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Home Loan Rates

Is there anything more important than home loan rates?

Not when applying for a home loan, there isn’t.

The rates you qualify for affect the amount of money you can borrow, the amount you have to spend on your house each month, and the size of the house you can get. Even if you are looking to downsize, home loan rates go a long way in terms of expanding your options. The more money you save, the better use you can put it to.

After all, when you shave even a tenth of a percent off the going home loan rate, you can expect to save a lot of money — the size of the loan and the length of time you have it for makes that a proposition work looking into. It’s 15 or even 30 years, and it’s going to be for $200,000 or possibly more, depending on where you live.

You can’t take home loan rates lightly. Especially in this market.

While the Federal Reserve, the U.S. Central Bank, does not directly control rates (in a free market economy, lenders and consumers determine the rates, it’s simple supply and demand), they have a fair amount of influence over them. The Fed sets prime interest rates, which correlate to home loan rates as banks need to charge a certain amount in order to make money. In this fashion, the Fed shapes the housing market.

Lately, home loan rates have held steady.

Five years of record lows boosted the housing market to record sales and home price appreciation. But when mortgage rates started to creep up in the past year, demand waned. However, as excess inventory is absorbed, analysts believe this could be a big chance for potential buyers as home loan rates are not expected to rise above 7 percent between now and the end of 2007.

Talk to our experts and learn how you can qualify for the lowest home loan rates out there. Clean up your credit and explore your options. Whether it’s a conventional mortgage you are looking for, or you are shopping around for the lowest home equity loan rates on the market, Mortgage Foundation can help you sort through a variety of options and secure the loan that will help you achieve your dreams!
Our brokers are standing by to assist you. Let us do the shopping around for you and reap the benefits of a low-interest home loan today!