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Looking to Pay Back Your Mortgage Faster? Three Reasons to Consider Switching to Bi-weekly Payments

September 20, 2023 by Katrina Moyer

Looking to Pay Back Your Mortgage Faster? Three Reasons to Consider Switching to Bi-weekly PaymentsWhile there are differing schools of thought when it comes to whether or not a person should pay off a mortgage before the loan term ends, there may be some benefits to making payments on a bi-weekly basis as opposed to monthly basis. What are some of the reasons why it may be beneficial to make two payments a month instead of one? Here are three reasons why you should ditch the monthly fees and make payments once every two weeks.

You’ll Make An Extra Payment Per Year

If you’re looking to pay off your mortgage ahead of schedule, making bi-weekly payments means you’ll make an extra payment every year. Instead of making 12 large payments every year, you’ll make 26 small payments. These 26 small payments would be equal to about 13 large payments.

This is the equivalent of an extra payment per year and 10 extra payments over 10 years. If you have a 30-year mortgage, you could pay it off between two and three years early because you will make your last payment 30 months ahead of schedule.

You’ll Provide Yourself With Financial Flexibility

Making extra payments can provide you with financial flexibility that makes it easier to deal with unexpected expenses or a job loss. As you are making a half-payment every two week, you can make your payments in smaller, more manageable chunks.

It may be a good thing if you are self-employed and may not be sure when a client will pay for services rendered. Additionally, you may have your next payment reduced or advanced if you pay more than you owe in a given month.

You’ll Reduce the Amount of Interest Paid on the Loan

Paying off your mortgage faster reduces the amount of interest that you pay on the loan. Even if you only make one extra payment per year, you could still save thousands of dollars in interest by paying your loan several months or years early.

To determine exactly how much you will save, you can use an amortization table or calculator to see how much interest you pay over the full 30 years as opposed to taking only 27 or 28 years to pay for your home. It is also important to note that making extra payments adds to the equity that you have in the home.

Making two payments instead of one each month may help you achieve financial flexibility while building equity in your home. By paying off your mortgage as soon as possible, it may enable you to put more money into a savings or retirement account. Contact a mortgage professional for more information about whether bi-weekly payments are right for you.

Filed Under: Home Mortgage Tips Tagged With: Mortgage Repayment, Mortgage Tips, Mortgages

What’s Ahead For Mortgage Rates This Week – September 18, 2023

September 18, 2023 by Katrina Moyer

What's Ahead For Mortgage Rates This Week - September 18, 2023The previous week offered a blend of economic updates, encompassing data on inflation trends, the pulse of consumer sentiment, and the weekly oscillations in mortgage rates and unemployment claims.

August Sees a Slight Upward Trend in Inflation

The latest data on monthly inflation was made public on September 13th, revealing that core inflation in August experienced a jump of 0.3 percent over its July reading. This number is a tad above the anticipated 0.2 percent and also overshadows July’s reading, which was set at 0.2 percent relative to the preceding month. Drawing from the Consumer Price Index, August witnessed a year-over-year inflation of 3.7 percent.

In a broader perspective, the inflation rate observed a 2.4 percent increase in the past quarter when compared to the same timeframe a year ago. This is a downward shift from the 5.0 percent recorded in the previous quarter and marks the most modest inflation rate since March of 2021. As September progresses, all attention will turn to the Federal Reserve’s impending meeting. Given that the current inflation is above the Fed’s target of 2.0 percent, speculations are circulating about whether an interest rate rise is on the horizon or if the existing rate adjustments will be given more time to work.

A Shift in Mortgage Rates and Employment Dynamics

The current 30-year fixed mortgage rate hovers around 7.51 percent, one of the highest rates seen in two decades. This is an upward jump from August, where the rates averaged at 7.18 percent. This trend is impacting potential homeowners. Meanwhile, the 15-year fixed mortgage rate stands close to 6.51 percent, mirroring August’s average, which rounded off at 6.55 percent.

