interest rates: Entry Level Buyer's Purchasing Power Increased by Over 10% - 01/17/15 09:18 PM
Coming into 2015 interest rates have declined by over .5%!  Also, The Federal Housing Administration announced that beginning on January 26 the monthly mortgage insurance (MIP) is being reduced from 1.35% of the loan amount annually, to .85%.  These two factors have increased  purchasing power by approximately 10% making NOW the time to purchase a home rather than waiting for the proverbial "spring market".  
Take the following comparison of a prospective buyer's purchasing power last fall compared to today (assuming a 3.5% down payment FHA mortgage - with a $250,000 purchase price and $241,250 mortgage plus $4,220 upfront MIP)
 
Fourth quarter 2014 (rates at 4.00% … (3 comments)

interest rates: Geopolitics and Interest Rates - 10/24/14 09:20 PM
I posted the following blog some time back and thought current events give a very good illustration of how geopolitical and global economic events are influencing interest rates today.  In recent weeks, we've seen interest rates fall to their lowest levels in 18 months.  While this is partialally due to the more traditional ebbs and flow of the world economy (i.e. economic slowdown in Europe), much of the nervousness in the economy is related to ISIS, Ebola, and sactions placed on Russia.  When the investment community is uncertain about not only the economy home and abroad, but other factors such as … (0 comments)

 
George DeVine, Mortgage Banker (Atlantic Home Loans) Rainmaker large

George DeVine

Mortgage Banker

East Greenwich, RI

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Atlantic Home Loans

Address: 694 Main Street, East Greenwich, RI, 02818

Office: (401) 301-0130

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