INTEREST RATES VERY VOLATILE IN WAKE OF FISCAL CLIFF

INTEREST RATES VERY VOLATILE IN WAKE OF FISCAL CLIFF

November 14th, 2012

Interest rates have seen quite the see-saw action over the past week. Interest went up quite a bit on election day. Then dropped quite a bit after the election when the stock market dropped off.

Overall, last week interest rates improved – with the MBS market closing at (+ 47 bps).

This week has been a different story so far. The MBS market is trading (- 57 bps) for the week, pushing rates to the level we saw the week before the election.

Expect volatility in the markets right now. There is still the looming question of what Congress and the President are going to do regarding the fiscal cliff. It would be political suicide for this deal not to get done, so I definitely don’t see a compromise not being made. The question is – what will the compromise be?

I still see rates staying very similar to their current levels, but we could see quite a bit of closing cost variation on a daily basis depending on the market that day.

TODAY’S RATES

30 year fixed:    3.25% paying .97 points,    3.5% paying 0 points,     3.625% – $0 costs
20 year fixed: 3.25% paying .56 points,     3.375% paying 0 points,     3.625% – $0 costs
15 year fixed:     2.75% paying .59 points,    2.875% paying 0 points,    3.125% – $0 costs
5/1 ARM:     2.125% paying .76 points,     2.5% paying 0 points,     2.75% – $0 costs
7/1 ARM:     2.25% paying .99 points,     2.625% paying 0 points,     2.875%- $0 costs
30 year fixed High Balance Loan:     3.5% paying .199 points;     3.625% – $0 costs
30 year fixed FHA:     3.25% – $0 costs
15 year fixed FHA:     2.75% – 0 points,     2.875% – $0 costs
30 year fixed VA:     3.25% – $0 costs

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 VERY VOLATILE IN WAKE OF FISCAL CLIFF

 

MORTGAGE PRICING IMPROVES ; HARP 2.0 UPDATE

MORTGAGE RATES IMPROVE:

December 5th, 2011

Fixed Mortgage rates improved slightly last week with the bond market closing + 53 bps.  ARM pricing has started to creep a bit higher lately.  ARM loans are less tied to the bond market than fixed loans are. 

There is not too much data coming into the markets this week.  The leaders in Europe are meeting on Friday to continue debt talks, but I don’t expect too much to come of that.

I still feel that the long term outlook is that mortgage rates will start to rise slowly in the coming weeks and months. 

Below are rates available today paying a point or less:

30 year fixed: 3.875% paying .653 point, 4.125% paying 0 points

20 year fixed: 3.75% paying .935 points, 4% paying 0 points

15 year fixed: 3.25% paying .725 points, 3.5% paying 0 points

5/1 ARM: 2.5% paying .97 points; 2.875% paying 0 points

7/1 ARM: 2.875% paying .883 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.25% paying .817 points, 4.5% paying 0 points

30 year fixed FHA: 3.75% paying .605 points, 3.99% paying 0 points

15 year fixed FHA: 3.25% paying .867 points, 3.5% paying 0 points

30 year fixed VA: 3.75% paying 0 points

HARP 2.0 UPDATE

When dealing with a new agency product, typically the big lenders announce when they are coming out and everybody falls in line.  The only lender I know of that has publicized HARP 2.0 updates is Wells Fargo.  They are releasing their HARP 2.0 rate sheets next week but are not offering the product for underwriting.

Many direct lenders have lines of credit from bigger banks to fund their loans.  Wells Fargo is an investor in my company as well as many, many other lenders.  Thus we will get it at the same time.

It is now starting to appear that the HARP 2.0 product may not make it to the market for some time.  As always, I will keep you updated on any new developments.    

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

MORTGAGE PRICING IMPROVES ; HARP 2.0 UPDATE

TODAY’S MORTGAGE RATES ; INTEREST RATES REMAIN STABLE

TODAY’S MORTGAGE RATES:

November 28th, 2011

During the past few weeks we have really seen a stable market for interest rates. Last week the bond market closed even (0 bps), keeping rates relatively the same as the week before. Rates have basically remained at the same levels for most of November.

I still recommend LOCKING in the present market. Rates look like they have hit their lows, and there is not any technical indicators that show that rates will go below their current levels. So without much hope of rates going lower, there really is only one way to go.

Floating a loan in the current market is hoping for rates to drop lower than they most likely will, and risking rates going up. I don’t think there is enough reward for the risk.

Below are rates available paying a point or less:

30 year fixed: 3.875% paying 1 point, 4.125% paying 0 points

20 year fixed: 3.875% paying .53 point, 4% paying 0 points

15 year fixed: 3.25% paying .85 points, 3.625% paying 0 points

5/1 ARM: 2.5% paying .78 points; 2.75% paying 0 points

7/1 ARM: 2.875% paying .92 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.25% paying 1 point, 4.5% paying 0 points

30 year fixed FHA: 3.75% paying .54 points, 3.99% paying 0 points

15 year fixed FHA: 3.375% paying .66 points, 3.625% paying 0 points

30 year fixed VA: 3.75% paying 0 points

 

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

November 28th, 2011

TODAY’S MORTGAGE RATES ; INTEREST RATES REMAIN STABLE

TODAY’S MORTGAGE RATES , HARP 2.0 GUIDELINES RELEASED

TODAY’S MORTGAGE RATES:

November 21st, 2011

The bond market closed another see-saw type week with trading ending at + 6 bps on the week.  Mortgage interest rate pricing has basically stayed the same and I expect more of the same results this week.  Although this is a work shortened week in America, Europe and Asia are business as usual.  There are not any major reports or events on the horizon this week that should raise or lower rates too much.

