mortgage rates: Loan Fees Set To Rise For Conforming Mortgage Applicants
- 03/10/11 05:43 AM
Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming mortgage applicants in Arizona should plan for higher loan costs in the months ahead. If you’ve never heard of loan-level pricing adjustments, you’re not alone; they’re an obscure mortgage pricing metric and, thus, are rarely covered by the media. That doesn’t make them any less relevant, however. LLPAs are mandatory closing costs assessed by Fannie Mae and Freddie Mac, designed to offset a given loan’s risk of default. LLPAs were first introduced in April 2009. This April’s amendment is the 6th increase in 2 years. LLPAs can be costly. In … (1 comments)
mortgage rates: FHA : Monthly Mortgage Insurance Premiums To Rise April 18, 2011
- 03/04/11 04:39 AM
For the third time in 12 months, the FHA is changing its mortgage insurance costs. Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points. The change will add $250 to an FHA-insured homeowner’s annual loan costs per $100,000 borrowed, and applies to all borrower’s equally. Current FHA borrowers are unaffected. To understand the FHA is to understand why premiums are rising. As an institution, the Federal Housing Administration plays a much larger role in the U.S. housing market today than it did just 5 years ago. According … (1 comments)
mortgage rates: What’s Ahead For Mortgage Rates This Week : February 28, 2011
- 02/28/11 06:20 AM
Mortgage markets improved last week as Wall Street’s concerns about the Middle East trumped its fears of inflation. Conforming and FHA mortgage rates in AZ fell to a 3-week low. Last week marked the second straight week in which mortgage rates fell, a streak that follows four straight weeks of climbing mortgage rates. It’s been a bout of good fortune for rate shoppers and home buyers. In addition, according to Freddie Mac’s weekly mortgage rate survey, the average spread between conforming 30-year fixed rate mortgages and 5-year ARMs has widened further. The two benchmark products are now separated by 1.15%. It’s the largest … (0 comments)
mortgage rates: Cost of Living Reaches An All-Time High, Pressures Mortgage Rates Higher
- 02/23/11 07:55 AM
Mortgage rates are up 0.875% since mid-November, causing home buyer purchasing power across Scottsdale to fall more than 10 percent since. Persistent concerns over inflation are a major reason why and this week’s Consumer Price Index did little to quell fears. CPI rose for the third straight month last month. Wall Street was not surprised. As the economy has picked up steam since late-2010, the Federal Reserve has held the Fed Funds Rate near zero percent, and kept its $600 billion bond plan moving forward. The Fed believes this is necessary to support the economy in the near-term. Over the long-term, … (2 comments)
mortgage rates: What’s Ahead For Mortgage Rates This Week : February 14, 2011
- 02/14/11 04:12 AM
Mortgage markets worsened terribly last week. Amid more reports of an improving economy and fears of pending inflation, mortgage rates skyrocketed to their highest levels since April 2010. According to Freddie Mac, mortgage rates made their largest 1-week jump in more than a year last week, tacking on 0.24 percent and bringing the average national 30-year fixed mortgage rate up to 5.05%. In some markets, rates are even higher. Since bottoming out in Freddie Mac’s November 11 survey, conforming, 30-year fixed mortgage rates are now higher by close to a full percentage point. Home buyers in Phoenix and across the nation … (0 comments)
mortgage rates: What’s Ahead For Mortgage Rates This Week : February 7, 2011
- 02/07/11 03:48 AM
Mortgage markets worsened last week as Wall Street came to terms with the expanding economy; and realized the Federal Reserve may be trying to induce inflation. Better-than-expected retail sales and positive job growth buoyed stock markets and sank bonds. Mortgage rates in AZ rose for the 4th time in 5 weeks last week, extending a losing streak which dates back 4 months. Today, fixed, conforming rates are three-quarters of a percent higher as compared to the market’s low point, November 3, 2010. For a $200,000 home loan, that size rate hike equates to an increase in a monthly mortgage payment of … (0 comments)
mortgage rates: Mortgage Guidelines Starting To Loosen?
- 02/03/11 04:58 AM
Mortgage lending appears to be loosening. At least for now. In its quarterly survey of member banks, the Federal Reserve asks senior loan officers around the country whether their “prime” residential mortgage guidelines had tightened within the last 3 months. A prime borrower is one with a well-documented credit history, high credit scores, and a low debt-to-income ratio. Of the 54 responding banks, just 2 said its guidelines had tightened during the period October-December 2010. That’s less than 4 percent. And, by comparison, 95 percent of banks said guidelines remained “basically unchanged”. The remaining banks reported a loosening. It’s a positive … (0 comments)
mortgage rates: What’s Ahead For Mortgage Rates This Week : January 31, 2011
- 01/31/11 03:59 AM
Mortgage markets improved this week as positive economic data was overshadowed by geopolitical strife. A flight-to-quality drove buy-side activity in mortgage bond markets, which, in turn, helped conforming rates fall across the state of AZ. Last week marks the first time this year that mortgage rates fell on a week-over-week basis, and considering why rates fell, it points to the fragile nature of the global economy. By all accounts, last week showed that the U.S. economy is in recovery. Housing data rises to its best levels in 8 months (LA Times) Consumer sentiment hit a 7-month high (NPR) Business investment increased … (1 comments)
Serving the Greater Scottsdale and Phoenix Area for all of your real estate Needs.Check out my blog to find the latest information and resources on the real estate market and how to make your real estate transaction go as smoothly as possible.
Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming mortgage applicants in Arizona should plan for higher loan costs in the months ahead. If you’ve never heard of loan-level pricing adjustments, you’re not alone; they’re an obscure mortgage pricing metric and, thus, are rarely covered by the media. That doesn’t make them any less relevant, however. LLPAs are mandatory closing costs assessed by Fannie Mae and Freddie Mac, designed to offset a given loan’s risk of default. LLPAs were first introduced in April 2009. This April’s amendment is the 6th increase in 2 years. LLPAs can be costly. In … (1 comments)
;)
;)
