RATES HAVE GREAT WEEK – FED STATEMENT ON WEDNESDAY

RATES HAVE GREAT WEEK – FED STATEMENT ON WEDNESDAY.

April 28th, 2014

Interest rates improved or stayed the same every day last week. The Mortgage Backed Security (MBS) market closed the week trading up + 58 bps.

The primary reason for interest rate improvement is renewed concerns regarding Ukraine/Russia and a slumping stock market. The week before last, rates went up due to reports of a peace agreement between Ukraine and Russia. Last week, the exact opposite happened. It’s fair to say that continued developments in the Ukraine/Russia conflict are having a major effect on interest rate pricing and will likely continue to do so until the conflict is over.

This week, the FED will be releasing a statement on Wednesday after their meetings. It is expected that the FED will taper their bond purchasing program another 10 billion at the meeting.

Because of further tapering, I think that interest rates will trend higher after Wednesday this week unless there is a major breakthrough in peace talks between Russia and Ukraine.

For a free email mortgage quote, please go to the get a mortgage quote tab on the right or go to www.freemortgagequote.biz.

Below are today’s interest rates – have a wonderful week!!

BEST VALUE OF THE WEEK:

30 Year Fixed at 4.375% paying 0 points

20 Year Fixed at 4.125% paying 0 points

TODAY’S INTEREST RATES:

30 year fixed:      4.25% – .67 points (4.38% APR),       4.375% – 0 points (4.42% APR)

20 year fixed:     4% – .86 points (4.17% APR),     4.19% – 0 points (4.28% APR)

15 year fixed:     3.375% – .56 points (3.485% APR),      3.5% – 0 points (3.55% APR)

10 year fixed:      3% – .81 points (3.16% APR),       3.25% – 0 points (3.28% APR)

5/1 ARM:      2.875% – .58 points (2.99% APR),       3.125% – 0 points (3.17% APR)

7/1 ARM:       3.25% – .99 points (3.45% APR),       3.5% – 0 points (3.53% APR)

30 year fixed FHA:       3.75% – .93 points (4.35% APR),      4% – 0 points (4.6% APR)

15 year fixed FHA:      3.25% – .32 points (3.61% APR),        3.375% – 0 points (3.7% APR)

30 year fixed VA:       3.75% – .67 points (3.89% APR),      4% – 0 points (4.07% APR)

Today's Interest Rates - April 28th 2014 (3)

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, 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. April 28th 2014 30 year fixed rates, April 29th 2014 30 year fixed rates, April 30th 2014 30 year fixed rates, May 1st 2014 30 year fixed rates, May 2nd 2014 30 year fixed rates, May 3rd 2014 30 year fixed rates, May 4th 2014 30 year fixed rates.

RATES HAVE GREAT WEEK – FED STATEMENT ON WEDNESDAY.

ALL EYES ON FED STATEMENT WEDNESDAY – 50/50 CHANCE FOR TAPERING

ALL EYES ON FED STATEMENT WEDNESDAY  –   50/50  CHANCE FOR TAPERING

December 16th, 2013

All eyes are on the FED and The FOMC meeting this week.  The FOMC starts their meeting on Tuesday and will release their statement at 2 pm Eastern on Wednesday.

There is more and more speculation that the FED could taper at this meeting – many experts now calling it a 50/50 proposition.  Some prognosticators are actually predicting the FED to taper like the opinion below:

“We now look for the Fed to do something meaningful at the December 18 meeting,” wrote Michael Moran at Daiwa Capital Markets America in a note. “We view the announcement of a reduction in asset purchases as the most likely outcome; absent this, we expect some type guidance on the FOMC’s plans for the effort.”

If the FED tapers, the markets will also be looking at how much they will pull back on their bond purchasing budget.  Any sort of taper will likely mean a large rise in rates.

Federal Reserve Board's Federal Open Market Committee members pose during two-day meeting in Washington.

With interest rates at around 4 month highs – I am still suggesting locking before the meeting.  If rates drop significantly after the announcement (unlikely) – rate float downs are available when rates drop .25% with the same costs.

