Interest Rate For Second Mortgage

Mortgage interest rates constantly change throughout the day. Their direction changes are influenced by economic data, Wall Street expectations for the future, and global geopolitical events.

Second Mortgage-variable (also known as the Home Equity Line of Credit). The APR may change the first business day of each calendar month. The APR could change based on the movement of the Prime Rate as reported in The Wall Street Journal the last business day of each calendar month.

Generally, the interest rate on a second mortgage is higher than that of a first. equity determines the quantity and type of second mortgage an individual qualifies for. Obtaining Financing. Obtaining a second mortgage requires the same process as obtaining a first mortgage.

Check out the mortgage rates charts below to find 30-year and 15-year mortgage rates for each of the different mortgage loans U.S. Bank offers. If you decide to purchase mortgage discount points at closing, your interest rate may be lower than the rates shown here.

The Average Interest Rates for a Second Mortgage. Should you default on a second mortgage, chances are the second lender will receive partial repayment, or in the event of foreclosure, no repayment at all. Second loans have less priority for payoff than primary-mortgages, thus, they have higher average interest rates.