strong employment numbers caused mortgage rates to take off with. It was 4.83 percent a week ago and 3.90 percent a year ago. The 30-year fixed was last this high in February 2011. The 15-year.

Home Equity Vs.Refinance Home Equity Vs. Refinance | Home Guides | SF Gate – Function. The function of a refinance typically focuses on obtaining better interest rates, terms or both. When homeowners need cash, the function changes and a home equity loan versus refinance.

A Few Tips About Your Fixed Rate FHA Mortgage Just a handful of months ago, mortgage. The 30-year fixed, which was 4.28 percent a week ago, had its biggest one-week drop in a decade. It was 4.4 percent a year ago and is at its lowest level in.

The 15-year fixed-rate average fell to 4.23 percent with an average. A credit score of 704 adds up to good news for home buyers FHA is making more mortgages available to applicants with risky debt.

Refinance And Home Equity Loan Mortgages vs. home equity loans . Mortgages and home equity loans are two different types of loans you can take out on your home. A first mortgage is the original loan that you take out to purchase your home.

Mortgage rates held steady today, despite moderate weakness in. Today’s Most prevalent rates 30yr fixed – 4.375% FHA/VA – 4.0-4.125% 15 YEAR FIXED – 4.0 – 4.125% 5 YEAR ARMS – 4.25 – 4.625%.

The 15 year fixed-rate mortgage allows the borrower to pay off the mortgage faster and typically has a low interest rate. But monthly payments are usually higher than with other mortgages.

Can I Get A Mortgage Hope for ‘mortgage prisoners’ as MPs and regulator act to free them – Those who had a Northern Rock “Together” loan and can’t afford to pay it off when they move. The regulator recently set out plans to make it easier for mortgage prisoners to get cheaper home loans..

The short answer is that the 30-year mortgage amortizes extremely. Congress authorized the FHA to insure 30-year loans on existing homes, FHA’s average loan term was 21 years and conventional loans.

Mortgage rates tend to be lower with 15-year fixed mortgages than 30-year fixed mortgage rates because lenders take into consideration that you’ll pay back the loan in a shorter amount of time. This can be advantageous to the lender as it can recoup the loan in half the time as a typical mortgage.

Today’s low interest rate for a 15-year fixed is 3.375% (3.99% APR), and the interest rate for a 30-year fixed is 4.25% (4.863% apr). Why You Should Choose Quicken Loans You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.

It was another mediocre week for mortgage. in rates to consider refinancing." Added Kan, "Purchase applications decreased for the second straight week and have been somewhat volatile lately, but.

Assuming a $200,000 loan with interest rates of 6% for a 30 year and 5.25% for a 15 year, after just five years a borrower with a 15 year will have $35,000 more equity in their home than a person with a 30-year. After the 15 years, a person with a 30 year will still have $144,000 pinciple balance left.