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News about mortgage:
Variable Mortgage (6-month to 1 year terms are most common):
With this type of mortgage the interest rate is directly linked to the money market rates and can fluctuate on a weekly or daily basis. While this is usually the best rate available, long-term upward swings in interest rates could be quite costly. On the plus side, long-term downward interest rate swings could mean large savings as your mortgage rate follows the market down. With fixed-rate mort... : Variable Mortgage (6-month to 1 year terms are most common):Mortgage applications fall sharply
Mortgage applications fall sharply Industry group's survey says higher interest rates depress refinancing activity; purchases rise. March 2, 2005: 7:38 AM EST NEW YORK (Reuters) - Applications for U.S. home mortgages decreased last week as a sharp drop in home refinancing activity offset an increase in purchasing amid a rise in interest rates, an industry group said Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decr... : Mortgage applications fall sharplyConventional Mortgage
Most mortgages are conventional, the terms just vary. A conventional mortgage to most people is a 15 or 30 year fixed rate mortgage with at least 20% down.... : Conventional MortgageFederal Housing Administration Mortgages (FHA)
These are mortgages that are guaranteed against default by the Federal government. Lenders are willing to give mortgages to homebuyers with smaller down payments than under conventional financing because the Federal government guarantees the loan against default. The homebuyer must pay an insurance premium for this privilege and this... : Federal Housing Administration Mortgages (FHA)Confidence rises, current account spikes
By Ros Krasny CHICAGO (Reuters) - U.S. consumers turned much more upbeat in June, helped by some relief in gasoline pump prices and a rising stock market, a report showed on Friday. Separately, government data showed the current account deficit, the broadest measure of U.S. trade with the rest of the world, hit a record high on the first quarter. The University o... : Confidence rises, current account spikes
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