A look back on historical milestones on this day. John F. Kennedy, Sir Edmund Hillary and Mayor Tom Bradley. Mortgage rates then and now.
What does JFK, Mount Everest and Los Angeles have in common?. A look back at events that happened today and what mortgage rates were then and a snapshot of today’s rates.
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Fixed Products
A home loan in which the interest rate will remain the same through the life of the loan, most often 15 years or 30 years. More recently, the 10, 20 and 40 year fixed mortgages are being offered on the market. Rates for shorter term fixed mortgage are lower, but payments will be higher. Borrowers that do not want to chance their payments changing over the life of the loan prefer the fixed rate mortgage.
Adjustable Products (Adjustable Rate Mortgages, ARMs)
Home loans with periodic changing interest rates based on a standard financial index are called Adjustable Rate Mortgages or ARMs. Most ARMs have caps on how much an interest rate may increase. ARMs have optional initial fixed rate periods in 1, 3, 5 or 7 years. ARMs, most often, have cap limits on the total rate on the life of the loan, as well as, how much a rate can increase over a period. Borrowers with shorter views on keeping their property choose ARMs. Continue reading
Mortgage Auction 