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Tag Archives:mortgage rates

Jan 6

How the Fed Impacts Mortgage Rates

How the Fed Impacts Mortgage Rates

The Federal Reserve Open Market Committe (FOMC) meets at least eight times per year to discuss and vote on US monetary policy.  The Fed controls the Fed Funds rate, which is essentially a bank’s cost of money.  When the Fed increases the Fed Funds rate, short-term interest rates such as the Prime rate and LIBOR go up.  These are often used to determine interest rates on adjustable rate mortgages, home equity lines of credit, credit card balances, and business loans. However, interest rates on fixed-rate mortgages are not tied to changes in the Fed Funds rate.

Jun 15

Yuma Homebuyer Housing Market Update

Yuma Homebuyer Housing Market Update

Yuma is heating up, and so is the housing market!  The FED announced today that they will not be raising rates just yet.  For homebuyers in Yuma, this is great news!  When you factor in low home prices and REALLY low interest rates, you can’t go wrong buying a house in this market. Qualifying is Easier Than You Think! If you are just missing the down payment, there are plenty of ways to buy a house with zero down (or close to it). The Pathway 2 Purchase program is

Mar 4

Mortgage Rates Today in Yuma

Mortgage Rates Today in Yuma

Wondering what mortgage rates today are in Yuma, Arizona? The first thing to understand is that in today’s world, every mortgage rate quote is a custom quote.  Not to over-complicate things, but it is important for you to know the truth of how these things work.  There are many things that can affect your interest rate.  In order to get an accurate rate your lender will actually be able to deliver, you should expect to answer a few questions: Are you buying a house or refinancing? If you are refinancing, are

Jul 22

Should I Pay Points?

Should I Pay Points?

Whenever you get a mortgage, you should ask yourself the question: “points or no points?” A point is 1% of the loan amount, and it’s used to reduce your interest rate. I think about it like 2 kids at the park, playing on a see-saw.  When one goes up, the other goes down.  In mortgages, the trade-off is between RATES and FEES.  The higher the rate, the lower the fees.  The lower the rate, the higher the fees. Paying points reduces your interest rate and your monthly payment.