Tag: rates

Posted in Insurance

A New Article Explains How Age Influences Car Insurance Rates – Press Release

LOS ANGELES, CA / ACCESSWIRE / September 15, 2020 / Compare-autoinsurance.org (https://compare-autoinsurance.org) has launched a new blog post that presents how the age of drivers can affect the premium paid on car insurance.

For more info and free car insurance quotes, visit https://compare-autoinsurance.org/why-your-age-matters-for-car-insurance-companies

There are multiple factors that go into determining the rates drivers will pay for car insurance: the make and model of the car, its age, where the driver lives, and more. One of the biggest factors in determining the premium cost is the age of the policyholder. Some age groups, like teen drivers and old drivers, are statistically more likely to be involved in accidents. For this reason, insurance providers charge more on the premiums paid by these groups.

Based on the age of the policyholder, car insurance rates can be affected as follows:

  • Teen drivers. Teens cause more accidents than any other age group
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Posted in Business

Health insurance rates for individual coverage to decrease in the coming year

Health insurance rates for Mainers who buy individual coverage will be down an average of just over 13 percent in the coming year.

That is according to new numbers from the Maine Bureau of Insurance. The change applies only to people who buy their own insurance, not to group plans.

“This is the third year in a row rates have gone down…this is the first time in my recollection we’ve had a double-digit rate decrease,” says Maine Insurance Superintendent Eric Cioppa.

He says this is good news, especially for those who have lost their jobs because of the pandemic.

“They can go on the exchange during their special enrollment period or enroll for next year when these rates take effect and have a more affordable option,” says Cioppa.

Cioppa says much of the rate decrease is the result of the state’s reinsurance program, which pays some of the costs associated

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Posted in Insurance

How the Fed could push mortgage rates even lower this week

Both homebuyers and homeowners are loving today’s record-breaking mortgage rates, which have been averaging less than 3% for the very first time. As rates have made history this month, mortgage applications have been rising.

Borrowers owe the Federal Reserve a big thank you for the plunging rates on new and refinance home loans, and Fed policymakers who meet this week could help push them even lower.

America’s central bank is expected to stick with and even sharpen its coronavirus-fighting policies that have driven interest rates down. Fed officials also are likely to spread more gloom about the economy — and when Fed chief Jerome Powell and his colleagues get grim, mortgage rates tend to drop.

What the Fed is likely to do

Paul Brady Photography / Shutterstock

Let’s get this out of the way first thing: No one’s expecting the Fed to make any changes in interest rates this

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Posted in Insurance

How the Fed could pound mortgage rates down even lower this week

Both homebuyers and homeowners are loving today’s record-breaking mortgage rates, which have been averaging less than 3% for the very first time. As rates have made history this month, mortgage applications have been rising.

Borrowers owe the Federal Reserve a great big THANK YOU for the plunging rates on new and refinance home loans, and Fed policymakers who meet this week could help push them even lower.

America’s central bank is expected to stick with and even sharpen its coronavirus-fighting policies that have driven interest rates down. Fed officials also are likely to spread more gloom about the economy — and when Fed chief Jerome Powell and his colleagues get grim, mortgage rates tend to drop.

What the Fed is likely to do

Paul Brady Photography / Shutterstock

Let’s get this out of the way first thing: No one’s expecting the Fed’s policy panel to make any changes in

Read More
Posted in Insurance

4 tips for bagging one of those mortgage rates under 3%

You’ve seen the headlines: With the economy in a COVID-19 tailspin, mortgage rates that have been falling and falling have now reached depths below 3% for a 30-year loan.

The national average rate dropped earlier this month to an all-time low 2.98%, according to mortgage giant Freddie Mac, which has been tracking rates since 1971. On Thursday, Mortgage News Daily reported that the average sank to an even more jaw-dropping 2.87%.

But if you’re a homeowner wanting to refinance or a homebuyer ready to make a purchase, you can’t assume that a mortgage lender will always give you one of those spectacularly low rates.

In some cities, different lenders can offer rates that vary by close to one full percentage point, a recent study from LendingTree found.

In other words, Lender X might want to give you a 30-year fixed-rate mortgage at 3.9%. But you might discover that Lender Y

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Posted in Insurance

This is how you get one of those mortgage rates under 3%

You’ve seen the headlines: With the economy in a COVID-19 tailspin, mortgage rates that have been falling and falling have now reached depths below 3% for a 30-year loan.

