mortgage rates: For the Fifth Week In A Row - Mortgage Rates Hit A New All Time Low - 08/29/10 11:58 PM
The 30 year rate fell from 4.42 to 4.36 this week. This is the 6th week in a row where rates have fallen. But more importantly this is the 5th week where we have hit a new all time low. In that time the 30 year rate has dropped from 4.57 to 4.36. Considering that 4.57 was an all time low this is a decent drop.
The 15 year dropped from 3.90 to 3.86. The 5 year arm stayed even at 3.56 and the 1 year arm dropped from 3.53 to 3.52. These were all time lows for the respective … (4 comments)
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mortgage rates: Mortgage Rates Hit A New All Time Low (For the Fourth Time This Month) - 08/19/10 12:02 AM
The 30 year rate fell from 4.49 to 4.44 this week. This is the 4th week in a row where rates have fallen. What's interesting is not only is 4.44 an all time low. But we have been hitting new all time lows for the last 4 weeks in a row. What is even more interesting is no one cares. The market is hardly reacting to bizarrely low interest rates. It's also gotten very little play in the press which might be a contributing factor.
The 15 year dropped from 3.95 to 3.92. The 5 and 1 year arms dropped … (1 comments)
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mortgage rates: Mortgage Rates Hit An All Time Low: Again - 08/06/10 11:55 PM
In what has become an almost weekly occurrence mortgage rates hit new all time lows. The 30 year rate fell from 4.56 to 4.54 this week. Rates have either reached new lows or matched old lows for 5 consecutive weeks.
The 15 year also reached an all time low dropping from 4.03 to 4.00. It will be interesting to see if the 15 year fixed will fall below 4.0 in the next few weeks. The 5 year arm dropped from 3.79 to 3.76 just .01 points above the all time low. The 1 year arm dropped from 3.70 to … (4 comments)
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mortgage rates: Mortgage Rates Hold At All Time Historic Low - 08/06/10 11:51 PM
Last week the 30 year rate fell to an all time low of 4.57. This week mortgage rates held at 4.57 so we are still sitting on all time historic lows. This is also the 4th week in a row where mortgage rates have either held steady or fallen. The expectation has been that rates were going to rise. Since the economic recovery has kind of sputtered their has been some downward pressure on mortgage rates. If the economy starts to recover we could expect rates to increase. In the meantime I would expect rates to hold steady or fall a … (1 comments)
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mortgage rates: Advantages and Disadvantages of Reverse Mortgages - 07/06/10 01:58 AM
Reverse mortgages are a relatively recent product on the lending scene. The approval process is somewhat abbreviated compared to a traditional home loan, but there are some conditions and requirements that make a reverse mortgage unique to other home loans.
What Is a Reverse Mortgage?
It is a home loan that enables the homeowner access to the equity built up in the home. Some borrowers prefer a lump sum when taking out a reverse mortgage. Others choose to receive monthly payments. No payment is required on the reverse mortgage until the homeowner dies, sells the home or vacates the … (3 comments)
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mortgage rates: After Hitting Record Lows Mortgage Rates Fall Again - 07/06/10 01:50 AM
The 30 year rate dropped this week from 4.69 to 4.58. This is quite a large drop for a week. What makes it even more interesting is that 4.69 from last week was already an all time historic low. We are moving into territory for mortgage rates I would have never thought possible.
While the 30 year rate is the mortgage product that is the most widely used some of the other mortgage products made records as well. The three other mortgage products all hit all time lows last week. Two of the other three mortgage products fell further this … (1 comments)
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mortgage rates: Jobs in the Mortgage Industry - 06/27/10 03:35 AM
Foreclosures and short sales dominate the real estate market in many U.S. cities; although, the numbers seem to be evening out in certain areas. It takes manpower to process the increased workload for the mortgage industry and many companies are hiring. Not only does the lending industry need people to handle the new workload, there are various levels of employment required to run companies in the mortgage industry.
