INTEREST RATES IMPROVE FOR THIRD STRAIGHT WEEK

INTEREST RATES IMPROVE FOR THIRD STRAIGHT WEEK

April 1st, 2013

Interest rates showed steady improvement for the third straight week.  The Mortgage Backed Security market closed the week trading up (+ 28 bps).

Although we are not seeing massive rate movement, interest rates gradually decreasing is a positive development for those considering a new mortgage.  With the recent rate improvement, those currently in the low 4%’s on a 30 year fixed mortgage can take advantage of a lower rate at $0 costs. 

In European debt news, Cyprus was able to reach a bail out deal, but the unrest in the European Union will likely keep investors buying safer mortgage backed securities and US treasury bonds.  This security measure should work as an obstacle for rates to move higher. 

LOCK ADVICE:

Now is a good time to lock.  Rates have improved for 3 weeks straight and are at their lowest levels since January.

This week is employment week with March’s unemployment report to be released on Friday.  As always, this usually causes considerably movement in the interest rate markets. 

Make it a great week!!    

BEST VALUE OF THE WEEK:

30 Year Fixed at 3.875% paying $0 costs

TODAY’S RATES:

30 year fixed:     3.5% paying 1 point,     3.75% paying 0 points,     3.875% – $0 costs

20 year fixed:   3.375% paying 1 point,     3.625% paying 0 points,     3.75%  – $0 costs

15 year fixed:   2.75% paying .96 points,     3% paying 0 points,     3.125% – $0 costs

5/1 ARM:   2.125% paying .95 points,     2.375% paying 0 points,     2.75% – $0 costs

7/1 ARM:    2.375% paying .88 points,     2.625% paying 0 points,     2.875%- $0 costs

30 year fixed High Balance Loan:    3.75% paying .71 points;     4% paying 0 points;     4.125% – $0 costs

30 year fixed FHA:    3.25% paying 0 points,    3.375% – $0 costs

15 year fixed FHA:    2.75% paying .26 points,     3% paying 0 points,     3.25% – $0 costs

30 year fixed VA:    3.25% – $0 costs

TR - April 1st, 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.  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.

INTEREST RATES IMPROVE FOR THIRD STRAIGHT WEEK

INTEREST RATES CONTINUE TO IMPROVE – LAST WEEK TO START A FHA LOAN BEFORE MI RATES GO UP

INTEREST RATES CONTINUE TO IMPROVE – LAST WEEK TO START A FHA LOAN BEFORE MI RATES GO UP

March 25th, 2013

Interest rates continued positive momentum last week.  The Mortgage Backed Security market traded up 4 of the 5 days closing the week up (+16 bps).  The one day that held interest rates from going much lower was Wednesday when the Fed stated that they would try to keep bank interest rates low through 2015.  This resulted in positive momentum in the stock market and a sell off in the MBS market. 

Many economic reports will be released this week, but the most important interest rate event is the financial crisis in Cyprus.  Investors are concerned that a financial collapse in the country could cause further unrest in the European Union. 

If Cyprus is able to get financial aid and remain in the European Union – expect to see interest rates go up.  If not, more uncertainty will result in investors seeking safety and interest rates dropping.

This is absolutely the last week that borrowers can take advantage of current FHA MI guidelines.  FHA will raise mortgage insurance rates and make them for the life of the loan on Monday.  In order to avoid this increase, you need to get your FHA case number pulled by Friday.  Please call me if you would like to take advantage of current FHA MI guidelines before they go up.

Make it a great week!!

BEST VALUE OF THE WEEK:

30 Year Fixed at 3.75% paying 0 points

TODAY’S RATES:

30 year fixed:     3.625% paying .47 points,     3.75% paying 0 points,     3.99% – $0 costs

20 year fixed:   3.5% paying .46 points,     3.625% paying 0 points,     3.75%  – $0 costs

15 year fixed:   2.75% paying .99 points,     3% paying 0 points,     3.125% – $0 costs

5/1 ARM:   2.25% paying .65 points,     2.5% paying 0 points,     2.75% – $0 costs

7/1 ARM:    2.375% paying .99 points,     2.75% paying 0 points,     2.875%- $0 costs

30 year fixed High Balance Loan:    3.75% paying .77 points;     4% paying 0 points;     4.125% – $0 costs

30 year fixed FHA:    3.25% paying 0 points,    3.375% – $0 costs

15 year fixed FHA:    2.75% paying 0 points,     3.25% – $0 costs

30 year fixed VA:    3.25% – paying 0 points,     3.375% – $0 costs

TR-3-25-13

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.  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.

INTEREST RATES CONTINUE TO IMPROVE – LAST WEEK TO START A FHA LOAN BEFORE MI RATES GO UP

FHA OFFICIALLY INCREASING MORTGAGE INSURANCE PREMIUMS

FHA OFFICIALLY INCREASING MORTGAGE INSURANCE PREMIUMS:

I warned about this in previous updates.  FHA is now officially raising mortgage insurance premiums.  The good news is the new guidelines don’t go into effect until April 1st – so those looking to do a FHA loan should move quickly.  Here are the new guidelines:

–          Annually Mortgage Insurance Increasing by .1% on most loans

–          Monthly Mortgage Insurance will now be for the life of the loan on most loans

–          15 Year Fixed Loans under 78% Loan to Value will now require Monthly Mortgage Insurance

FHA is also in conversations to raise the minimum down payment on purchase loans to 5% versus the current 3.5%.

All changes go into effect on FHA case loan numbers pulled on or after April 1st, 2013. 

FHA

FHA OFFICIALLY INCREASING MORTGAGE INSURANCE PREMIUMS

 

FHA RAISING MORTGAGE INSURANCE PREMIUMS IN 2013 – THEY WILL NOW LAST FOR THE LIFE OF THE LOAN.

FHA MORTGAGE INSURANCE CHANGES COMING IN 2013

FHA has announced that they are increasing mortgage insurance premiums yet again. This is the continuation of a trend for FHA – FHA has raised mortgage insurance premiums for 3 years straight. Here are the changes coming:

– 10 bps increase on monthly mortgage insurance premiums. This will raise mortgage payments by $8.33 per month per $100,000 in loan amount.

– Monthly Mortgage Insurance will now be carried for the life of the loan. Currently, you can remove mortgage insurance premiums after 5 years and once you pay the loan down to 78% Loan to Value of the original appraisal.

These are big changes, especially the Monthly mortgage insurance for life. If you are looking to streamline your existing FHA loan or purchase a new home with a FHA loan, now is the time to do it before the mortgage insurance premiums go up and last for the life of the loan.

FHA RAISING MORTGAGE INSURANCE PREMIUMS IN 2013  –  THEY WILL NOW LAST FOR THE LIFE OF THE LOAN.

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 9th,, 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 9th.

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

 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.

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 1st 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.

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 11th, 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.