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Home loans getting longer

People looking to remortgage their house are increasingly turning their backs on shorter deals and focusing on five-year deals.Two-year discounted variable rate deals have continued to continue to fall, while by contrast, five-year fixed rates are getting more attractive.Your Move’s April Remortgage Index shows there are improved money savings resulting from a switch to the current Best Buy five-year fixed rate.

“Five-year fixed rate deals are getting more and more attractive for people remortgaging relative to shorter term deals,” explained remortgage analyst at Your Move, Jon Round.”Lenders have noticed that business has been slacker in recent weeks and the election certainly had an effect. “Voting for a government always depresses activity in the housing market and 2005 is no different,” he added.

Your Move’s index revealed that first year savings achieved by switching to the Best Buy five-year fixed rate are now £1290.This figure is up 6.6 per cent from a month ago and 5.4 times higher than 12 months ago (£240).

Posted in loan mortgage, home mortgage, mortgage rate, home mortgage rate, home mortgage online, home finance, equity mortgage, home equity loan comparison, equity home loan, loan, home loan, loan calculator, equity loan, loan rate, home equity loan rate, home equity loan | Comments(0) October 2007



The latest on tax breaks, vessel sinks, delinquencies and foreclosures, interest rates and more

According to Interest.com’s latest national survey of home equity rates, the average cost for a $30,000:

  • Home equity loan continued to edge up. It rose to 8.01% from last week’s to 7.98%, but it did edge down during the first few months of the year before returning to previous highs. It is up mre than one-fifth of a percentage point from 7.79% one year ago, and much higher than the 7.06% of two years ago.
  • Home equity line of credit held at 8.19%. This rate is just over a tenth-point higher than the 8.07% of last June. Two years ago you could get a HELOC at 6.24%.

Posted in equity home loan, interest only loan, va home loan, loan rate, home equity loan rate, home loan, loan, loan calculator, home equity loan | Comments(0) June 2007