Interest rates have increased slightly around most of the country this month, despite a decision by the Federal Reserve to lower their rates. We conduct a survey twice a month as to which way interest rates are going, and found that out of the six areas evaluated; only Chicago and Buffalo New York had lower interest rates.
Our survey includes six areas around the country, including Los Angeles, Miami, Seattle, Dallas, Buffalo and Chicago. Since November of last year, rates have been lower overall, but since earlier this month, they had gone up in all areas except the two exceptions noted above.
We eliminated major national lenders from our survey in order to get a local representation for the regions. We also limited our criteria to non-jumbo loans between $300,001 and $417,000. The loans were for new-home purchases and not refinances.
Of course, your interest rate may vary. Many factors are involved in funding loans, including your credit score, amount of the loan, the appraisal of the property and your down payment.
The subprime disaster has also put a strain on the mortgage market. When the market collapsed, lenders (originators) were unable to sell their loans. Because they could not sell their portfolios, they were stuck with the loans and were very slow to make new loans.
If you are in trouble with a mortgage, you should consider talking to the holder of your loan. In today's market, lenders do not want to take back homes as REOs. The housing market is flooded with foreclosures and home prices are dropping.
You may want to talk to the holder of your loan before you investigate refinancing your home. Countrywide, the nation's largest mortgage broker / lender, has started reviewing loans in their portfolio that are in trouble. Hopefully other lenders will follow suit.
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