minneapolis: HARP 3 bill introduced - Help for those without a Fannie Freddie loan
- 07/29/13 04:04 AM
Senate bill S.1375, the "Rebuilding American Homeownership Act" has been introduced by Senator Jeff Merkley, D-OR to try and expand the existing HARP (Home Affordable Refinance Program".
This has been called by many as "HARP 3", and is designed to allow loans not currently owned by Fannie Mae of Freddie Mac to be refinanced through the HARP program.
Under the current HARP underwater refinance program, in order to qualify, your existing mortgage loan must be owned by Fannie Mae or Freddie Mac.
If passed, the bill would force Fannie Mae and Freddie Mac to refinance non-Fannie Mae or Freddie Mac loans, … (0 comments)
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minneapolis: Minneapolis and St Paul area homes prices continue to rise
- 07/25/13 01:46 AM
Minneapolis and St Paul area home sellers continue to see an upward climb in the value of their homes. The median sales price soared up 17.5 percent over last year. According to the Minneapolis Area Association of REALTORS®, the June 2013 average value was $210,000, the highest it’s been since December 2007, just as the market was starting to crash. By the way, mortgage interest rates at the time were about 6.10%. Less homes for sale than what we’d like to see, combined with fewer foreclosures, and low mortgage rates continue to fuel these price increases. New listings were … (0 comments)
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minneapolis: Rates are rising, should Realtors worry?
- 06/20/13 04:42 AM
Minneapolis, MN: Yesterday the Federal Reserve "clarified" to everyone when it will likely end its economic stimulus program. This ended weeks of speculation that has caused mortgage rates to surge to the highest levels since 2011, and up over 1/2% in physical rate in the past two months.
Based on the news, it appears mortgage rates have a new bottom, which is about where they are at today. There is plenty of room for rates to move higher. Express this to your clients, and get the fence sitters moving.
Loan Officers and Real Estate Agents have great fear for future … (2 comments)
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minneapolis: Mortgage rates up slightly, but lets keep perspective
- 06/18/13 12:21 AM
Minneapolis, MN: With interest rates having moved up slightly recently, it is good to keep current mortgage rates in perspective.
Here is a mini historic look at conventional 30-yr fixed loan rates
In the early 1960's = 5.25% In June 1971, about 7.53% In June 1981, about 16.70% In June 1990, about 10.16% In June 1998, about 6.99% In June 2000, about 8.29% In June 2005, about 5.58% In June 2009, about 5.52% In June 2010, about 4.75% Last month (May 2013) about 3.54% Today... about 3.91% I bought my first house in 1981. I paid 16% for my FHA 30-year … (1 comments)
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minneapolis: Minneapolis, St Paul home prices rise again!
- 05/09/13 10:31 PM
St Paul, MN: The most recent reports and data for the Minneapolis St Paul real estate market shows continuing signs of rebound with both increased home prices and increased building permits for new construction.
The University of St Thomas' monthly residential real estate price report index shows that the mediam sales price was up 6% over March of 2012, with the current average now 209,900.
Improvements to the housing market are attributed to an
improved employment market historic low mortgage interest rates tight inventory of quality homes for sale less foreclosured home entering the market New construction builders are also complaining … (1 comments)
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minneapolis: FHA Streamline Refinance in Minnesota and Wisconsin
- 05/08/13 01:16 AM
FHA Streamline Refinance in MN and WI
Minneapolis MN: FHA streamline refinance loans are great for refinancing to today's low fixed mortgage rates! FHA loans allows more people to qualify under the flexible credit guidelines. Our clients love the low fixed rates and security of a government-insured loan.
Fast Closings / MN based lender
NO Appraisal Option
NO Closing Cost Option Refinance into the Minnesota's Lowest rates Fixed Rate Payments for 15 or 30 Years Reduce Your Mortgage Payment or get Cash Out too FHA STREAMLINE REFINANCE - LEARN MORE
Special refinance program if you currently have an FHA home loan
… (0 comments)
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minneapolis: Mortgage rates up after jobs report - Week ending May 4th, 2013
- 05/03/13 11:43 PM
Minneapolis, MN: Mortgage rates jumped up at their fastest pace in two months after this weeks employment report, which showed that more jobs than anticipated were created in April.
