interest rate: First-time Homebuyer Guide: 10 Steps to Get You Started - 01/26/22 07:27 PM
Avoid mistakes by carefully evaluating your finances and shopping around for the right mortgage.
The first time you try something, you’re bound to make mistakes. But mistakes buying your first house can cost you dearly for years to come. Fortunately, you don’t have to go it alone. 
First-time homebuyers have access to a wide range of programs, incentives, and experts to help navigate the homebuying process. Housing counselors through the U.S. Department of Housing and Urban Development can guide you, and most state housing finance agencies offer down payment assistance and homebuyer education to help you get into your first house. 
As you get started, this step-by-step … (0 comments)

interest rate: Rising Mortgage Rates Squeeze Both Homeowners and Buyers - 01/23/22 09:28 PM
Mortgage rates surged again this week on inflation concerns, hitting the highest point in 22 months that sent homebuyers scrambling to lock in rates.
Many homeowners, on the other hand, face a shrinking opportunity to refinance.
The rate on the 30-year fixed rate mortgage – the most common home loan for buyers – increased to 3.56% from 3.45% last week, according to Freddie Mac. That is the highest rate since the third week of March 2020. The 15-year fixed-rate mortgage, a popular refinance choice, similarly increased to 2.79% from 2.62%.
“Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets … (1 comments)

interest rate: Aiming to buy a home in the next year? Do these 4 things - 12/19/21 07:37 PM
If you want to buy a house in the next year, be prepared to save up and act fast.
The housing market has been red hot for the past 18 months, with buyers sometimes opting to skip many of the traditional strappings of the process, such as appraisals, inspections or even seeing the house in-person before making a deal.
All-cash purchases became the norm during the pandemic, currently comprising 24% of the market, according to the National Association of Realtors. Many buyers lost out on multiple homes before finally getting a bid accepted.
Things aren’t quite as crazy as they once were, but prices remain sky-high, inventory is low, … (1 comments)

interest rate: Mortgage Rates Remain Stable - For Now - 12/03/21 09:09 PM
Mortgage rates held steady this week as the world awaits more information about the severity of the omicron variant of COVID-19 and ongoing supply chain issues. The 30-year fixed-rate mortgage averaged 3.11%, Freddie Mac reports.
“Mortgage rates continue to remain stable notwithstanding volatility in the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “The consistency of rates in the face of changes in the economy is primarily due to the evolution of the pandemic, which lingers and continues to pose uncertainty. This low mortgage rate environment offers favorable conditions for refinancing.”
Omicron Variant Threatens More Disruption in Real Estate  
Higher Mortgage Loan Limits Set for 2022
Freddie … (3 comments)

interest rate: Mortgage Rates Still Low, But Home Affordability Has Declined for Many - 12/01/21 08:01 PM
Mortgage rates are still low but creeping up. The median home price is up in Southwest Louisiana, but nothing compared to the national median list price, and government programs could help first-time homebuyers.
Mortgage rates have been historically low for quite some time. Some 15-year rates have been as low as two percent, higher for 30-year loans.
“Rates will vary depending on the program, down payment, credit score, number of years, and paid discount points,” said Jennifer Spees, Louisiana Mortgage Associates. “For someone with good credit and limited to zero discount points, you may see a rate of 2.5 percent to 3.5 percent … (1 comments)

interest rate: Is The Housing Market About to Crash? Here's What the Experts Say - 11/20/21 02:53 PM
The U.S. housing market is on fire. Double-digit appreciation is the rule. Giddy sellers are sifting through multiple offers. Frantic buyers are forced to pay more than asking prices — sometimes by $100,000 or more.
The real estate party is in full swing. The National Association of Realtors said this spring that prices of existing homes soared a record 17 percent from March 2020 to March 2021 — a pace that eclipsed even the eye-popping appreciation of the last boom. Appreciation has cooled since then, but only a little — prices rose 13 percent from September 2020 to September 2021.
The last time the U.S. … (2 comments)

