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Mortgage Rates & Trends: Mortgage Blog from Total Mortgage
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Promising Signs for the Housing Market
According to a Trulia report released today, the number of homes for sale with discounted asking prices fell to less than 20% at the end of February. This compares favorably to the rate of more than 25% a year prior. This data suggests that the housing market may have finally hit its nadir [...]
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Current Mortgage Rates and Market Outlook in Illinois
After a brutal winter that dumped snow across the Midwest, low current interest rates and the soon-to-expire government home buyer tax credits have the housing market in Illinois heating up. Illinois home sales increased 14% in January, the fifth consecutive year-over-year increase. The median home price rose .2%, the first year-over-year increase since [...]
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Too Late To Refinance?
While many mortgage analysts believe that the refinance wave generated by historically low current mortgage rates had crested months ago, the Federal Housing Finance Agency (FHFA) nonetheless announced the Home Affordable Refinance Program (HARP) will be extended for an additional year to June 30, 2011. Fortunately, borrowers who may be eligible for Fannie Mae’s DU [...]
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Homebuyer Tax Credits Set to Expire
Barring an extension by congress, the $8000 First Time Homebuyer Tax Credit and the $6500 Move-up/Repeat Homebuyer Tax Credits are set to expire on April 30, 2010. The first time homebuyer tax credit was originally due to expire in November 30, 2009 before it was extended by congress. The first iteration of the tax credit [...]
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Current Mortgage Rates from Wells Fargo vs. Current Mortgage Rates from Total Mortgage
San Francisco-based Wells Fargo Home Mortgage is offering a current mortgage rate of 4.875% on a 30-year fixed, with borrowers paying a 1-point Origination Fee. When Total Mortgage Services rolled out their rate sheets this morning, their current mortgage rate on the same 30-year fixed was 4.875%, paying no points, while 4.750% was the matching [...]
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Advantages of No Closing Cost Loans
When obtaining a no closing cost loan, the obvious advantage is savings. Although, the savings will take longer to accumulate on a no closing cost loan than if closing costs are paid upfront. Regardless of time, however, borrowers should nonetheless carefully consider two vital variables when determining if a no closing cost loan is suitable [...]
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HAFA Provides Foreclosure Alternatives
Like a stone thrown into a pond, the subprime mortgage crisis has caused ripples that have effected almost every sector of the U.S. economy. Many homeowners now owe more on their mortgage than their home is worth. As many as five million borrowers are delinquent on their mortgages. The one-two punch of declining home [...]
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FHA To Raise Upfront Mortgage Insurance Premium
FHA Commissioner David H. Stevens officially announces effective dates to raise the amount required for upfront mortgage insurance premium (UFMIP) for FHA loans, along a with other changes.
Commissioner Stevens states “Striking the right balance between managing risk, continuing to provide access to under served communities, and supporting the nation’s economic recovery is critically important to [...]
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Current Mortgage Rates Drop Back Below 5%
Current mortgage rates fell back below 5% this week following promising signs for the economy. The average rate on 30 year fixed rate mortgages was 4.97%, eight basis points lower than the previous week.
Rates have been kept low by the Federal Reserve’s purchase of $1.25 billion worth of mortgage backed securities, which it will cease [...]
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Home Purchases Expected to Rise
Despite the Mortgage Bankers Associations’ report two weeks ago that purchase applications fell to a 13-year low, mortgage analysts now anticipate home sales to restart yet again as the deadline for the $8,000 first-time homebuyer tax credit and the $6,500 move-up homebuyer tax credit looms. Lawrence Yun, Chief Economist and Senior Vice President of Research [...]
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