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Today's Mortgage Terms starting with I

Index:

An index is usually a widely published market rate such as LIBOR, T-Bill or 11th District Cost of Funds (COFI). Lenders use these indices to set the interest rates charged on mortgage loans. For ARM, a predetermined margin is added to the index to calculate the interest rate adjustment.

Initial Rate:

The rate charged for the first interval of an ARM loan.

Interest:

Compensation in the form of money paid for the use of money.

Interest Rate Cap:

Caps limit the range that the interest rate on an adjustable rate mortgage can change in an adjustment interval during the term of the loan.

View all Terms
York mortgage rates news:
Financial News
Mortgage applications rose last week: MBA - Reuters
NEW YORK (Reuters) - Applications for U.S. home mortgages rose last week as rates for home loans eased from recent highs, according to data published by an industry group on Wednesday. The Mortgage Bankers Association said its seasonally adjusted ...

Bankrate: Mortgage Rates Slide for Third Straight Week - MSN MoneyCentral
NEW YORK , Sept. 4 /PRNewswire-FirstCall/ -- Economic worries pushed mortgage rates down again, with the average conforming 30-year fixed mortgage rate falling to 6.55 percent. According to Bankrate.com's weekly national survey of large lenders, the ...

U.S. mortgage rates fell on Thursday - BestInfo - Reuters
NEW YORK, Sept 4 (Reuters) - The average rate on a 30-year U.S. mortgage with no upfront points fell 1/8 of a percentage point on Thursday to 6-1/4 percent, according to BestInfo Inc. If the mortgage market on Friday continues in its current ...

Mortgage rates ease: Third week in a row - CNN Money
New York (CNNMoney.com) -- Mortgage rates declined, easing for the third straight week, according to a report from mortgage finance giant Freddie Mac. Rates for 30-year fixed-rate mortgages (FRMs) averaged 6.35% in the week ending Sept. 4, according ...

Bankrate: Mortgage rates post third consecutive decline - Marketwatch
NEW YORK (MarketWatch) -- Fixed mortgage rates slipped for the third week in a row, according to Bankrate Inc.'s survey released Thursday. The average conforming 30-year fixed mortgage rate fell to 6.55% from 6.60% a week ago, while the average 15 ...

U.S. Rescue Seen at Hand for 2 Mortgage Giants - Blueridgenow.com
WASHINGTON — Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two ...

Rangel had no-interest mortgage more than 10 years - MSN MoneyCentral
WASHINGTON (AP) - Rep. Charles Rangel paid no mortgage interest on a beach resort property for more than 10 years, a lawyer for the powerful House committee chairman said Friday. The New York congressman's lawyer, Lanny Davis, told The Associated ...

Rangel paid no mortgage interest on beach house - San Diego Union-Tribune
WASHINGTON – Rep. Charles Rangel paid no mortgage interest on a beach resort property for about 15 years, a lawyer for the powerful House committee chairman said Friday. The New York congressman's lawyer, Lanny Davis, told The Associated Press that ...

How to determine your bank's financial health - Los Angeles Times
More people have been asking that question since the collapse of Pasadena mortgage giant IndyMac Bank in July. After the government took over the bank, many customers had to wait in line for hours before they could speak to anyone about their ...

Record 1.2 million homes hit by foreclosure - CNN Money
NEW YORK (CNNMoney.com) -- A record 1.249 million homes were in foreclosure during the second quarter of 2008, according to a report released Friday by the Mortgage Bankers Association. And new foreclosure proceedings were started on about 490,000 of ...

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sources: informars.com, erate.com, Freddie Mac
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