TODAY’S RATES & HOUSING NEWS
Average mortgage interest rates jumped up last week about .3%. The average 30 year fixed conventional interest rate went from 6.67% to 6.95%.
Below is our Green Home Loans Average Rate Sheet compared to the national average.
Below is the Mortgage Backed Security Market (MBS) and you can see that it is sharply down over the past 7 days. This downward trend pushes rate pricing higher.
Rates for many customers locking today are in the 7%’s depending on credit and cost scenarios.
INTRODUCING NEW 1% DOWN GRANT PROGRAM
Excited to announce a new 1% Down Payment Program that is a true grant – meaning the down payment assistance is not a 2nd mortgage
Many Mortgage Brokers won’t have this product based on who they choose to partner with.
Here is how it works:
Customer completes a loan at 95-97% loan to value – typically 97%
There is a 2% grant and the client’s down payment is 1% + costs/prepaids.
NO MONTHLY MORTGAGE INSURANCE – this is huge as PMI is a significant cost at 95-97% loan to value.
$350K MAX LOAN AMOUNT
80% AREA MEDIAN INCOME OR BELOW
Here is the Area Median Income Look-Up Tool if you would like to look it up or email me and I can tell you what it is in your county.
IS YOUR LOW RATE PREVENTING YOU FROM BUYING A NEW HOME?
Many clients we speak to may want to purchase a different house or move their family, but they won’t do it because they have such a great rate on their first mortgage – typically in the 2% to 3% range.
We hear this every day.
In the video below, our partner Jeff Quincey explains how the Blended Rate including other consumer debt could be quite a bit higher.
If you take into account everything that you can pay off when you sell, the rise in rate and payment is much less.
I highly suggest you watch the video below.