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mortgage: Mortgage Rates Spike Quarter Percent - 12/02/10 03:30 PM
30 year fixed mortgage rates have risen a quarter point this week to 4.25% on plummeting mortgage-backed securities prices. MBS prices drive mortgage rates in the opposite direction. Conventional 15 year fixed interest rates are also up a quarter of a percent and are at 3.75% currently for well-qualified borrowers who pay a standard .07 to 1 point origination. Both fixed mortgage rates are up substantially from last week and at an immediate risk to rise further.
FHA loan rates move with conforming mortgage rates and are also up this week. Today's 30 year fixed FHA loan rate is at … (0 comments)
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mortgage: Mortgage Rates Settling Above All Time Lows - 11/30/10 02:15 PM
30 year fixed mortgage rates are settling at levels significantly higher than all time lows set just weeks ago. Conforming 30 year fixed mortgage rates today are at 4.25% for well-qualified borrowers who pay a standard origination fee (points) of .07 to 1%. Current 15 year fixed mortgage rates today are at 3.75%.
FHA mortgage rates, which are driven by the same mortgage-backed securities prices as conforming fixed mortgage rates, are also up about a quarter percent higher than they were two weeks ago and are nearly identical to conforming mortgage rates today. Today's California 30 year fixed FHA loan rate is 4.125%. … (1 comments)
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mortgage: Mortgage Rates Rise For the First Time in Eight Weeks - 11/22/10 03:21 PM
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which found that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) rose dramatically this week, as did the 5-year ARM. The 1-year ARM remained unchanged from the previous week.
30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.9 point for the week ending November 18, 2010, up from last week when it averaged 4.17 percent. Last year at this time, the 30-year FRM averaged 4.83 percent.
15-year FRM this week averaged 3.76 percent with an average 0.7 point, up from last … (1 comments)
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mortgage: Mortgage Rates Spike Quarter Percent - 11/19/10 12:15 PM
30 year fixed mortgage rates have risen a quarter point this week to 4.25% on plummeting mortgage-backed securities prices. MBS prices drive mortgage rates in the opposite direction. Conventional 15 year fixed interest rates are also up a quarter of a percent and are at 3.75% currently for well-qualified borrowers who pay a standard .07 to 1 point origination. Both fixed mortgage rates are up substantially from last week and at an immediate risk to rise further.
FHA loan rates move with conforming mortgage rates and are also up this week. Today's 30 year fixed FHA loan rate is … (2 comments)
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mortgage: How Mortgage Rates Compare - 11/18/10 01:14 PM
You've heard it all across the media. Interest rates are at historic lows. If you are new to the mortgage process, these figures and statements give you little frame of reference.
Let's take a moment to look at where interest rates have been over the last few decades, and what today's rates really mean for homebuyers.
Interest rates are affected by a gamut of factors.
According to the Federal Reserve Bank of New York, "Lower interest rates make it easier for people to borrow in order to buy cars and homes. Purchases of homes, in turn, increase the demand for other … (0 comments)
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mortgage: Mortgage Rates Up But Still Incredibly Low - 11/18/10 01:06 PM
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), which found that the 30-year fixed-rate mortgage rate rose slightly for the second consecutive time in six weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM set another low, and the 1-year ARM tied last week's low.
30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.8 point for the week ending October 28, 2010, up from last week when it averaged 4.21 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.
15-year FRM this week … (0 comments)
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mortgage: Loan Modification Program Isn't On Track Yet - 11/15/10 03:53 PM
It would be unfair to say that the Obama administration hasn’t been trying to restore the health of the housing market. Unfortunately, it would be inaccurate to say that its programs are having much success. The loan modification program is a worrisome case in point.
On February 18, 2009 the Treasury Department announced the Homeowner Affordability and Stability Plan. The Loan Modification portion of that program had a goal "to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures."
