When you shop for a mortgage, the difference between being well informed and barely understanding your choices can be costly. For example, settling for a 30-year fixed-rate mortgage when you should have gotten a lower rate with an ARM can cost you several hundred dollars a month, on average, or several thousand over the life of your loan.
Moody’s Investors Service informed the European Union that their Aaa credit rating is facing a potential downgrade as the outlook on the EU’s creditworthiness was also cut from stable to negative. Also, Treasuries are down today on speculation that the European Union will announce debt canceling measures later this week.
What’s Up On Wall Street?
The U.S. indexes closed with mixed results Friday as Moody’s informed the European Union that their credit rating is facing a potential downgrade. The Dow Jones Industrial Average dropped 20.81 points (-0.16) while the S&P 500 slipped 0.98 of a point (-0.07 %). Finally, the Nasdaq Composite moved up 18.25 points (0.60 %).
Here are some of today’s rates:
- 30-Year Fixed 3.50% (3.755% APR)
- 15-Year Fixed 2.875% (3.328% APR)
- 7-Year Adjustable Rate Mortgage 2.50% (3.171% APR)
Here are a few links to some of today’s financial articles. Be sure to leave a comment below if you know of any additional financial articles that are trending today.