Month: October 2013

RATES CONTINUE TO DROP WITH POOR EMPLOYMENT REPORT

RATES CONTINUE TO DROP WITH POOR EMPLOYMENT REPORT

October 28th, 2013

Interest Rates improved for the 2nd straight week last week.  The main source of improvement was from the September employment report released Tuesday.  The gain in jobs fell well short of forecasts, pushing investor money into mortgage backed securities. 

Rates are still at the lowest levels since early May when rates went up very quickly due to comments from Ben Bernanke about tapering the bond purchasing program.  The FED is meeting again this week with a statement on Wednesday.  Most do not expect the FED to taper in the meeting, but if they do – watch out – rates will go up quickly.

FOMC-Meeting

Make it a great week!!           

BEST VALUE OF THE WEEK:

15 Year Fixed at 3.375% with 0 points

5/1 ARM at 2.625% paying 1 point

TODAY’S RATES:

30 year fixed:     4.125% – .37 points,     4.25% – 0 points,     4.375% – $0 costs

20 year fixed:   4% – .5 points,     4.125% – 0 points,     4.25%  – $0 costs

15 year fixed:   3.125% – 1 point,     3.375% – 0 points,     3.5% – $0 costs

10 year fixed:   2.875% – 1 point,     3.125% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.625% – 1point,     3% – 0 points,     3.25% – $0 costs

7/1 ARM:    3.125% – .6 points,     3.375% – 0 points,     3.65% – $0 costs

30 year fixed FHA:     3.75% – $0 costs

15 year fixed FHA:    3.25% – .11 points,     3.375% – 0 points,     3.5% – $0 costs

30 year fixed VA:     3.75% – 0 points,    3.875% – $0 costs

Today's Interest Rates - October 28th, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  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 refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

RATES CONTINUE TO DROP WITH POOR EMPLOYMENT REPORT

HARP ELIGIBILITY INCREASES

HARP ELIGIBILITY INCREASES:

In order to qualify for a HARP mortgage, a borrower must have taken out a Fannie Mae or Freddie Mac loan delivered to Fannie Mae no later than May 31st, 2009.

Loans usually are not delivered to FMAE/FMAC for up to a month after they are completed, which left some borrowers unable to qualify for a HARP loan who completed their last loan in April or May of 2009.

Both agencies have now changed their rules, allowing customers to go off of the NOTE date on their loan. In other words, if the loan was signed by May 31st, then borrowers are eligible for HARP now. Please call me if you fit into this time window and would like to look into a HARP refinance.

freddie_mac_and_fannie_maeHarp Eligibility Increases

INTEREST RATES HIT 4 MONTH LOWS

INTEREST RATES HIT 4 MONTH LOWS

October 21st, 2013

Interest Rates hit 4 month lows on Friday /  Fannie Mae changes coming November 16th. 

After a US debt deal in principal was announced on Wednesday – Interest rates greatly improved after slowly moving higher in the proceeding 2 weeks.   The uncertainty regarding the government closure and the debt ceiling caused markets to stagnate.  The markets rejoiced with great gains across the board when a deal was in place.

gordon-gekko

When the dust settled, interest rates hit 4 months lows and 30 year fixed rates dipped down to 4%-4.125%. 

On Tuesday, the payroll report for September will be released late due to the government shutdown.  This usually has a big effect on rate pricing.  The FED meets October 29th and will release a statement on the 30th. 

Since the government closure, it is now believed that the FED will hold off on tapering its bond purchasing program until possibly 2014.  The reason is that the economy will still be in flux due to the long term budgetary issues Congress must decide on during the next 4 months.

I see rates staying stable but not improving greatly from their current levels.  Still, you never know what the FED will do.  Many thought the FED would taper the bond program in September.  If you are risk averse, I would lock before October 30th because when the FED tapers , interest rates will go up quickly. 

FANNIE MAE CHANGES COMING NOVEMBER 16TH

On the weekend of November 16th, Fannie Mae will update it’s automated underwriting system.  Below are the 2 biggest changes:

1.)    Interest Only Loans will no longer be offered by Fannie Mae.

2.)    Fannie Mae will now have a maximum loan to value of 95%.  Currently it’s 97%.

You can begin a loan before November 16th, and still go off the old guidelines.

If you want an interest only loan – now is the time to get started. 

The 97% Fannie Mae purchase loan was starting to take the place of FHA loans with higher credit score borrowers.  The down payment was less than FHA, and the monthly mortgage insurance was substantially less.  Now Fannie Mae will require 5% down, or 95% max LTV/CLTV on a refinance that is not HARP eligible.

Make it a great week!!           

BEST VALUE OF THE WEEK:

30 Year Fixed at 4.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.125% – .87 points,     4.25% – 0 points,     4.5% – $0 costs

20 year fixed:   4% – .78 points,     4.125% – 0 points,     4.25%  – $0 costs

15 year fixed:   3.25% – .85 points,     3.375% – 0 points,     3.5% – $0 costs

10 year fixed:   3% – .79 points,     3.375% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.75% – .74 points,     3% – 0 points,     3.25% – $0 costs

7/1 ARM:    3.125% – .99 points,     3.5% – 0 points,     3.625% – $0 costs

30 year fixed FHA:     3.75% – 0 points,      3.875% – $0 costs

15 year fixed FHA:    3.25% – .43 points,     3.5% – 0 points,     3.625% – $0 costs

30 year fixed VA:     3.75% – .11 points,    3.875% – 0 points,     4% – $0 costs

Today's Interest Rates - October 21st, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  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 refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

INTEREST RATES HIT 4 MONTH LOWS

RATES MOVE SLIGHTLY HIGHER / DEBT CEILING DEADLINE ON THURSDAY

October 14th, 2013

Interest rates moved slightly higher last week, but overall have remained quite steady for 3 weeks.  All eyes are on Washington DC to end the gov’t shutdown and increase the debt ceiling.

