mortgage rates: Today's Rate vs. Today's Rates - Mortgage as a Second Language - 07/09/14 10:35 AM
The mortgage industry is almost cruelly filled with nearly impossible jargon.  Most of it is inconsequential from the consumer’s perspective and only serves to make communication easier for industry insiders.  However, when it comes to the concept of choosing an interest rate from your lender par rate, buy ups, buy downs, discount points and lender credits are a must know.
Definitions:
Today’s Rate – “Today’s Rate” is a myth perpetrated as a reality.  It is something the mortgage lending industry came up with because it’s an intellectually condescending industry that doesn't believe that its clients can do math or understand complicated … (0 comments)

mortgage rates: Buying a House? Then Rates Better Not be Greek to You - The Cost of Waiting to Buy - 06/17/12 07:23 AM
With all of the recent strength in the Twin Cities housing market and Minnesota’s relatively low unemployment rate one might be confused about why we’re experiencing all-time lows (ours are even lower) in mortgage rates since typically the beginning of a recovery is followed by higher interest rates.  But the truth is that the Minnesota story is not the national or global story.  Events on the national and international stage have caused the Federal Reserve and global bond markets to drive US mortgage rates down.  This too will end and will carry a cost to those contemplating a mortgage.
First, some … (13 comments)

mortgage rates: Say Goodbye to the Lowest Mortgage Rates in History - 03/16/12 05:14 AM
The market is at a turning point for the worse due to growing worries about inflation. While it is not a problem right now (although the consumer price index did just rise the most in 10 months), there are several strong economic factors emerging that typically lead to higher prices to the consumer and thus higher mortgage interest rates down the road. While the Federal Reserve said they wouldn't raise rates until 2014, Mark Zandi, chief economist at Moody's Analytics and many more economists don't believe that they'll be able to stick to that promise. A stronger dollar, improving jobs markets, … (1 comments)