Some home-buyers (or those looking to refinance) see the interest on a 15-year mortgage and assume that’s the way to go. After all. banks money locked in at this low rate and put yours to work.
Analysts say some banks may not pass a rate cut onto all of their variable mortgages Discount mortgage rates paid by most borrowers are already well below standard variable mortgage rates Some of the big four rate cuts take effect this week, others are nearly a fortnight away
More than 10 banks, including National Australia Bank, Suncorp, ING Direct, HSBC and AMP Bank. that their savings rates are cut very, very quickly, while home loan rate cuts are not passed on quite. ing cuts loan rates ING Bank yesterday said it would cut its variable home loan interest rates by between 0.06 and 0.16 percentage points for all.
RBC cuts five-year fixed mortgage rate, other banks expected to follow. the merits of locking in with a fixed-rate mortgage. He said banks are happy to shift more borrowers into fixed-rate.
Although the Fed’s rate cut. banks use to set rates on many consumer loans, such as credit cards or auto loans, and small. Mortgage rate cuts not automatic for all borrowers at all banks Consumer confidence tumbles after the Reserve Bank cuts rates (photos) Analysis: We interviewed 80 pensioners.
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During Ally Financial’s earnings announcement today (transcript here), CFO Chris Halmy revealed that the FDIC has given permission for the bank to start using fdic insured deposits for auto loans with credit scores as low as 620.Previously, Ally could only use deposits for loans to borrowers with 650 or higher credit scores.
Actual mortgage interest rates, Annual Percentage Rates (APRs), points and/or rebate may vary based on the borrower’s specific loan request and credit. Discount points are fees paid by the borrower to specifically reduce the interest rate of the loan. A discount point equals 1% of the loan amount.
For borrowers who want to refinance into a fixed-rate mortgage, now is a good time to do it, says Nothaft. As long-term rates hover around the low 4 percent mark, many borrowers are in a good.