The US treasury states that it will run out of money on Thursday, October 17th.  Anything but full payment on the debts due could cause an international crisis.  Even if the debts are paid, if a debt ceiling deal is not reached by Thursday it will likely cause stocks to plummet and interest rates to rise quickly.

With world newspapers decrying the lack of leadership in the US, and editorials being published about de-Americanizing international monetary policies, it’s time for this deal to get done.

Rumors are that a short term deal is likely and we will be doing another debt ceiling count down in the near future.  Either way, it is imperative that something gets done by Thursday or we will likely to see a huge rise in rates.

That unfortunately would be the least of our worries. 

Make it a great week!! 

BEST VALUE OF THE WEEK:           

20 Year Fixed at 4.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – .91 points,     4.375% – 0 points,     4.625% – $0 costs

20 year fixed:   4.125% – .73 points,     4.25% – 0 points,     4.5%  – $0 costs

15 year fixed:   3.375% – .52 points,     3.5% – 0 points,     3.625% – $0 costs

10 year fixed:   3.125% – .68 points,     3.375% – 0 points,     3.625% – $0 costs

5/1 ARM:   2.75% – .96 points,     3.125% – 0 points,     3.5% – $0 costs

7/1 ARM:    3.25% – .98 points,     3.5% – 0 points,     3.75% – $0 costs

30 year fixed FHA:    3.75% – .52 points,    3.875% – 0 points,      4% – $0 costs

15 year fixed FHA:    3.25% – .58 points,     3.5% – 0 points,     3.75% – $0 costs

30 year fixed VA:     3.875% – .32 points,    4% – 0 points,     4.25% – $0 costs

Today's Interest Rates - October 14th, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  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 refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

RATES REMAIN AT LOWEST LEVELS SINCE JUNE – WHAT AFFECT DOES GOV’T SHUTDOWN HAVE ON RATES?

RATES REMAIN AT LOWEST LEVELS SINCE JUNE – WHAT EFFECT DOES GOV’T SHUTDOWN HAVE ON RATES?

October 7th, 2013

Interest rates remained at current levels last week with the bond markets in a stalemate because of the government shutdown.  Rates for the past 2 weeks have held at their lowest levels since June 2013. 

The government shutdown is keeping trading in narrow ranges as there is a lot of uncertainty how long this will last.  This along with the major issue of the debt ceiling just 10 days away is forcing traders to be cautious.

Govt shutdown

The debt ceiling is the much bigger issue as this could result in the US Treasury not paying their bills, which would have catastrophic effects on the economy and interest rates would go through the roof.

The debt ceiling involves Congress passing legislation to approve paying the debts currently due.  The US treasury will run out of money around October 17th.  The rating agencies of US treasury debt have not lowered the US’s grade at this time, as they feel the Treasury will pay the bill even if debt ceiling legislation doesn’t get passed. 

I hold the view of most Americans.  I’m really frustrated that we have a new crisis every couple months and no long term agreements in place.  It has a major effect on the markets.

The September employment report and many other economic reports are not being released with the government being shut down.  The FED will release their minutes from the last FOMC meeting on Wednesday at 2 pm Eastern.

It is a very uncertain time right now.  I always air on the side of caution.  I still think its safer to lock and interest rate float downs are available if rates drop a lot after a loan is locked.

Make it a great week!!                  

BEST VALUE OF THE WEEK:

30 Year Fixed at 4.25% with 0 points

10 Year Fixed at 3.125% with 0 points

5/1 ARM at 3.125% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – .9 points,     4.25% – 0 points,     4.5% – $0 costs

20 year fixed:   4% – .77 points,     4.125% – 0 points,     4.25%  – $0 costs

15 year fixed:   3.25% – .91 points,     3.5% – 0 points,     3.625% – $0 costs

10 year fixed:   3% – .59 points,     3.125% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.75% – .88 points,     3.125% – 0 points,     3.5% – $0 costs

7/1 ARM:    3.25% – .89 points,     3.5% – 0 points,     3.75% – $0 costs

30 year fixed FHA:    3.75% – 0 points,      4% – $0 costs

15 year fixed FHA:    3.25% – .36 points,     3.375% – 0 points,     3.625% – $0 costs

30 year fixed VA:     3.875% – .2 points,    4% – 0 points,     4.125% – $0 costs

Today's Interest Rates - October 7th, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  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 refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.  October 7th interest rates, October 8th interest rates, October 9th interest rates, October 10th interest rates, October 11th interest rates, October 12 interest rates, October 13th interest rates, October 14th interest rates.

RATES REMAIN AT LOWEST LEVELS SINCE JUNE – WHAT EFFECT DOES GOV’T SHUTDOWN HAVE ON RATES?