Comparing the current mortgage figures to those of the previous week, there’s been a marginal decline in the 30-year fixed rate from 7.55 percent to 7.51 percent. The 15-year fixed rate remains relatively stable at 6.51 percent, with the past week’s average being 6.52 percent. These rising interest rates seem to be impacting in the broader economy, with a projected 6.4 million individuals unemployed, translating to a 3.8 percent rate. The US Department of Labor’s Bureau of Labor and Statistics pinpointed 1.8 million claims for unemployment benefits in August.

Consumer Sentiment: A Mild Dip

The University of Michigan released its consumer sentiment report for the month, showing a slight drop in consumer optimism. While August’s index stood at 69.5, September witnessed a dip, bringing it down to 67.7.

This dip implies that despite the decreasing inflation rates, there remains a cloud of uncertainty amongst consumers. This could be attributed to potential interest rate hikes and a subtle slowing down of the job market. The prevailing mood is still optimistic, but the trend is shifting.

Looking Forward

The next week promises updates on mortgage rates, while September 20th is the Federal Reserve’s next meeting. The focal point for many will be the Fed’s decision on the interest rates—whether they opt for another raise or choose to hold them steady for the upcoming period.

Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

What’s Ahead For Mortgage Rates This Week – September 18, 2023

September 18, 2023 by Katrina Moyer

What's Ahead For Mortgage Rates This Week - September 18, 2023The previous week offered a blend of economic updates, encompassing data on inflation trends, the pulse of consumer sentiment, and the weekly oscillations in mortgage rates and unemployment claims.

August Sees a Slight Upward Trend in Inflation

The latest data on monthly inflation was made public on September 13th, revealing that core inflation in August experienced a jump of 0.3 percent over its July reading. This number is a tad above the anticipated 0.2 percent and also overshadows July’s reading, which was set at 0.2 percent relative to the preceding month. Drawing from the Consumer Price Index, August witnessed a year-over-year inflation of 3.7 percent.

In a broader perspective, the inflation rate observed a 2.4 percent increase in the past quarter when compared to the same timeframe a year ago. This is a downward shift from the 5.0 percent recorded in the previous quarter and marks the most modest inflation rate since March of 2021. As September progresses, all attention will turn to the Federal Reserve’s impending meeting. Given that the current inflation is above the Fed’s target of 2.0 percent, speculations are circulating about whether an interest rate rise is on the horizon or if the existing rate adjustments will be given more time to work.

A Shift in Mortgage Rates and Employment Dynamics

The current 30-year fixed mortgage rate hovers around 7.51 percent, one of the highest rates seen in two decades. This is an upward jump from August, where the rates averaged at 7.18 percent. This trend is impacting potential homeowners. Meanwhile, the 15-year fixed mortgage rate stands close to 6.51 percent, mirroring August’s average, which rounded off at 6.55 percent.

Comparing the current mortgage figures to those of the previous week, there’s been a marginal decline in the 30-year fixed rate from 7.55 percent to 7.51 percent. The 15-year fixed rate remains relatively stable at 6.51 percent, with the past week’s average being 6.52 percent. These rising interest rates seem to be impacting in the broader economy, with a projected 6.4 million individuals unemployed, translating to a 3.8 percent rate. The US Department of Labor’s Bureau of Labor and Statistics pinpointed 1.8 million claims for unemployment benefits in August.

Consumer Sentiment: A Mild Dip

The University of Michigan released its consumer sentiment report for the month, showing a slight drop in consumer optimism. While August’s index stood at 69.5, September witnessed a dip, bringing it down to 67.7.

This dip implies that despite the decreasing inflation rates, there remains a cloud of uncertainty amongst consumers. This could be attributed to potential interest rate hikes and a subtle slowing down of the job market. The prevailing mood is still optimistic, but the trend is shifting.

Looking Forward

The next week promises updates on mortgage rates, while September 20th is the Federal Reserve’s next meeting. The focal point for many will be the Fed’s decision on the interest rates—whether they opt for another raise or choose to hold them steady for the upcoming period.

Filed Under: Financial Reports Tagged With: Financial Report, Jobless Claims, Mortgage Rates

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Katrina Moyer

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