Understanding Benchmark mortgage rates is important, especially for those planning to purchase a house using the help of the company. Here is more to find out about it.
Everyone surely wants to know about Benchmark mortgage rates. Benchmark is one of the most famous mortgage loan companies in the entire USA. This Texas-based company has helped lots of people to buy their dream house. What are the current mortgage rates in Benchmark? Find out more about it down below.
The Current Benchmark Mortgage Rates
Benchmark mortgage rates are always moving up and down. It depends on many things. However, understanding the current rates is quite essential. Here is the current rates list of Benchmark by mid-2019.
1. 30-year Fixed Mortgages
One of the items in Benchmark mortgage rates list that everyone should know is the rate for 30-year fixed mortgage. This loan is the most popular one in the company. It is a long-term loan with fixed interest rate to avoid any changes in the monthly bill. People who take the loan are mostly those who want to stay for a long time in the property. The current mortgage rate for 30-year fixed mortgage is 3.81%.
2. 15-year Fixed Mortgages
Besides of the 30 years term, the fixed mortgage loan at Benchmark can be taken in shorter term: 15 years. It is exactly the same scheme but in shorter time only. The benefit of the loan is that it will get paid off quicker so that the borrowers can save more money eventually. The current mortgage rate for 15-year fixed mortgage is 3.23%.
ARM or the Adjustable Rate Mortgage is the type of loan taken by those who plan to do anything but staying for a long time in the house. They may buy the property to make an investment out of it. That is why they do not mind taking the loan with low interest and the consequences of changeable monthly bill. The current mortgage rate for ARM is 3.98%.
4. 30-year Fixed Jumbo
In Benchmark mortgage rates information, the explanation about the rate for jumbo loan is necessary. Jumbo loan is needed when anyone wants to purchase an expensive house. It is probably just grand or located on an exclusive area. The amount of money loaned in this program is surely huge and it is understandable that the rate is going to be pretty high as well. The current mortgage rate for 30-year fixed jumbo mortgage is 4.13%.
What Makes Benchmark Mortgage Rates Up and Down
As stated before, there are a lot of aspects that make Benchmark mortgage rates up and down. To make sure that it won’t surprise you when the rate is going up and down, here is the information about those aspects.
1. The National Economy
The first thing that may affect the Benchmark mortgage rates is the condition of the national economy. Benchmark is a Texas-based company that provides service of home loan to anyone living in USA, particularly in Texas and its surrounding states. The national economy, in this case USA, is surely affecting the rate. If the economy is unstable, the demand for houses is going to be low. It makes the interest rate tends to get higher. People tend to avoid buying property when the rate is high to save money.
2. The Global Economy
Beyond the national economy condition, there is this global economy condition that has great impact as well on the mortgage rate for Benchmark and for other mortgage loan companies. Global economy is going to be slightly ruined when there are conflicts and frictions between countries. Crisis is also adding more burdens to the global economy and it has effect too on the mortgage loan rate. The rates tend to get higher to prevent loss on the property value during the unstable world economy.
Competition is a massive factor to decide whether or not mortgage rate should be high or low. As we all know, Benchmark is not the only mortgage loan company in the state of Texas, let alone in the USA. With a lot of competitors, surely Benchmark and other mortgage loan companies will be trying to offer the best service possible to attract customers. The service will mostly include low interest rate.
People are more interested in companies that offer home loan with low interest rate. It means that they can save more money. This is the reason why the interest rate of Benchmark sometimes goes down and goes up at some points. It depends on the situation of the competition. If the competitors go with low interest rate, Benchmark will most likely to do the same or even go even lower to attract new customers.
The information above is basically everything you need to know about Benchmark mortgage rates. Even though the rate is quite tempting, you should always consider comparing the rate of Benchmark with other companies. Therefore, you can choose which one is the best. Remember that a mortgage loan is not supposed to be taken for granted.