TODAY’S MORTGAGE RATES – MARCH 26th, 2012

MORTGAGE RATES END THE WEEK SLIGHTLY LOWER

March 26th, 2012

The MBS Market closed last week trading even (-0 bps).

Mortgage rates slightly lowered on a couple of products, but most loan options stayed the same.

I thought we would see more of a correction in the market with the large rise in rates last week. I still think rates may drop a little this week, but don’t see a significant change.

Below are rates available today paying a point or less:

30 year fixed: 3.99% paying .7 points, 4.25% paying 0 points

20 year fixed: 3.875% paying .5 points, 3.99% paying 0 points

15 year fixed: 3.25% paying .8 points, 3.5% paying 0 points

5/1 ARM: 2.625% paying .9 points, 3.375% paying 0 points

7/1 ARM: 3.125% paying .8 points, 3.5% paying 0 points

30 year fixed High Balance Loan: 4.25% paying .9 points, 4.5% 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

Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Mortgage Rate 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, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

TODAY’S MORTGAGE RATES – MARCH 26th, 2012

HARP 2.0 GUIDELINES

HARP 2.0 GUIDELINES:

March 22nd, 2012

Below are my official guidelines for HARP 2.0 Lending. Not every lender has the same guidelines, so just because you don’t qualify with one does not mean you do not qualify with another.

Remember that you can not qualify for a HARP loan without your loan being backed by FANNIE MAE or FREDDIE MAC, and you must have taken the loan out before May of 2009 – no exceptions. To find out if you are backed by FANNIE MAE or FREDDIE MAC, please follow the links below the guidelines.

HARP 2.0 GUIDELINES:

FANNIE MAE DU REFI PLUS II

OCCUPANCY	MAX LTV	MAX CLTV w/2nd

PRIMARY	150%	Unlimited
SECOND	125%	125%
INVESTMENT	105%	105%

FREDDIE MAC RELIEF OPEN ACCESS II

OCCUPANCY	MAX LTV	MAX CLTV w/2nd

PRIMARY	105%	Unlimited
SECOND	105%	Unlimited
INVESTMENT	105%	Unlimited

* If loan is serviced by Flagstar – We can loan 125% LTV/CLTV on all occupancies

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FANNIE MAE AND FREDDIE MAC LOOK UP:

FANNIE MAE: http://www.fanniemae.com/loanlookup/

FREDDIE MAC: https://ww3.freddiemac.com/corporate/

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HARP 2.0 GUIDELINES

MORTGAGE RASE RISING QUICKLY!!

MORTGAGE RATES RISING QUICKLY!!

March 19th, 2012

The MBS Market closed last week trading down (- 84 bps).

Mortgage rates dramatically rose on Wednesday and Thursday with huge losses in the MBS market on both days.

Investors are taking money out of fixed income and putting it into the stock market. The stock market bullish outlook looks to continue. Europe’s debt crisis seems to be lessening. Consumer confidence is rising, and in a recent poll, 90% of economists believe the Federal Reserve will reverse on their statement to keep the Federal Funds rate at 0% through 2014.

The lowest of low rates are gone and likely won’t come back. The MBS market has hit technical levels that make it very difficult for that to happen. This week, rates will likely pull back down a little bit.

THIS WEEK IS THE WEEK TO LOCK IN if you want to take advantage of the still very low rates.

Below are rates available today paying a point or less:

30 year fixed: 4% paying .8 points, 4.25% paying 0 points

20 year fixed: 3.875% paying .5 points, 3.99% paying 0 points

15 year fixed: 3.25% paying .8 points, 3.5% paying 0 points

5/1 ARM: 2.75% paying .7 points, 3.375% paying 0 points

7/1 ARM: 3.125% paying .8 points, 3.5% paying 0 points

30 year fixed High Balance Loan: 4.25% paying .8 points, 4.5% 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

Today’s Mortgage Rates – March 19th, 2012.

Mortgage Rates Rising Quickly.

APRIL 2012 – UPDATED FHA MORTGAGE INSURANCE GUIDELINES.

FHA RAISES MORTGAGE INSURANCE / LOWERS MORTGAGE INSURANCE ON FHA STREAMLINES.

March 19th, 2012

FHA is increasing their mortgage insurance premiums significantly on case numbers taken out after April 9^th,,2012. If you are looking to do an FHA loan, your best bet is to start it soon or at least get your case number pulled before April 9^th.