It is impressive how many different types of businesses are involved in the mortgage trade. Several related venues include banking and finance, mortgage and lending, credit unions, escrow companies and real estate … (0 comments)
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mortgage rates: Newlyweds -- Merge Mortgage With Refi - 06/27/10 03:28 AM
Couples who decide to get married have many decisions ahead of them as to how they will live their lives after they are married. Merging finances is typically one of the first things worked out. If both own homes, that issue should fall at the top of the list. One decision might be to keep both homes - live in one and rent the other out, and then do a mortgage refinance on both. Another might to sell one, live in the other and do a mortgage refinance.
How to Determine Which House to Sell
There are several … (0 comments)
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mortgage rates: Mortgage Rates Drop to All Time Low - 06/27/10 03:20 AM
Rates have been relatively low over the last month. This week, they are in the news by falling to a new all time historical low.
The 30 year rate fell from 4.75 to 4.69 this week. Two weeks ago the 30 year rate was sitting at 4.72. What's interesting is that over the last month, when a lot of people have been talking about how rates are about to start rising, we are instead breaking records with mortgage rate lows. We mostly concentrate on the 30 year rate because it is the most widely used mortgage product. But in addition … (0 comments)
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mortgage rates: Mortgage Rates Near Record Lows - 06/06/10 04:31 AM
The 30 year rate fell from 4.84 to 4.78 this week. This is the 5th week in a row where rates have fallen. Rates are now flirting with the all time historic low of 4.71 reached in 2009. If it were not for 2 weeks in 2009 today's rates would be seeing a lot more headlines than they are currently getting. Suffice it to say that rates are very very low right now.
The 15 year dropped from 4.24 to 4.21. The 5 year arm rose from 3.91 to 3.97 while the 1 year arm fell from 4.00 to 3.95. … (2 comments)
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mortgage rates: Mortgage Rates For The 5 and 1 Year ARM Hit All Time Lows - 05/16/10 03:07 AM
The 30 year rate fell from 5.00 to 4.93 this week. In a time where the news is filled with stories about inflation fears we are seeing mortgage rates steadily decline. This is the 5th week in a row where rates have held steady or fallen. Its also the lowest we have seen rates in 2010.
The 15 year dropped from 4.36 to 4.30. This is only slightly above the all time low of 4.27 for the 15 year fixed mortgage.
The 5 year arm dropped from 3.97 to 3.95 which is an all time low for the 5 … (1 comments)
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mortgage rates: Mortgage Rates Come Back Down To Earth - 04/22/10 12:43 AM
For the last few weeks the buzz in the real estate industry has been that rates are rising and that rates are going to go up even more. So it was somewhat of a surprise to see rates plummet this week. The 30 year rate dropped from 5.21 to 5.07 this week. 5.07 marks the lowest point in March.
The 15 year dropped even more falling from 4.52 to 4.40. The 5 and 1 year arms both dropped from 4.25 to 4.08 (5 year arm) and 4.14 to 4.13 (1 year arm). For the first time in several months … (4 comments)
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mortgage rates: Mortgage Rates Jump - 04/12/10 01:39 AM
Mortgage rates rose substantially this week. Ever since the government stopped buying mortgage backed securities the writing had been on the wall that mortgage rates were going to increase. And the general expectation is that over the next month rates are going to continue to rise. The 30 year rate rose from 5.08 to 5.21 this week. This is the 5th week in a row where rates have risen. Although rates have been rising this week those rose as much as the last 4 weeks combined.
Looking at the other major mortgage products the 15 year rose from 4.39 to … (0 comments)
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mortgage rates: Mortgage Rates : Volatility is on the Horizon - 03/29/10 03:25 AM
The 30 year rate rose from 4.96 to 4.99 this week. In the last 4 weeks 30 year mortgage rates have remained remarkably stable staying between 4.95 to 5.05. But it looks like that might change over the next few months. The economic instability in Greece and the rest of Europe could lead to instability in the mortgage markets, in addition the US government is likely to stop purchasing mortgage backed securities which could cause rates to rise. At the very least we should start seeing more volatility in mortgage rates for the rest of the year.