Have a great week!!

BEST VALUE OF THE WEEK:

20 Year Fixed at 4.375% with 0 points

10 Year Fixed at 3.375% with 0 points

TODAY’S RATES:

30 year fixed:     4.5% – .58 points,     4.625% – 0 points,     4.75% – $0 costs

20 year fixed:   4.125% – .99 points,     4.375% – 0 points,     4.5%  – $0 costs

15 year fixed:   3.5% – .63 points,     3.625% – 0 points,     3.875% – $0 costs

10 year fixed:   3.125% – .63 point,     3.375% – 0 points,     3.625% – $0 costs

5/1 ARM:   2.75% – .99 points,     3.125% – 0 points,     3.375% – $0 costs

7/1 ARM:    3.25% – .83 points,     3.5% – 0 points,     3.75% – $0 costs

30 year fixed FHA:     4% – .56 points,     4.125% – 0 points,     4.25% – $0 costs

15 year fixed FHA:    3.25% – .81 points,     3.5% – $0 costs,     3.75% – $0 costs

30 year fixed VA:     4% – 1 point,    4.25% – $0 costs

Today's Interest Rates - December 16th, 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.  McCormick Ranch Loan Officer.  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.  December 16th mortgage interest rates

ALL EYES ON FED STATEMENT WEDNESDAY   –   50/50 CHANCE FOR TAPERING

RATES CONTINUE MOVING HIGHER / FED MEETING NEXT WEEK

RATES CONTINUE MOVING HIGHER     /      FED MEETING NEXT WEEK

December 9th, 2013

The interest rate market had quite the week last week. Rates rose everyday from Monday through Thursday before the important November employment report. Then something weird happened.

Job creation beat their forecasts, The unemployment rate dropped .2% – this would usually cause rates to rise fast, but it didn’t. Rates actually improved a little bit on Friday and also on Monday. Still, the Mortgage Backed Security Market closed the week trading down – 69 bps, pushing rates to their highest levels in months.Now Hiring

With the majority of economic reports showing positive gains – more and more experts think the FED could taper their stimulus package in their meeting next week. I don’t expect rates to change much until then.

Rates are still taking on the outlook I have talked about for months – rates really have no where to go but higher. Any improvement we see is not substantial because the FED taper is looming.

Those still waiting for rates to dramatically drop will likely be waiting forever. I recommend locking on a refinance if it’s beneficial as even these higher rates likely won’t be around much longer.

BEST VALUE OF THE WEEK:

15 Year Fixed at 3.5% with 0 points
10 Year Fixed at 3.25% with 0 points

TODAY’S RATES:

30 year fixed:      4.375% – .78 points,      4.5% – 0 points,      4.625% – $0 costs

20 year fixed:     4.125% – .812 points,      4.25% – 0 points,       4.5% – $0 costs

15 year fixed:      3.375% – .8 points,      3.5% – 0 points,      3.75% – $0 costs

10 year fixed:      3% – .69 point,      3.25% – 0 points,      3.5% – $0 costs

5/1 ARM:      2.75% – .94 points,      3.125% – 0 points,      3.375% – $0 costs

7/1 ARM:      3.25% – .69 points,       3.5% – 0 points,       3.75% – $0 costs

30 year fixed FHA:       3.75% – .94 points,       4.125% – 0 points,      4.25% – $0 costs

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

30 year fixed VA:      4% – .85 points,      4.25% – $0 costs

Today's Interest Rates - December 9th, 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.  McCormick Ranch Loan Officer.  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.  December 9th interest rates, December 10th interest rates, December 11th interest rates, December 12 interest rates, December 13th interest rates, December 14th interest rates, December 15th interest rates, December 16th interest rates

RATES CONTINUE MOVING HIGHER / FED MEETING NEXT WEEK

INTEREST RATES TRENDING UP / MONDAY IS LAST DAY FOR HOLIDAY RATE SPECIAL

INTEREST RATES TRENDING UP  /  MONDAY IS LAST DAY FOR HOLIDAY RATE SPECIAL

December 2nd, 2013

I hope everyone had a great Thanksgiving!!  Interest rates rose for the second straight week with the Mortgage Backed Security market closing down – 39 bps.