Anytime we see good economic news, it tends to cause long-term mortgage interest rates to move higher.
Not only were April's numbers good, the report also revised March's numbers higher - which combined, added to the increase in mortgage interest rates.
While this all sounds like doom and gloom for anyone looking to buy a new home, or refinance their existing mortgage to save money - it just means that for a … (0 comments)
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minneapolis: Weekly Rate Report for April 27th, 2013
- 04/26/13 10:24 PM
Mortgage Rates Hit 2013 Lows, Big Week Ahead Market Summary Minneapolis, MN: Mortgage rates finally made a break from a narrow range that's persisted since April 15th. They'd edged up to the top of that range by Thursday, but then made their first authoritative move lower to end the week at the best levels of 2013.
READ THE FULL REPORT
… (2 comments)
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minneapolis: Average Credit scores, down payment, and more...
- 04/25/13 04:38 AM
Minneapolis, MN: According to a recent information from EllieMae, the average mortgage customer today has the following status:
Average credit score: 743 Average down payment: 19% Average housing debt ratio: 25% of income Average overall debt ratio: 35% of income Average score of a denied client: 702 Where do you fit?
Do NOT let this fool you. I was rather shocked to read this information. That doesn't sound like my average customer!
Best advice? Contact a local licensed mortgage professional. Provide them with a full application, and let them determine if you qualify for a mortgage loan with your credit score, … (1 comments)
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minneapolis: A Sellers Market in Minnesota
- 04/23/13 12:07 AM
St Paul, MN: The latest report from the Minnesota Association of Realtors shows what we mortgage lenders already knew... That lower quality inventory is sparking higher prices across the state, but primarily in the Minneapolis / St Paul area.
The report for March showed the lowest number of homes currently on the market, at 11,784, since 2005. The report also shows the highest March average price for homes in four years, at $155,000 statewide.
The low inventory, combined with increased consumer confidence, and historically low mortgage rates, has created bidding wars on many properties, with the homes selling quickly, and … (0 comments)
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minneapolis: Rates down for week ending 4/11/2013
- 04/12/13 01:47 AM
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging down for the second consecutive week following weak employment reports. The average 30-year fixed-rate mortgage at 3.43 percent this week remains near its 65-year record low and continues to provide support for the housing recovery.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.43 percent with an average 0.8 point for the week ending April 11, 2013, down from last week when it averaged 3.54 percent. Last year at this time, the 30-year FRM averaged 3.88 percent. 15-year fixed rate mortgages this week averaged 2.65 … (1 comments)
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minneapolis: Is it time to lock?
- 04/03/13 08:44 AM
Mortgage Interest Rates Hit a One Month Low.
Is it time to lock?
Minneapolis, MN: Mortgage rates improved at their fastest pace in a week, bringing most lenders’ rate sheet offerings to their best levels since the first few days of March.
READ THE FULL STORY
Joseph Metzler, MLO. MMS. NMLS #274132
33 Wentworth Ave E, Saint Paul, MN 55118
Ph: (651) 552-3681
Licensed in MN and WI. Company NMLS #225504.
… (1 comments)
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minneapolis: Lack of good quality homes for sale causing problems
- 03/30/13 12:03 AM
Minneapolis, MN: Who would have thought we would be saying this, but strong demand for housing is now running into supply problems, according to the National Association of Realtors® (NAR), and what I see and hear from my mortgage clients everyday. Homes For Sale: The lack of quality supply in homes for sale, especially in the under $150,000 price range in the Minneapolis / St Paul area if very evident with the number of clients unable to find a home that doesn't need a lot of repair. Any home in good condition, and priced right for today's market is selling … (1 comments)
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minneapolis: Mortgage Rates for week ending March 16, 2013
- 03/22/13 12:51 AM
Minneapolis, MN: Freddie Mac yesterday the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates rising this week on stronger signs of jobs growth and consumer spending. The 30-year fixed averaged 3.63 percent, its highest reading since the week of August 23, 2012. The 30-year fixed hit its average all-time record low of 3.31 percent the week of November 21, 2012.
