional more borrowers are choosing loan products with shorter terms. This presents a viable option for homeowners who want to save more money on the mortgage over the long-run.
Borrowers who have a high-interest rate and can refinance to a significantly lower rate, may be able to avoid higher monthly mortgage payments. However, many people who refinance to a loan with a shorter payback period will end up with higher payments.
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Big Investors Dominating Residential Real Estate Investment

February 06, 2013 at 1:52 AM
By: John B Landers
Home Buying
Cheap foreclosed homes across the nation have attracted droves of investors to the recovering housing market. The traditional mom-and-pop investors who have always depended on real estate investing to fund their retirements no longer have this landscape to themselves. The chance to earn huge profits has gained the attention of big-time investors.
Big investors see significant profit opportunities after five years of real estate values plummeting. Between 2007 and 2012, residential home prices plunged an average of 34% nationwide, based on the S&P Case-Shiller Home Price Index. In some areas like Las Vegas and Miami, home prices dropped 50% to 60%.
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New Subprime Mortgage Refinance Loan Proposed by Housing Advocates

February 04, 2013 at 12:40 AM
By: John B Landers
FHA Loans
Historically, lenders made subprime loans to borrowers with damaged credit or inadequate credit histories. These mortgages, which carry interest rates substantially higher than the prime rate, include compensation paid to lenders for the increase risk.
The combination of historic low interest rates, falling home prices and new home construction have many housing advocates calling for a new type of “subprime loan,” which will cater to individuals with lower income or faulty credit.
Faith Bautista, of the National Asian American Coalition, said it would help many former homeowners who were caught in the mortgage meltdown, and suffer job loss or damage credit, chance to rebuild their finances. Many of these people have found new jobs and saved the necessary down payment.
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Six Mortgage Refinance Strategies for 2013

January 28, 2013 at 1:55 AM
By: John B Landers
Mortgage Refinance
With mortgage interest rates still floating around historic lows, everything points to now as a good time for homeowners who have not already done so to mortgage refinance. Along with extremely low mortgage rates, the employment picture has improved and home prices have increased. Some impediments to refinancing remain, such as low appraisals and tighter credit criteria. These factors make it challenging for some borrowers to refinance.
Nonetheless, here are a few strategies to help you determine if a mortgage refinance is right for your current circumstances.
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Home Prices and Sales Affected by Low Inventory

January 23, 2013 at 1:38 PM
By: John B Landers
Home Buying
The housing industry has been a major source of good economic news lately after five years of poor performance. Home values have appreciated across the country for five straight quarters through December 2012. Last year, home prices rose nearly 6 percent, which is twice the historical average. The average home price appreciation for a single year is 3 percent.
Stan Humphries the chief economist for the real estate website Zillow, warns home owners to not expect the same rate of home value appreciation in 2013. Humphries states that he anticipates the market will slow to a more “sustainable pace. In 2013, “home prices will increase an average of 3.3 percent across the U.S., according to Zillow.
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Mortgage Refinance Surge May Be Approaching a Top

January 19, 2013 at 1:51 PM
By: John B Landers
Mortgage Refinance
The major banks have added significant profits to their bottom lines due to a surge in mortgage refinance completions in 2012. This is in great contrast to activity level seen after the Great Recession, which started in June 2007. Mortgage lenders were completing very few mortgage refinance applications because unemployment, high consumer debt, and falling property values dominated the housing market, which made it difficult for homeowners to qualify for refinancing.
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New Rules for Mortgage Lenders Go Into Effect January 21

January 10, 2013 at 2:58 PM
By: John B Landers
Mortgage News
Starting January 21, mortgage borrowers will know precisely what their mortgage product cost them and other terms based on new regulations released by the Consumer Financial Protection Bureau (CFPB). The primary purpose of the new rules is to prevent mortgage lenders from making loans to borrower who do not have the resources to pay off the mortgage, according to CFPB’s director Richard Cordray.
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Bank of America Settles another Mortgage Bond Case

January 08, 2013 at 1:45 AM
By: John B Landers
Mortgage News
Bank of America (BofA) has entered into an $11.6 billion agreement with Fannie Mae to settle the bad loans it sold to the government sponsored enterprise in the form of mortgage-backed securities (MBS). The total settlement includes a cash payment of $3.6 billion made to Fannie Mae.
In addition, the bank must buy back 30,000 risky mortgages, worth $6.75 billion purchased and insured by Fannie. These home loans have a high risk of going into default. The lender also pays the mortgage agency $1.3 billion for failure to deal with foreclosures in a reasonable time frame.
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