The MBS market is currently down almost -70 bps over the past 2 weeks and interest rates are around 2 month highs.  Still they are fluctuating in the same range they have for most of the past 5 months with 30 year fixed rates in the 4.125% – 4.375% range.

Over the long term, rates have been very stable and they will likely stay in a tight range unless something happens with the FED and their bond purchasing stimulus.

The FED meets again this month, but most don’t expect the FED to taper their stimulus until 2014.

HOLIDAY INTEREST RATE SPECIAL

My Holiday interest rate special ends at 4 pm Pacific on Monday.  In order to get the discount, I must approve loan and order appraisal by that time. 

The discount is:

.5 points off all CONFORMING, FHA, and VA loans.

.25 points of all HIGH BALANCE CONFORMING LOANS

The pricing below includes the discount, but all pricing will move up after Monday.  Please contact me on Monday if you would like to lock in before this special ends.

Last Day of SaleBEST VALUE OF THE WEEK:

20 Year Fixed at 4.125% with 0 points

7/1 ARM at 3.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – .69 points,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4% – .812 points,     4.125% – 0 points,     4.375%  – $0 costs

15 year fixed:   3.375% – .34 points,     3.5% – 0 points,     3.625% – $0 costs

10 year fixed:   3% – .684 point,     3.25% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.5% – .98 points,     2.875% – 0 points,     3.125% – $0 costs

7/1 ARM:    3% – .75 points,     3.25% – 0 points,     3.5% – $0 costs

30 year fixed FHA:     3.75% – .25 points,     3.875% – 0 points,     4.125% – $0 costs

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

30 year fixed VA:     3.75% – .83 points,    4% – 0 points,    4.25% – $0 costs

 

Today's Interest Rates - December 2nd, 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.  McCormick Ranch Loan Officer.  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 TRENDING UP  /  MONDAY IS LAST DAY FOR HOLIDAY RATE SPECIAL

OCTOBER EMPLOYMENT REPORT CAUSES SHARP RISE IN INTEREST RATES

OCTOBER EMPLOYMENT REPORT CAUSES SHARP RISE IN INTEREST RATES

November 11th, 2013

Happy Veteran’s Day!!  Thank you to all of our men and women who have served in the Military.

Mortgages rates ended the week sharply higher with the release of the October employment report on Friday.  Non Farm job creation crushed expectations causing a sell-off in the Mortgage Backed Security market of over 100 bps.

new job

Positive economic news from the employment report, US 3rd quarter GDP, and ISM manufacturing is causing more pricing pressure and thoughts that the FED could taper their stimulus package sooner. 

Unfortunately, the employment report usually shapes the monthly trend of interest rates.  I think rates will likely slowly rise during the month of November. 

I would recommend locking pricing if you are in the market for a mortgage.

FMAE CHANGES COMING THIS WEEKEND

Fannie Mae is implementing a new underwriting system this weekend.  The highlights of the guideline changes are:

-No more interest only loans.  I have to lock any new interest only loans by Wednesday, so if you want one – please call me asap.

-Maximum LTV going from 95% to 97%

-FMAE HARP loans no longer will require the waiting period required for Forclosures, Bankruptcies and Short sales

Make it a great week!!

BEST VALUE OF THE WEEK:

20 Year Fixed 4.25% with 0 points

7/1 ARM at 3.375% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – 1 point,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4.125% – .83 points,     4.25% – 0 points,     4.5%  – $0 costs

15 year fixed:   3.375% – .51 points,     3.5% – 0 points,     3.625% – $0 costs

10 year fixed:   3.125% – .83 points,     3.5% – 0 points,     3.625% – $0 costs

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

7/1 ARM:    3.125% – .75 points,     3.375% – 0 points,     3.625% – $0 costs

30 year fixed FHA:     3.75% – .61 points,     4% – 0 points,     4.125% – $0 costs

15 year fixed FHA:    3.25% – .10 points,     3.375% – 0 points,     3.5% – $0 costs

30 year fixed VA:     4% – .5 points,    4.25% – $0 costs

Today's Interest Rates - November 11th, 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.  McCormick Ranch Loan Officer.  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 EMPLOYMENT REPORT CAUSES SHARP RISE IN INTEREST RATES

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

TODAY’S MORTGAGE RATES – MAY 29th, 2012

MORTGAGE RATES RISE – BUT COULD DROP LOWER.   