August 4, 2009 the administration released its first monthly Servicer Performance Report which claimed that the … (0 comments)
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mortgage: Pre-Qualifying for a Mortgage - 11/15/10 03:23 PM
One of the first steps to take as a potential home buyer is to get pre-qualified for a loan. This step helps both you and your lender learn just how much home you can afford. And you should begin this process before you even start looking for a home.
According to the Federal Housing Administration (FHA), their pre-qualification essentials include:
Having a steady employment history, at least two years with the same employer. Consistent or increasing income over the past two years. Credit report should be in good standing with less than two thirty day late payments in the past … (0 comments)
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mortgage: Higher Conforming Loan Limits for Another Year - 11/12/10 02:05 PM
In what's at least a year-long reprieve from some higher housing costs, President Obama recently signed legislation that comes with a provision to extend the current high-cost-area conforming loan limit through 2011.
The provision means homebuyers and homeowners in expensive housing markets will continue to get a break on interest rates when they buy or refinance.
Conforming loans come with cheaper rates than non-conforming or so called "jumbo" mortgages, because they are backed by the government.
On October 26, Erate.com reported the average rate for 30-year, non-conformingjumbo loans came in at an average 5.14 percent. Meanwhile, conforming loan rates averaged 4.45 … (0 comments)
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mortgage: More Than One In Three Say It's Okay To Walk Away From Mortgage - 11/02/10 02:52 PM
The majority of Americans, say it's "unacceptable" for homeowners to stop making their mortgage payments and abandon their homes, but more than a third, 36 percent, say "walking away" is okay.
A Pew Research Center study found that 59 percent believe it is wrong for homeowners to deliberately stop paying their mortgages and surrender their homes to the mortgage lender.
Among those who said walking away is okay, 19 percent said it's acceptable outright and an additional 17 percent volunteered that it depends on the circumstances.
Either way, walking away can sink your credit score and come … (3 comments)
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mortgage: Mortgage Basics - 10/19/10 11:20 AM
Points, fees, and adjustable rates. If you are brand new to the home buying arena, then mortgage terminology can be as foreign as reading Greek.
The famous quote by Sir Francis Bacon rings true for all prospective buyers, "Knowledge is power." Use the following glossary of terms to help you raise your own awareness.
Underwriting: This lender process is used to determine how much of a risk you and your mortgage would be to their company. An underwriter will evaluate such things as your credit, available collateral, as well as your employment and current debts.
Points: Broken into two categories, discount … (2 comments)
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mortgage: Home Sweet Apps Let Your Fingers Do The Walking Through The Housing Market - 10/18/10 06:33 PM
Hundreds of real estate and mortgage applications are cropping up in the growing catalogue of housing related apps for Apple's iPhone and iPod Touch and they put housing information at your finger tips.
While the apps come with the convenience of having your home, mortgage and real estate market information in your pocket, be aware that some of the apps connect you to the Internet and/or require you to input personal private information, including name, phone numbers and email.
As is the case with any request for personal information online or off, be sure to check the requesting party's privacy … (1 comments)
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mortgage: Rules Change for Getting Home Loans - 10/15/10 10:25 AM
The Mortgage Bankers Association reported recently that mortgage applications decreased according to their weekly survey (ending 6/18/10). However, some banks are hiring mortgage lenders—a sign that banks are optimistic that requests for housing loans will increase.
J.P. Morgan Chase is planning to hire 1,200 loan officers, according to CNNMoney.com. Christine Holevas, a spokesperson for the bank said, "We may not be inundated with applications tomorrow, but we are confident the need will be there." Despite any slight downturns, expected increases in the mortgage business are estimated to go from $725 billion in 2010 to $916 billion by 2013, according … (2 comments)
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mortgage: Rules Change for Getting Home Loans - 10/15/10 10:21 AM
The Mortgage Bankers Association reported recently that mortgage applications decreased according to their weekly survey (ending 6/18/10). However, some banks are hiring mortgage lenders—a sign that banks are optimistic that requests for housing loans will increase.
