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Are mortgage rates going up? Are mortgage rates going down? get that interest rate. "Points", you may not know, is industry shorthand for "discount points" and it's expressed as a percentage of the amount borrowed. As an for-instance, 1 point on a $325,000 mortgage would cost $3,250. When it comes to shopping for, or reporting on, mortgage rates, most people forget about the "points" part of the equation. You probably even do it yourself. When you ask a mortgage guy, for example, "What're rates doing today?" you're completely discounting the question's second half. This chart illustrates it.
According to RealtyTrac.com, California, Florida and Arizona -- home to just 19.99 percent of the country's populace -- accounted for half of the nation's foreclosure actions in February 2009.
