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New Mortgage Rules Roll Out - What Will Be the Impact?

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249
MORTGAGE INTEREST RATE LOCK ADVISORY
January 10, 2014  10:00 AM PST 

  

LOCK ADVISORY

7 Day Mortgage Interest Rate lock or Float Advice: LOCK

The cost for a 4.00% rate based on Mortgage Backed Securities is Down 0.78 point

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK 

 

MARKET INDICATORS    

  • National Average for 30-Yr Fixed Mortgage Rate is down 0.02% to 4.51% on Jan. 9
  • MBS (4%) - Currently  103.67, High: 103.78, Low: 102.88
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  • Asian & European Stock Market Indexes changed 0.457%
  • Crude Oil (WTI) Currently $92.50 - Change 0.92%
  • Gold 1 Once - $1,246.18
REAL ESTATE & MORTGAGE NEWS

New Mortgage Rules Roll Out - What Will Be the Impact?

New mortgage rules take effect Friday that set out to protect borrowers against risky lending practices. One of the biggest changes is that borrowers will likely need to show more proof that they can actually afford the mortgage they’re applying for. 

Here are two main terms to know from the new rules: 

“Ability-to-repay” rule: Mortgage lenders must ensure borrowers can actually afford their loans over the long term. Applicants’ income, assets, savings, and debt against their monthly house payments will be more closely scrutinized. Borrowers likely will need to produce “even more tax records, pay stubs, and bank and investment account information,” USA Today reports. >>Read More

 
Slow Week Sees Mixed News for Mortgage Rates 
By: Tory Barringer -This week saw conflicting reports of interest rate movements, despite markets having little news with which to react.

Freddie Mac's Primary Mortgage Market Survey showed little movement among fixed rates for the week ending January 9, with the 30-year fixed-rate mortgage (FRM) averaging 4.51 percent (0.7 point), down from 4.53 percent. A year ago, the 30-year FRM was recorded at 3.40 percent. >>Read More 

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