News Facts
30-year fixed-rate mortgage rates averaged 3.63 percent with an average 0.8 point for the week ending March 14, 2013, up from last week when it averaged 3.52 percent. Last year at this time, the … (0 comments)
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minneapolis: First Time Home Buyer Tip - Get pre-approved first!
- 03/21/13 12:03 AM
Minneapolis, MN: As we start to enter the spring home buying season here in Minnesota, I have one big tip for first time home buyers.
Buying now makes sense. If you have OK credit, a little bit of money for down payment, and you've been successfully renting for a year or two, you are ready to buy now. With the combination of affordable housing prices and low mortgage rates, there has never been a better time to become a home owner.
First Time Home Buyer Tip: Talk to a Loan Officer FIRST.
Most people do it wrong. They start looking at … (2 comments)
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minneapolis: 3 FHA Rule changes you need to know
- 02/26/13 09:30 PM
Minneapolis, MN: If you are a first-time home buyer, you may already be leaning towards an FHA-backed mortgage to finance your Minnesota or Wisconsin home. Recently, the Federal Housing Administration announced changes to their mortgage guidelines, which are being made to stem the losses from all the foreclosued homes the past few years.
FHA does not provide loans, rather FHA is a government entity that insures mortgage loans made by banks and non bank lenders. Needless to say, if a lender can get an FHA guarantee on a portion of a loan, they are much more willing to provide a … (2 comments)
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minneapolis: HARP 3 refinance coming soon?
- 02/08/13 10:40 PM
Minneapolis, MN: As anticipated, Democratic Sens. Robert Menendez, NJ, and Barbara Boxer, CA, this week reintroduced a bill that could spur more refinances.
The Responsible Homeowner Refinancing Act, (AKA HARP 3) among other things, has a stated goal of relaxing requirements for borrowers to refinance and would extend the Home Affordable Refinance Program (HARP) for an extra year through 2014. It is currently set to expire December 31, 2013.
Currently, the HARP Refinance program only allows people who have a loan owned by Fannie Mae or Freddie Mac to refinance an underwater home. HARP 3 would allow ALL underwater homes to … (0 comments)
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minneapolis: Think you can't refinance - Maybe you can! Find out here
- 01/23/13 01:20 AM
HARP 3.0 ??? Help for underwater home owners St Paul, MN: Virtually, all homeowners have lost value on their homes in recent years. For many, this has created some challenges to refinancing and taking advantage of today's super low mortgage interest rates.
There are a few CURRENT PROGRAMS that can help, depending on what type of mortgage loan you have today. May people have successfully used program like HARP (Home Affordable Refinance Program), the FHA Streamline Refinance, or even the VA Streamline refinance known as an IRRRL loan.
Sadly, not everyone fits the criteria. Therefore Washington has been floating the idea … (0 comments)
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minneapolis: 30-Year Mortgage Rates Average 3.37% for week ending 12/14/2012
- 12/20/12 01:03 AM
Mortgage Rates Mixed, 30-Year Fixed Averages 3.37 Percent ST Paul, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following data reports on inflation and the housing construction market. The 30-year fixed moved up averaging 3.37 percent, while the 15-year fixed eased to 2.65 percent, both remaining near their record lows.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.37 percent with an average 0.7 point for the week ending December 20, 2012, up from last week when it averaged 3.32 percent. Last year at this time, the 30-year FRM averaged 3.91 … (0 comments)
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minneapolis: Refinance Rates hover near records lows for week ending Nov 2, 2012
- 11/07/12 11:43 PM
Mortgage Rates Settle in Near Record Lows Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following the monthly employment report but continuing to hover near their record lows over the past six weeks. Last year at this time, the 30-year fixed-rate mortgage averaged 3.99 percent, dropping below 4.00 percent for the first time since Freddie Mac started reporting its weekly mortgage rates survey in 1971.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.40 percent with an average 0.7 point for the week ending November 8, 2012, up from last … (0 comments)
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Senate bill S.1375, the "Rebuilding American Homeownership Act" has been introduced by Senator Jeff Merkley, D-OR to try and expand the existing HARP (Home Affordable Refinance Program".
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