Below are the changes for new non FHA streamline loans with case numbers pulled after April 9^th:

30 YEAR FIXED FHA LOAN – or loans terms over 15 years

95% LTV and below: 1.75% upfront MI 120 bps Annual MI

Over 95% LTV: 1.75% upfront MI 130 bps Annual MI

15 YEAR FIXED FHA LOAN – or loan terms less than 15 years

78-90% LTV: 1.75% upfront MI 35 bps Annual MI

Over 95% LTV: 1.75% upfront MI 60 bps Annual MI

These changes will increase the average FHA loan over $8 per $100,000, and the upfront fees $500 per $100,000.

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FHA STREAMLINE MORTGAGE INSURANCE CHANGES:

FHA has also announced a dramatic lowering of the mortgage insurance premiums for FHA STREAMLINE LOANS. An FHA streamline loan is a current FHA customer refinancing their loan to another FHA loan with the same term. Because FHA raised their Mortgage insurance premiums in April of 2010, many customers could not streamline their loans as there was not enough benefit.

These new Mortgage insurance premiums will only be in effect for borrowers who had their FHA case number pulled before June 1^st of 2009.

ALL FHA STREAMLINES LOANS – original case number pulled before June of 2009

UPFRONT MI .01%

ANNUAL MI: 55 bps

This is a huge change and will dramatically help customers in existing FHA loans lower their rate and payment.

These changes will better the existing FHA MI factors by over $45 per $100,000, and upfront fees by $990 per $100,000.

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FHA MORTGAGE INSURANCE CHANGES FOR LOANS OVER $625,500.

Lastly, FHA is changing its mortgage insurance premiums for FHA jumbo loans over $625,500. These changes will take effect for case numbers assigned on or after June 11^th, 2012.

30 YEAR FIXED FHA LOANS OVER $625,500 – or loans terms over 15 years

95% LTV and below: 1.75% upfront MI 145 bps Annual MI

Over 95% LTV: 1.75% upfront MI 150 bps Annual MI

15 YEAR FIXED FHA LOANS OVER $625,500 – or loan terms less than 15 years

78-90% LTV: 1.75% upfront MI 60 bps Annual MI

Over 95% LTV: 1.75% upfront MI 85 bps Annual MI

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FHA MORTGAGE INSURANCE CHANGES.

MORTGAGE PRICING SLOWLY RISING

MORTGAGE PRICING SLOWLY RISING

March 10th, 2012

The MBS Market closed last week trading down (- 22 bps). As has been the case recently, mortgage rate pricing seems to be slowly inching up from it’s record lows in January.

The big news last week was the labor report and the continuing European debt crisis.

The Labor Department said that US companies added 227,000 jobs this month. The unemployment rate stayed at 8.3%, as more people began looking for work. Greece was able to delay their debt default, but the situation across Europe seems years away from being resolved.

Overall the economy seems to be improving but there are things holding it back. The S&P 500 has more than doubled over the past 3 years. Even so, we still have very high unemployment rates, high gas prices, and uncertainty in Europe.

My rate outlook is the same as last week. I think rates will continue to remain relatively stable but will not go back to their lows reached in January 2012.

Below are rates available today paying a point or less:

30 year fixed: 3.875% paying .89 points, 4.125% paying 0 points

20 year fixed: 3.75% paying .62 points, 3.99% paying 0 points

15 year fixed: 3.125% paying .64 points, 3.375% paying 0 points

5/1 ARM: 2.625% paying .7 points, 3.125% paying 0 points

7/1 ARM: 2.875% paying .98 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4% paying .5 points, 4.125% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.875% paying .6 points, 3.125% paying 0 points

30 year fixed VA: 3.75% paying 0 points

MORTGAGE PRICING SLOWLY RISING – MARCH 10th, 2012

HARP 2.0 – IS IT FINALLY HERE?

HARP 2.0 – IS IT FINALLY HERE?

In November 2011, President Obama announced the existence of a HARP 2.0 product that was going to help more and more underwater home owners refinance into a lower interest rate loan.

