Rates Improve, New FHA MI Premiums official on 1/26/2015

Rates Improve, New FHA MI Premiums official on 1/26/2015

January 26th, 2015

Interest rates slightly improved last week and so far this week, with the Mortgage Backed Security (MBS) market trading higher – thus improving the cost to get each rate.

30 year fixed rates are now available at 3.5% paying 1 point (3.7% APR), and 3.75% paying 0 points (3.74% APR). 15 year fixed rates are now available at 2.875% paying .75 points (3.025% APR), and 3.125% paying 0 points (3.129% APR).

The market appears to be in an idle state with investors still sifting through last week’s announcement by the European Central Bank (ECB). The focus is and will continue to be on Europe in the markets that effect mortgage interest rates.

On 1/26/2015 – FHA officially lowered their mortgage insurance premiums – thus giving a spark to FHA streamline refinances. If you are in a 30 Year Fixed FHA loan, a 20 Year Fixed FHA Loan or an ARM FHA Mortgage – it will likely be worth it to streamline the existing loan to a lower payment with no appraisal/income documentation required.

The changes taking place are below for Terms over 15 years.

95% LTV or less: FHA MI was 130 bps , now it is 80 bps
95.01% and above: FHA MI was 135 bps, now it is 85 bps

For FHA loans over $625,500

95% LTV or less: FHA MI was 150 bps , now it is 100 bps
95.01% and above: FHA MI was 155 bps, now it is 105 bps

To get your new FHA MI Premium – take your loan amount and multiply it times the bps figure and divide by 12 to get a new monthly FHA MI premium.

EXAMPLE:

$200,000 loan at 90% LTV.

$200,000 x .8% = $1,600 Yearly FHA MI premium
$1,600 / 12 = $133.33 Monthly FHA MI premium

For a free email mortgage quote, please answer questions on the right or go to http://www.freemortgagequote.biz

Below are today’s interest rates. Have a great week!!

BEST VALUE OF THE WEEK:

20 Year Fixed at 3.625% paying 0 points

10 Year Fixed at 3.0% paying 0 points

TODAY’S INTEREST RATES:

30 year fixed:       3.5% – 1 point (3.7% APR),       3.75% – 0 points (3.74% APR)

20 year fixed:      3.5% – .125 points (3.525% APR),       3.625% – 0 points (3.64% APR)

15 year fixed:       2.875% – .75 points (3.025% APR),       3.125% – 0 points (3.129% APR)

10 year fixed:       2.75% – .75 points (2.9% APR),       3.0% – 0 points (3.05% APR)

5/1 ARM:       2.875% – .75 points (3.05% APR),        3.25% – 0 points (3.28% APR)

7/1 ARM:       2.875% – .75 points (3.075% APR),         3.25% – 0 points (3.29% APR)

30 year fixed FHA:        3.25% – .25 points (4.0% APR),         3.375% – 0 points (3.42% APR)

15 year fixed FHA:       2.75% – .25 points (3.2% APR),        3.0% – 0 points (3.3% APR)

30 year fixed VA:       3.25% – .5 points (3.35% APR),        3.375% – 0 points (3.4% APR)

Today's Interest Rates -January 27th, 2015

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. McCormick Ranch Loan Officer. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, HARP 3.0 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. January 27th 2015 30 year fixed rates, January 28th 2015 30 year fixed rates, January 29th 2015 30 year fixed rates, January 30th 2015 30 year fixed rates, January 31st 2015 30 year fixed rates, February 1st 2015 30 year fixed rates, February 2nd 2015 30 year fixed rates.

Rates Improve, New FHA MI Premiums official on 1/26/2015

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