2012 – MORTGAGE RATES END THE YEAR ON A HIGH NOTE

2012 – MORTGAGE RATES END THE YEAR ON A HIGH NOTE

January 4th, 2012

The MBS (mortgage backed security) market closed last week trading up (+ 87 bps).  We saw some great pricing improvement and rates continue to remain around their all time lows.    

As stated in the last rate update, I still don’t see rates going below certain levels due to there not being a secondary market for them after they fund. 

Pricing may get a bit better meaning the cost to get these options will be lower, but I don’t see rates going much lower than they are now. 

Below are rates available today paying a point or less:

30 year fixed: 3.875% paying .2 points, 4% paying 0 points

20 year fixed: 3.75% paying .2 points, 3.875% paying 0 points

15 year fixed: 3.125% paying .9 points, 3.375% paying 0 points

5/1 ARM: 2.375% paying 1 point, 2.875% paying 0 points

7/1 ARM: 2.875% paying .82 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4% paying 1 point, 4.25% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 3.25% paying .0 points

30 year fixed VA: 3.75% paying 0 points

IMPORTANT INFORMATION ON FILING 2011 TAXES WHEN QUALIFYING FOR A MORTGAGE:

Every lender in the country now requires a 4506-T form when completing a mortgage.  A 4506-T form allows a lender to check your transcripts with the IRS and make sure the tax documents provided match what the IRS received.  This helps reduce fraud and fake income docs to qualify for a loan.

If you are planning on doing a mortgage, it is best to wait to file your 2011 taxes until the loan is completed.  Once you file your return, a lender will have to wait until the IRS can confirm them before they will be able to complete a new loan.  The IRS usually takes 4-8 weeks to confirm new tax returns once they are filed.

So if you plan on doing a mortgage, don’t file your 2011 tax returns unless you want to wait a while before the loan can fund.

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

2012 – Mortgage Rates End the Year on a High Note

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