The release date was supposed to be in December 2011, but unfortunately no lenders would offer it. Finally lenders will start offering this product.. I can offer Freddie Mac Harp 2.0 loans on Monday March 12th, and Fannie Mae Harp 2.0 loans on Monday, March 19th. Here are the main details of HARP 2.0:

HARP 2.0:

1.) You must be in a FANNIE MAE or FREDDIE MAC loan taken out before May of 2009. You can check if you are here:

FANNIE MAE: http://www.fanniemae.com/loanlookup/

FREDDIE MAC: https://ww3.freddiemac.com/corporate/

2.) The LTV allowable was originally announced as unlimited, but it appears lenders are afraid to offer that at this point. I don’t have all the details yet, but I think the Loan to Value limit will either be 150% or 125%, and unlimited combined loan to value when subordinating a second. HARP 2.0 is only for 1^st Mortgages.

3.) Most HARP 2.0 loans will not need an appraisal.

4.) Allows 1 30 day late in the past 12 months – as long as it is not within the most recent 6 months.

5.) Before, you had to have the same occupancy as when you took out the original loan. This has now been lifted. For example, you could not complete a HARP loan on an original primary residence that is now a rental. Now you can.

6.) Fannie Mae is removing the waiting periods for short sales and foreclosures for this product.

This program will help the underwater homeowners that have stayed in their home and maintained their payment, to lower their interest rate to the current market levels. This is a great product, and I think this is a step in the right direction for our industry.

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HARP 2.0 – Is it Finally Here?

MORTGAGE RATES SEE SAW BACK AND FORTH

MORTGAGE RATES SEE SAW BACK AND FORTH

March 5^th, 2012

The MBS Market closed last week trading up (+6 bps). Although the market ended the week very close to how it began, there were major swings during the week.

The week began with small improvements on Monday and Tuesday. On Wednesday, Ben Bernanke made a speech were he stated that the FEDERAL RESERVE would not start a new plan for purchasing mortgage backed securities, pushing demand up and rates down.

Interest rates immediately took a nose dive, the mortgage backed securities market lowered – 60 bps over 3 days. The market did recover some Friday, pushing the mbs market positive for the week.

Interest rates go up faster than they go down. So even though the mbs market ended the week higher, many of the long term fixed rates went slightly up in price. That being said, Over 417k High Balance Loans are actually pricing better, so are ARM and FHA loans. So some loans are pricing better, and some are pricing worse.

My long term outlook is that rates have likely hit their lows, but if they do go up, they will not likely go up much for the foreseeable future.

Below are rates available today paying a point or less:

30 year fixed: 3.875% paying .89 points, 4.125% paying 0 points

20 year fixed: 3.75% paying .63 points, 3.99% paying 0 points

15 year fixed: 3% paying .91 points, 3.375% paying 0 points

5/1 ARM: 2.5% paying .97 points, 3% paying 0 points

7/1 ARM: 2.875% paying .68 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4% paying .31 points, 4.125% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.75% paying .867 points, 3% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Mortgage Rates See Saw Back and Forth – March 2012

BANKS ACCEPTING MORE SHORT SALES IN MARICOPA COUNTY, ARIZONA

BANKS ACCEPTING MORE DISTRESSED SALES IN MARICOPA COUNTY

March 2nd, 2012

When the housing bubble first burst in Arizona, most banks were taking back delinquent properties versus working with home owner’s to sell their property at a loss.

Recent statistics show that banks are more and more likely to accept a short sale or sell the home at an investor auction versus taking back a delinquent home. This is encouraging for homeowners exploring a short sale, as data suggests that there is a higher likelihood of a short sale going through.

There are many benefits to a short sale – the most important one being that most short sales include a clause where the homeowner is no longer responsible to repay the bank. When a home is foreclosed upon and taken back, the bank can come after you for a numbers years if they should choose to do so.

STATISTICS FOR DISTRESSED SALES AND TAKE BACKS IN MARICOPA COUNTY:

In 2011, There were 62,156 distressed title transfers

34,634 were short sales or investor sales / 27,522 were properties taken back.

In 2010, There were 67,208 distressed title transfers

28,490 were short sales or investor sales / 38,718 were properties taken back by the bank.

In 2009, There were 60,682 distressed title transfers

20,065 were short sales or investor sales / 40,797 were properties taken back by the bank.

As more and more banks are willing to accept short sales, delinquent homeowners should attempt to work on a short sale versus giving the property back. In most cases, a homeowner will get a check for closing a short sale and they do not have to worry about the bank coming after them in the future for losses incurred.

*data obtained from Fletcher Wilcox at Grand Canyon Title Agency.

BANKS ACCEPTING MORE SHORT SALES IN MARICOPA COUNTY, ARIZONA