interest: Mortgage Rates Ease
- 10/16/08 11:08 AM
Freddie Mac's Primary Mortgage Market Survey (PMMS) shows that the 30-year fixed-rate mortgage (FRM) averaged 6.52% for the week ending July 31, 2008, which is down from the prior week when it averaged 6.63%. Last year's FRM at this time of year averaged 6.68%. The 15-year FRM averaged 6.07%, down last weeks' 6.18% average, and it averaged 6.32% a year ago. Freddie Mac vice president and chief economist Frank Nothaft states, "Mortgage rates moved lower this week as a drop in commodity prices eased market concerns over inflation pressures. For instance, the Department of Energy reported that gasoline prices were … (0 comments)
interest: The True Profits of Home-Ownership
- 06/10/08 06:27 AM
Between home equity and government incentives, one can practically live for free when owning instead of renting. Federal benefits make home-buying a sound decision for those who buy within their means. Tax Deductions Homeownership offers many opportunities for deductions on federal taxes. For example, mortgage interest is tax deductible! Because of the Mortgage Forgiveness Debt Relief Act of 2007, one can also deduct your mortgage insurance interest. Regardless of whether you (the owner) or the seller paid points to take out the mortgage, you may be able to deduct $1,000 or more on your taxes! In addition, one can deduct PMI … (0 comments)
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