interest rate: Not Sure If Refinancing Is Right For You? Calculate Potential Savings - 11/19/21 12:31 PM
When you refinance a mortgage what you’re really doing is replacing the mortgage you have now with a new mortgage loan that has new terms that better fit your financial goals. Determining whether to refinance your mortgage is an important decision, but it doesn’t need to be overwhelming.
If you have a high-interest rate mortgage, an adjustable-rate loan, or maybe your payments are becoming unmanageable, refinancing may be able to lower your monthly payments, shorten the term of your loan or move you into a more secure loan.
Reasons to Refinance
Save on your monthly payments
If interest rates have declined since you closed on … (0 comments)

interest rate: Today's Mortgage Refinance Rate Move Lower - 11/15/21 06:30 PM
Several closely watched refinance rates ticked downward today, November 15th, according to data compiled by Bankrate.
30-year fixed refinance rate: 3.04%, –0.11 vs. a week ago 15-year fixed refinance rate: 2.38%, –0.08 vs. a week ago 10-year fixed refinance rate: 2.35%, -0.06 vs. a week ago Here’s a pro tip: Getting multiple offers can save you thousands of dollars over the life of your mortgage. “The extra effort of comparison shopping among lenders and putting in an extra application or two can pay dividends for years with a lower rate and savings on fees,” says Greg McBride, CFA, Bankrate chief financial analyst.
30-year fixed … (0 comments)

interest rate: Mortgage Rates Drop Below 3% Yet Again - 11/10/21 06:41 PM
A year ago, at this time, the average 30-year fixed-rate mortgage averaged 2.84%
Mortgage rates fell below 3% in the week ending November 10, according to the latest Freddie Mac PMMS mortgage report.
The 30-year fixed-rate mortgage declined to 2.98% last week, falling 11 basis points from 3.09% the week prior. A year ago, at this time, the average 30-year fixed-rate loan averaged 2.84%.
“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, … (0 comments)

interest rate: Should Buyers Be Scared That Mortgage Rates Are Rising? - 10/31/21 07:35 AM
Mortgage rates are no longer at ultra-low rates below 3% as they were this summer, but housing analysts are reminding house hunters that borrowing costs remain relatively cheap. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.14% this week.
“The yield on the 10-year Treasury note has been trending up due to the decline in new COVID cases, increasing consumer optimism, as well as broadening inflation and persistent shortages,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are also rising, but purchase demand remains firm, showing that latent purchase demand exists among consumers.”
Freddie Mac reports the following national averages with … (3 comments)

interest rate: What is a mortgage origination fee? - 10/26/21 02:11 PM
A mortgage origination fee is one of many fees a mortgage lender can charge for allowing you to borrow financing. Here’s what you need to know about how the origination fee on a mortgage works, how much it costs and whether you can negotiate it.
What is a mortgage origination fee?
A mortgage origination fee is a fee that lenders charge for originating, or creating and processing, your home loan. The origination fee can cover a number of services, including origination, processing and underwriting. This fee is one of the ways lenders make money.
Your lender might break down the expenses that go into the origination … (0 comments)

interest rate: Mortgage Demand Falls as Rates Rise to Highest Level Since July - 10/09/21 02:39 PM
The average contract interest rate for 30-year fixed-rate mortgages increased to 3.10% from 3.03% in the past week. Applications to refinance a home loan decreased 1% last week from the previous week. The average loan size for a purchase application reached $410,000, its highest level since May. Higher interest rates took some recent wind out of the sails in the mortgage market.
After gains the previous week, total mortgage application volume fell 1.1% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up … (0 comments)

interest rate: Mortgage Rates Jump Above 3%, Creating Pressure for Home Buyers - 10/03/21 10:43 AM
As expected, mortgage rates have risen after the Federal Reserve signaled that it plans to begin reducing the support it’s been providing to the U.S. economy.
Home buyers could be caught flat-footed if they don't begin to factor rising interest rates into their budgets. 'At today’s rate, the monthly mortgage payment on a median-priced home for-sale is roughly $150 higher than it was a year ago, with $25 of the increase owed to higher rates and $125 owed to higher home prices,' said said Danielle Hale, chief economist for Realtor.com.
Mortgage rates rose above 3% for the first time since the beginning of … (1 comments)

