mortgage insurance: Daily Market Update - 03/05/10 05:27 PM
Your Daily Rate Update - Week's End
Alert To Lock!
This morning, mortgage bonds started sinking as soon as the jobs report came out, and they never fully recovered.
When bonds go down, rates go up.
The government reported 36,000 jobs were lost in February, less than the 68,000 they had expected. This allowed the unemployment rate to remain at 9.7% instead of increasing to 9.8% as expected.
Why did this move mortgage rates lower? The simple answer is the better than expected job loss spurred the stock market, and investors move their money to stocks when the market looks like … (0 comments)
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mortgage insurance: FHA Changes Coming Tomorrow - 01/19/10 08:43 PM
FHA will announce some major changes to their lending guidelines that will have quite an impact on lenders and borrowers alike.
Upfront Mortgage Insurance The Upfront Mortgage Insurance that FHA requires on most of their loans will be increased from 1.75% to 2.25%. This amount is added to the final loan amount, so there will not be additional funds needed at closing from the borrower.
For example, a borrower with a loan amount of $200,000 would normally have $3,500 added to their loan balance due to the M.I.P. Now that the M.I.P. has been raised to 2.25%, that amount will go … (3 comments)
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