Mortgage Market in US

The mortgage industry in the US is both huge and highly developed, offering numerous mortgage products with a range of repayment options
The United States of America has the most active mortgage market in the world, and mortgage services are provided by a number of entities, including individual and organizational mortgage providers. Other types of mortgage brokers work in both individual and as organizational capacities. With all the players involved and with intense competition spurring constant innovation, there are numerous types of mortgage products available in the US

There are two basic types of mortgages in the United States: fixed-rate mortgages, and variablerate mortgages. Fixed-rate mortgages offer an interest rate that stays the same throughout the tenure of the mortgage. Variable-rate mortgages, which are also known as adjustable-rate mortgages, or floating-rate mortgages, offer rates that can be changed, adjusted or that fluctuate. Normally, fixed-rate mortgages have terms of either 15 or 30 years, which is the length of time the mortgage borrower has to pay off the mortgage. In the case of floating-rate mortgages, terms are normally only one year in duration. It is important to note is that interest rates for fixed-rate mortgages with 30-year terms are higher than those with 15-year terms. In the US, people can get mortgages from government sponsored entities or GSEs, including Fannie Mae, Ginni Mae and Freddie Mac. These organizations operate under federal charter and are overseen by the federal American government. Well-reputed mortgage companies in the US include:

Capital Mac Ameriquest Mortgage Company Mortgage Secure Massachusetts America's Mortgage Corporation MCA Mortgage Division 000 ABN Amro Mortgage Group Inc ValuMortgages Americas Money Center

Waterfield Mortgage Conseco Finance Century Mortgage Corporation Ditech Chase Home Finance Eastern Mortgage Services EMC Mortgage Corporation eHomeCredit GMAC Mortgage eMortgage Solution Guaranteed Mortgage Company Freemont Investment & Loan Prime Mortgage Inc Full Spectrum Lending Inc Washington Mutual Great Eastern Investments Wells Fargo Home Finance of America Apex America Finance Center Approved Bad Credit Loans Apartment Lending Corporation Mortgage rates vary from state to state, and the chart below highlights some of these differences, as of July 2008:

State

Mortgage Rates 15-year FHA loans - between 6.000-6.875% 30-year fixed-rate mortgages - between 5.685 - 6.25% 5/1 adjustable-rate mortgages - between 5.5-5.875% 20-year fixed-rate mortgages - between 5.625-6.125% 3/1 adjustable-rate mortgages - between 5.5% 15-year fixed-rate mortgages - between 5.25-6.% 1/1 adjustable-rate mortgages - 6.% 10-year fixed-rate mortgages - 5-5.875% 30-year FHA loans between 6.5-6.875% 7/1 adjustable-rate mortgages between 5.750% 5/1 ARM Jumbo - 6.00% 30-year fixed-rate mortgages - 6.06% 5/1 adjustable-rate mortgages - 5.69% 15-year fixed-rate mortgages - 5.66% 30-year fixed jumbo mortgages - 6.42% 3/1 adjustable-rate mortgages - 5.54%

New York

Michigan