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Mortgage Rates & Trends
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Today's Mortgage and Housing News
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Total Mortgage Services Opens New Ridgefield, CT Office
As part of its ongoing expansion efforts, Total Mortgage Services officially opened its new branch office in Ridgefield, Connecticut last night. The office is located at 23 Catoonah Street. Total Mortgage Services has been expanding exponentially over the past three years, and has been on the Inc 5000 list for the fasting-growing privately held companies [...]
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Current Mortgage Rates for Friday, May 17, 2013
Mortgage rates improved significantly yesterday when mortgage bonds rallied following a raft of poor economic data. This morning we’re giving back some of the ground that we made up yesterday after the highest Consumer Sentiment reading in nearly six years. I would be surprised if all of yesterday’s gains end up being erased, but MBS [...]
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FHA to Change Annual MIP Cancellation Policy on June 3
It’s impossible to mention mortgages and the Federal government in the same sentence without provoking emotions. So when the FHA announced major changes to it’s MIP cancellation policy, reaction was not muted. In a recent column by real estate journalist Ken Harney, one comment was clear: “That stinks,” said Steve Stamets, a mortgage officer with [...]
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FHA 203k Loans Help Make Home Renovations Possible
While home values are on the rise in many parts of the country, people hoping to purchase homes that need work or those homeowners looking to do some renovations on their existing home are still fairly limited in their financing options to pay for renovations. Fortunately, the Federal Housing Administration (FHA) offers a program called [...]
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Mortgage Rates for Thursday, May 16, 2013
Mortgage backed securities continued to be volatile yesterday. An early rally was erased in the afternoon, and mortgage rates were essentially flat on the day. This morning MBS are trading higher following a raft of disappointing economic data. Over the past two weeks or so, we’ve seen a lot of morning rallies wiped out in [...]
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New Challenges Face Home Buyers This Summer
Spring has sprung and home buyers are at the starting gate. But this race to buy might be different than in past years. A fairly new player on the scene are institutional investors; many ready to pay with cash. The primary strategy is to turn property into rental homes. “There are many markets across the country [...]
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Underwater? Refinance With HARP and Save
Would you like to refinance but are underwater on your mortgage? We may be able to help you out with the Home Affordable Refinance Program (HARP). HARP is a government program that was designed to let people with negative equity take advantage of today’s historically low mortgage rates. Many homes declined in value greatly after [...]
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Mortgage Rates for Wednesday, May 15, 2013
Sometimes you’re wrong, and other times you’re really wrong. Yesterday was one of those times. Mortgage backed securities were in the green through about midday, and then things came to a screeching halt and by the afternoon, MBS were way into the red, and mortgage rates had worsened considerably. The reason for the sell-off? There [...]
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Current Mortgage Rates for Tuesday, May 14, 2013
Yesterday mortgage backed securities sold off in the morning, but came back later in the afternoon almost to unchanged (mostly, anyway – Ginnie securities didn’t fare as well as Fannie and Freddie). The sell-off seemed to be prompted in part by a positive Retail Sales report and partially by overnight foreign trading. Early this [...]
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Current Mortgage Rates for Monday, May, 13, 2013
Mortgage backed securities got smacked around last week, leading to a sharp increase in mortgage rates. The sell-off continues again this morning, much to my chagrin (fundamentally, I see little reason for the increase, and totally misread the markets last week – I’m still not ready to back off my call that rates will remain [...]
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