7 Day Mortgage Interest Rate lock or Float Advice: LOCK
The cost for a 4.00% rate based on Mortgage Backed Securities is up 0.24 point
Rates look like they will continue up for the foreseeable future. Lock on any improvement
30 Day Mortgage Interest Rate Lock or Float Advice: LOCK
MARKET INDICATORS
- National Average for 30-Yr Fixed Mortgage Rate is up 0.18% to 4.58% on August 22,.
- MBS (4%) Currently 102.89, High: 103.12, Low: 102.8
- DJI Stocks currently $14,816.60, Down $-7.91, Change -0.053%
- Asian & European Stock Market Indexes changed 0.248%
- Crude Oil (WTI) Currently $109.76 - Change -0.31%
- Gold 1 Once - $1,409.63
The U.S. Senate joined the House in passing some new changes to the Federal Housing Administration (FHA) to alter the Home Equity Conversion Mortgage program or HECM for short. These new changes may go into effect as early as Oct. 1, 2013. The new rules will ultimately help protect borrowers and assist in the agency avoiding a federal bailout.
Some of these changes may make it harder for some borrowers to qualify for a reverse mortgage. If you are not familiar with HECM program you can visit FHA's website and read over the general qualifications >>Read More.
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