J.P. Morgan Chase is planning to hire 1,200 loan officers, according to CNNMoney.com. Christine Holevas, a spokesperson for the bank said, "We may not be inundated with applications tomorrow, but we are confident the need will be there." Despite any slight downturns, expected increases in the mortgage business are estimated to go from $725 billion in 2010 to $916 billion by 2013, according to … (0 comments)
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mortgage: American Savings - 10/12/10 04:56 PM
It's a trend that started decades ago. Even former President Jimmy Carter, in his 1979 "Malaise" speech, warned of its effects if Americans continued on their path.
He said, "In a nation that was proud of hard work, strong families, close-knit communities, and our faith in God, too many of us now tend to worship self-indulgence and consumption. Human identity is no longer defined by what one does, but by what one owns."
Yes, more than a handful of Americans are guilty of living beyond their means. The symptom of this fact was never more evident than during the recent … (2 comments)
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mortgage: 30-Year Mortgage Rate Ties Low While 15-Year Sets New Record - 10/07/10 11:40 AM
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage rate dropped to tie the survey’s all-time low and the 15-year fixed-rate set another record low.
30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.8 point for the week ending September 30, 2010, down from last week when it averaged 4.37 percent. Last year at this time, the 30-year FRM averaged 4.94 percent.
15-year FRM this week averaged a record low of 3.75 percent with an average 0.7 point, down from last week when it averaged 3.82 percent. … (0 comments)
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mortgage: Underwater? Alternatives to Walking Away - 10/06/10 10:27 AM
Home owners who are "underwater" with their home loan and seek to come up for air by walking away from the debt, could still be gasping for relief years down the road.
There are occasions when walking away from your home -- and down the road to foreclosure -- is your only option, but seldom is it the best alternative.
Mortgages are "underwater" or "upside down" when the property experiences negative equity -- the mortgage is larger than the current value of the property. Negative equity is caused by a decline property value, an increase in mortgage debt or, most likely, … (0 comments)
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mortgage: Avoiding Mortgage Scams - 10/05/10 11:56 AM
It's goes against accepted ethics, but there are those who prey upon the weak and desperate in today's housing market. If you find yourself upside down on your loan, facing default and foreclosure, then beware. There may be those lurking nearby, waiting for a chance to take advantage of your vulnerable situation. They could make away with more than just your money; they could walk away with your home.
There are numerous tell-tale signs that you could be dealing with a swindler.
If the company, or person, in question asks for an upfront fee, it's time to turn on … (0 comments)
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mortgage: American Dream Attracting More Foreigners - 10/04/10 11:01 AM
They comprise only a small share of homebuyers in the U.S., but more and more foreign buyers are coming to America for the homeownership piece of the dream.
More than a quarter of Realtors, 28 percent, reported working with at least one international client in the past year, up from 23 percent during the previous Profile of International Home Buying Activity.
The recently released 2010 study, which queried Realtors for a year ending in March 2010, found that 18 percent of all Realtors were estimated to have completed at least one international sale, compared to 12 percent last year.
Foreigners … (2 comments)
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mortgage: How to Recognize a Sellers Market - 09/29/10 12:23 PM
As a homeowner, and a prospective seller, you may be wondering if now is a good time to put your home on the market. But how can you tell if the market is in your favor at this time? Will you lose money or make money? Is it a "sellers market"?
These are all very important questions. And the answer is in the market statistics.
As a seller, one of the first things you must evaluate is the desirability of your location. Market conditions are extremely localized statistics. While the national economy and housing market tie every area of … (1 comments)
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Miro Fitkova
Boston,
MA
More about me…
Fitkova Realty Group
Address: 1318 Beacon St., Suite 16, Brookline, MA, 02446
Office Phone: (617) 232-3220 x 101
Cell Phone: (617) 921-9952
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