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Mortgage interest rates
1. Types of Mortgage Interest Rates and Uses
Mortgage market is gaining popularity day by day. Westin Mortgage has the adjustable rates of
interest. It offers advantage of providing stability in the financial planning; be it borrowers or
the lenders, irrespective of whatever financial situation they are in through the term of the
mortgage.
US mortgage interest rates are subject to market forces which have been playing dominant
role in stabilizing and destabilizing the mortgage market for more than three decades,
particularly after the deregulation.
Mortgage interest rates are probably the most keenly tracked interest rates in America.
Mortgage interest rates are also a dynamic macroeconomic indicator of the economy. Most
commonly, a rise in mortgage interest rates leads to a drop-off in home sales and refinancing.
There are two kinds of mortgages that are of significance- fixed rate mortgage and adjustable
rate mortgage. In case of fixed rate mortgages, the interest rate of the monthly payment
remains fixed for the term of the loan. But mortgage term can vary from 10 to 30 years.
However, in adjustable rate mortgages, the interest rate is fixed for an initial period of time
after which it is sometimes adjusted depending on the movements in the economic index to
which it is linked.