May 29th, 2012

The MBS Market closed last week trading down (-9 bps).  

After hitting all time lows the week before, mortgage rates have pulled up a bit.  This is pretty typical when mortgage pricing hits a low point.  Pricing only stays there for a day or so.  Lenders also don’t bring pricing down as much when the market improves, and lenders bring pricing up quicker when it worsens. 

Even so, mortgage rates are still unbelievably low and I am optimistic they will stay low and may even go a bit lower. 

Europe is still in a huge mess, and until that clears up, investors will continue to seek the sanctity of safe US Treasury bonds.  This helps keeps rates low and could push them lower. 

Below are rates available today paying a point or less:

30 year fixed: 3.625% paying .95 point, 3.875% paying 0 points

20 year fixed: 3.5% paying .61 points, 3.75% paying 0 points

15 year fixed: 2.875% paying .83 points, 3.125% paying 0 points

5/1 ARM: 2.25% paying .99 points, 2.75% paying 0 points

7/1 ARM: 2.5% paying .99 point, 2.875% paying 0 points

30 year fixed High Balance Loan: 3.875% paying .33 points, 4% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.75% paying .84 points, 3.125% 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

HOME VALUES RISING ACROSS MARICOPA COUNTY

HOME VALUES RISING ACROSS MARICOPA COUNTY:

May 2nd, 2012

Statistics continue to show that home values are starting to recover across Phoenix and Maricopa County.

Low inventory and high demand are pushing up values.  Many buyers are finding the need to put in offers quickly, as a home can have multiple offers the first day on the market.  This is also creating higher value offers, as a buyer would like to distinguish their offer from the others.  Offers over listing price are not uncommon.   

It may be a more difficult process finding a home in this market, but rates are great, and values trending up will only help our market in the future.

In comparing March of 2012 versus March of 2011, the value per square foot in Maricopa County went up 15%!!

We are also seeing less and less bank owned sales, which are typically for lower prices as the bank would like to get the property off their books. 

Lender owned sales are down 53% from March of 2011 to March of 2012.

Short Sales are up 51%.

Even though short sales are up, the total amount of distressed property sales are down 42%.  And the total amount of non distressed sales are up 32%.

This combination of low inventory, high demand, and less distressed property sales are pushing values back up in Maricopa County.

Home Values Rising Across Maricopa County.

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

FANNIE MAE AND FREDDIE MAC LOOK UP: 

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

or

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

HARP 2.0, Barrack Obama, Updated HARP, New HARP, New HARP guidelines, DU REFI PLUS, FANNIE MAE, FREDDIE MAC FORECLOSURE RELIEF, freddie mac open access, December 2011, Freddie Mac, No appraisal refinance, unlimited ltv, underwater, upside down, no equity, no appraisal refinance, Unlimited combined loan to value, 125% ltv, 105% ltv, 150% ltv, March 2012.  Refinancing for Arizona, Colorado, and California.

HARP 2.0 GUIDELINES

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

FHA mortgage, FHA mortgage insurance, FHA mortgage insurance changes, 15 year fixed FHA, 30 year fixed FHA, 120 bps, 130 bps, 1.75% upfront Mortgage insurance, 95% loan to value, over 95% loan to value, 78-90% loan to value, over 90% loan to value, FHA guideline changes, Updated FHA, April 2012, April 9th, 2012, June 1st, 2009, June 11th, 2012, FHA streamline, Streamline, no appraisal FHA streamline, FHA lowers Mortgage insurance on FHA streamline loans.

FHA MORTGAGE INSURANCE CHANGES.