interest rate: Should You Refinance Your Mortgage Now? Factors to Consider - 09/29/21 02:40 PM
The process may seem intimidating but doing your homework can pay off.
This step-by-step guide will give you smart tips on how to get the best deal when refinancing. 
Maybe you’re like thousands of homeowners who can’t resist those rock-bottom mortgage rates. And you’ve become enamored with the idea of shortening your term or lowering your monthly payments — potentially saving tens of thousands of dollars over time — by refinancing your loan.
Yet enduring all the research, paperwork and scrutiny may seem daunting and overwhelming. You’re not alone.
Experts say many homeowners want to refinance but talk themselves out of it because they don’t … (1 comments)

interest rate: Should You Refinance Your Mortgage Now? Factors to Consider - 09/28/21 10:08 PM
How to determine if making move is beneficial to your financial goals.
There are numerous factors to consider before deciding whether you should refinance your mortgage. 
The Federal Reserve announced last week that it plans in the next few months to hike interest rates and ease up on buying bonds, measures it put in place to prop up the economy during the pandemic. That could mean that the days of historically low mortgage rates — below 3 percent on the popular 30-year fixed loan — are numbered.
So, does that mean you should rush out and refinance your mortgage by the end of the year?
First, let’s … (1 comments)

interest rate: 4 Common Objections to Mortgage Refinancing - and How to Overcome Them - 09/04/21 03:02 PM
Mortgage rates continue to flirt with record lows, a sustained dip that means the window for refinancing your home loan remains wide open.
Rates declined again this week, when the average rate on 30-year mortgages fell to 3.03 percent from 3.04 percent last week. Rates hover just above their all-time low of 2.93 percent, according to Bankrate’s weekly survey of large lenders.
And yet millions of American homeowners have declined to lock in the super-low rates made available by the coronavirus pandemic. A recent Bankrate survey found three-quarters of U.S. homeowners had not yet refinanced their mortgages.
When Bankrate asked why homeowners hadn’t refinanced, respondents pointed to a … (1 comments)

interest rate: What to Know About Your Credit Before Buying a Home - 08/11/21 02:23 PM
It’s not just whether you pay your bills on time that matters.
Like it or not, your credit score is one of the most important numbers in your life, ranking up there with your Social Security number, date of birth, and wedding anniversary. This three-digit number is your financial report card, except there’s no getting rid of it after college.
Your credit score shows lenders just how trustworthy you are when it comes to managing your finances, and it can either save or cost you thousands of dollars throughout your life. 
If you’re in the dark about just how significantly this number can impact … (0 comments)

interest rate: 7 Steps to Improve Your Credit Score Right Now - 08/09/21 11:00 AM
 
Improving your credit score is the first step to getting your finances on track.
A high score means lower interests rates on debt — from mortgages to car loans to credit cards. Moreover, a low score can not only make it difficult to qualify for a loan in the first place, it can also hurt your employment prospects or make it harder to rent an apartment.
As borrower protections put in place at the start of the pandemic start expiring, now is a particularly good time to work on your credit. Federal student loan borrowers will need to begin making payment again in October. September 30 is the … (2 comments)

interest rate: Today's Mortgage Rates: August 3, 2021 - Mortgage Rates Hit Near Rock Bottom Lows - 08/03/21 10:42 AM
The rate on a 30-year fixed mortgage decreased today, providing buyers and homeowners interested in refinancing a chance to lock in a historically low rate.
As of today, the average rate on a 30-year fixed mortgage is 3.02% with an APR of 3.25%, according to Bankrate.com. The 15-year fixed mortgage has an average rate of 2.31% with an APR of 2.66%. On a 30-year jumbo mortgage, the average rate is 2.99% with an APR of 3.12%. The average rate on a 5/1 ARM is 2.80% with an APR of 3.92%.
 
30-year Fixed-rate Mortgages
Today, the average rate for the benchmark 30-year fixed mortgage fell … (1 comments)

interest rate: Should You Refinance Your Mortgage Yet Again? Here's How to Decide - 07/31/21 08:30 PM
Mortgage rates have reversed course, and refinancing activity is on the rise. That means homeowners who participated in the great refi boom of 2020 are faced with a fresh decision: Should you refi again?
At mortgage lender Lower, that’s a common question from borrowers, says Chelsea Wagner, a regional vice president. In about half of cases, the answer is yes, a second refi could be a savvy move.
“It comes down to: Does it make sense?” Wagner says. “When rates dropped in 2020, everyone went rushing to refinance. It really depends on when you closed.
As the coronavirus pandemic unfolded, rates plunged to record low … (3 comments)