equity fixed home loan rate
Bank rates
Major Michigan financial institutions were surveyed last week to determine the interest rates they charge for loans, and APYs they pay for savings deposits. Rates were quoted as of Friday. APYs on deposit accounts are based on the minimum amount to open the account. CD yields are fixed-interest rate offers only. New car loan rates apply to a $20,000 loan for 5 years. Home equity line and loan rates apply to a $50,000 loan with an 80% Loan-to-Value ratio. .
More equity fixed home loan rate info
More mortgage pain coming
The Federal Reserve on Thursday announced a quarter-percentage-point increase in its federal funds rate, the 17th boost in its benchmark short-term interest rate since mid-2004.
But while the stock market jumped in response, ripple effects from the decision mean most consumers will soon be paying even more on their credit cards and home equity loans, whose interest rates have more than doubled since 2003.
The Fed doesn't directly affect the mortgage market, but mortgage rates have been moving higher in anticipation of the Fed action and experts say more increases are likely.
Mortgage financing company Freddie Mac said in its weekly report Thursday that the national average rate for a 30-year fixed-rate mortgage rose to 6.78 percent, the highest level since May 2002.