The 15 … (0 comments)
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mortgage rates: How to Buy a Home with Nothing Down - 03/17/10 02:08 AM
Buying a home with no down payment sounds like an impossibility in today's real estate market. Lenders have been tightening their belts and so has the federal government. On the other hand, however, the feds have also been creating new programs to meet the downturn in the real estate market. If you thought it was hopeless to buy a home with nothing down, well, you'll be glad to know that you're wrong!
The Housing and Economic Recovery Act (HERA) of 2008 and the American Reinvestment Recovery Act (ARRA) of 2009 have opened doors for today's homebuyers who have no down … (1 comments)
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mortgage rates: Mortgage Rates Fall Again - 03/17/10 02:00 AM
The 30 year rate fell from 4.97 to 4.95 this week. This is the 2rd week in a row where rates have fallen. The expectation has been (for several months) that rates were going to rise. It looks like an economic recovery, which is somewhat more tepid than expected, has stopped rates from rising. Instead at least the 30 year rate has remained remarkably stable. For most of 2010 the 30 year rate has stayed between 4.9 and 5.1. The 15 year dropped from 4.33 to 4.32. The 5 and 1 year arms dropped from 4.11 to 4.05 (5 year arm) … (0 comments)
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mortgage rates: Mortgage Rates Start To Fall - 03/07/10 12:01 AM
The 30 year rate fell from 5.05 to 4.97 this week. Mortgage rates have been yo-yoing the last few weeks. The 30 year rate rose from 4.93 to 5.05 last week. This week the 30 year rate dropped from 5.05 to 4.97. Throughout February rates where remarkably stable due to the lack of news. Now it looks like their are multiple factors (FED increasing the discount rate, housing sales falling) that are affecting mortgage rates but the market seems unsure about what direction rates should move in. The 15 year dropped from 4.40 to 4.33 this week. The 5 year arm … (4 comments)
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mortgage rates: The Fed Increases the Discount Rate and Mortgage Rates Start to Rise - 03/05/10 04:15 AM
So the big new recently was the FED increasing the discount rate. While the increase was not totally unexpected it comes at an interesting time. The FED is showing signs that they are worried about inflation and feel that the economy is on more solid ground. This is interesting because recently the economy has shown more signs of weakness. We saw most of the major mortgage products increase this week. The 30 year rate rose from 4.93 to 5.05 this week. This marks the largest fluctuation (up or down) we have seen this year with mortgage rates being surprisingly stable. Even … (3 comments)
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mortgage rates: Mortgage Rates Fall and Hit New Low for 2010 - 03/01/10 02:10 AM
The 30 year rate fell from 4.97 to 4.93 this week. Overall rates have been pretty stable. In fact during all of 2010 30 year mortgage rates have stayed between 4.93 and 5.09. This is the 2nd week in a row where rates have fallen. The current rate of 4.93 is the lowest rate reached in 2010 and is somewhat near the all time low of 4.71 reached on December 3, 2009.
The other major mortgage products fell as well this week. The 15 year dropped from 4.34 to 4.33. The 5 and 1 year arms dropped from 4.19 to … (0 comments)
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mortgage rates: Determining Whether to Refinance Your Mortgage - 02/09/10 12:17 AM
With interest rates near all-time lows, it is tempting for many to refinance their home loans. Before you find yourself in the throes of refinancing, you'll need to determine several things.
* Are payments for PMI included in your current home loan schedule? If have you paid, at least, 20 percent on the principal of your mortgage, your lender is required by law to remove the PMI.
* Do you owe more on your home than it is worth? If you probably will not be approved for a refinance loan. The exception is the Home Affordable refinance program. If you … (0 comments)
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