The national average rate dropped earlier this month to an all-time low 2.98%, according to mortgage giant Freddie Mac, which has been tracking rates since 1971. On Thursday, Mortgage News Daily reported that the average sank to an even more jaw-dropping 2.87%.

But if you’re a homeowner wanting to refinance or a homebuyer ready to make a purchase, you can’t assume that a mortgage lender will always give you one of those spectacularly low rates.

In some cities, different lenders can offer rates that vary by close to one full percentage point, a recent study from LendingTree found.

In other words, Lender X might want to give you a 30-year fixed-rate mortgage at 3.9%. But you might discover that Lender Y

Read More
Posted in Insurance

With mortgage rates now under 3%, most home loans are due for a refinance, study says

Few people ever expected to see mortgage rates slide so low, and many homeowners have been caught off guard. Thirty-year fixed-rate mortgages are now averaging less than 3% in multiple surveys — and are offering major refinance savings.

Though mortgage holders have been flocking to get new loans with sharply reduced interest rates, plenty of homeowners are still sitting on mortgages that are now too expensive.

In fact, a new report from mortgage company Fannie Mae says most mortgages with outstanding balances should be refinanced. Maybe that includes yours.

If you have a mortgage that’s closer to 4% than 3%, your monthly mortgage payment is probably hundreds of dollars higher than it could be.

Who needs to refinance?

Roschetzky Photography / Shutterstock

An estimated 60% of homeowners with mortgages can chop down their interest rates by at least one-half of one percentage point by refinancing, Fannie Mae says.

“The

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Posted in Insurance

With rates under 3%, most mortgages are due for a refinance, study says

Few people ever expected to see mortgage rates slide so low, and many homeowners have been caught off guard. Thirty-year fixed-rate mortgages are now averaging less than 3% in multiple surveys — and are offering major refinance savings.

Though mortgage holders have been flocking to get new loans with sharply reduced interest rates, plenty of homeowners are still sitting on mortgages that are now too expensive.

In fact, a new report from mortgage company Fannie Mae says most mortgages with outstanding balances should be refinanced. Maybe that includes yours.

If you have a mortgage that’s closer to 4% than 3%, your monthly mortgage payment is probably hundreds of dollars higher than it could be.

Who needs to refinance?

Roschetzky Photography / Shutterstock

An estimated 60% of homeowners with mortgages can chop down their interest rates by at least one-half of one percentage point by refinancing, Fannie Mae says.

“The

Read More
Posted in Insurance

With rates under 3%, most mortgages should be refinanced, study says

Few people ever expected to see mortgage rates slide so low, and many homeowners have been caught off guard. Thirty-year fixed-rate mortgages are now averaging less than 3% in multiple surveys — and are offering major refinance savings.

Though mortgage holders have been flocking to get new loans with sharply reduced interest rates, plenty of homeowners are still sitting on mortgages that are now too expensive.

In fact, a new report from mortgage company Fannie Mae says most mortgages with outstanding balances should be refinanced. Maybe that includes yours.

If you have a mortgage that’s closer to 4% than 3%, your monthly mortgage payment is probably hundreds of dollars higher than it could be.

Who needs to refinance?

Roschetzky Photography / Shutterstock

An estimated 60% of homeowners with mortgages can chop down their interest rates by at least one-half of one percentage point by refinancing, Fannie Mae says.

“The

Read More
Posted in Insurance

Mortgage rates hit new low under 3%; forecast says they’re going lower

This year’s amazing mortgage rates have gotten even more stunning. A widely followed survey shows that after tumbling for months, the average rate for a 30-year mortgage has now fallen all the way down to a level below 3%.

That’s a first for mortgage giant Freddie Mac’s weekly survey, which started in 1971 when Richard Nixon was president and 30-year mortgages were averaging 7.33%. The rates would skyrocket above 18% in the early 1980s.

This year, mortgage rates have been turned on their heads by the coronavirus crisis and how investors and the Federal Reserve have been responding to it.

And, a new forecast says rates under 3% could become the norm next year.

Mortgage rates make history

Andrii Yalanskyi / Shutterstock
Mortgage rates have hit a new all-time low for the seventh time since March.

Mortgage rates have hit a new all-time low for the seventh time since

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