Have a happy and safe Thanksgiving with your family!!

Below are rates available paying a point or less: 

30 year fixed: 3.875% paying 1 point,  4.125% paying 0 points

20 year fixed: 3.875% paying .53 point, 4% paying 0 points

15 year fixed: 3.25% paying .85 points, 3.625% paying 0 points

5/1 ARM: 2.5% paying .78 points; 2.75% paying 0 points

7/1 ARM: 2.875% paying .92 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.25% paying 1 point, 4.5% paying 0 points

30 year fixed FHA: 3.75% paying .54 points, 3.99% paying 0 points

15 year fixed FHA: 3.375% paying .66 points, 3.625% paying 0 points

30 year fixed VA: 3.75% paying 0 points


HARP 2.0 – WHO IS ELLIGIBLE?

HARP 2.0 is now only two weeks away.  The new guidelines were released this week and below are the MAIN changes. 

REMINDER:  A HARP loan is a product that allows homeowners backed by a Fannie Mae or Freddie Mac loan the ability to refinance their loan at up to 125% of the value with no mortgage insurance as long as they don’t have it currently.  The original loan must have been delivered to Fannie Mae or Freddie Mac by May of 2009.  Below are changes that will allow more homeowners to take advantage of this product.

HARP 2.0:

1.)  Starts with applications dated December 1st or later.

2.)  The biggest change – removing the 125% barrier for fixed loans.  There is an unlimited LTV for fixed loans and a max 105% LTV for ARM loans and loans with terms over 30 years.

3.)  Another biggie – eliminates the need for an appraisal or automated valuation model to complete the loan.

4.)  Allows 1 30 day late in the past 12 months – as long as it is not within the most recent 6 months.

5.)  Before, you had to have the same occupancy as when you took out the original loan.  This has now been lifted.  For example, you could not complete a HARP loan on an original primary residence that is now a rental.  Now you can.

6.)  Fannie Mae is removing the waiting periods for short sales and foreclosures for this product.

This program will help the underwater homeowners that have stayed in their home and maintained their payment, to lower their interest rate to the current market levels.  This is a great product, and I think this is a step in the right direction for our industry.

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HAVE A GREAT THANKSGIVING!!

 

 

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

TODAY’S MORTGAGE RATES, HARP 2.0 GUIDELINES RELEASE

 

HARP 2.0 – UPDATED GUIDELINES MEANT TO HELP MORE HOME OWNERS:

HARP 2.0

November 17th, 2011

HARP 2.0 is now only two weeks away.  The new guidelines were released this week and below are the MAIN changes. 

REMINDER:  A HARP loan is a product that allows homeowners backed by a Fannie Mae or Freddie Mac loan the ability to refinance their loan at up to 125% of the value with no mortgage insurance as long as they don’t have it currently.  The original loan must have been delivered to Fannie Mae or Freddie Mac by May of 2009. 

HARP 2.0:

1.)  Starts with applications dated December 1st or later.

2.)  The biggest change – removing the 125% barrier for fixed loans.  There is an unlimited LTV for fixed loans and a max 105% LTV for ARM loans and loans with terms over 30 years.

3.)  Another biggie – eliminates the need for an appraisal or automated valuation model to complete the loan.

4.)  Allows 1 30 day late in the past 12 months – as long as it is not within the most recent 6 months.

5.)  Before, you had to have the same occupancy as when you took out the original loan.  This has now been lifted.  For example, you could not complete a HARP loan on an original primary residence that is now a rental.  Now you can.

6.)  Fannie Mae is removing the waiting periods for short sales and foreclosures for this product.

What do you think of these changes?  The first version of HARP did not help nearly as many people as projected – Will these new changes be more effective in helping homeowners with little to no equity improve their rate and stay in their home?

HARP 2.0, Update Harp, New Harp Guidelines, Changes to Harp, Fannie Mae, Freddie Mac, Unlimited LTV, Loan to value, DU Refi Plus, Foreclosure relief, Mortgage insurance, equity, underwater, upside down, home values, December 2011, President Barack Obama, HARP 2.0

HARP 2.0 – UPDATED GUIDELINES

 

TODAY’S MORTGAGE RATES – ALL EYES ON EUROPE

TODAY’S MORTGAGE RATES:

November 14th, 2011

The bond market closed last week trading down – 19 bps. Mortgage rates and pricing increased slightly on the week as a whole. My bank took on a new investor, so my pricing is improved across the board even though pricing is a bit higher this week. Check out my updated pricing below:

The bond market and stock market are still trading up and down with most investors looking at Europe’s debt crisis. One day, the markets are doom and gloom due to discouraging developments in Europe. The next day, the markets are up beat as new plans/leadership are announced, increasing hope that the crisis will soon be averted.

Mortgage rates have seemed to hit an even plane where they continue to stay in the 3.875% – 4.125% range for a 30 year fixed product.

As I said last week, I am still encouraging customers to consider 5/1 and 7/1 ARM loans right now. I am seeing 0 cost loans on a 5/1 ARM and 7/1 ARM in the low 3%’s, and even lower if you want to pay fees.

Below are rates available paying a point or less:

30 year fixed: 3.875% paying 1 point, 4.125% paying 0 points

20 year fixed: 3.75% paying 1 point, 4% paying 0 points

15 year fixed: 3.25% paying .85 points, 3.625% paying 0 points

5/1 ARM: 2.5% paying .78 points; 2.75% paying 0 points

7/1 ARM: 2.875% paying .92 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.25% paying 1 point, 4.5% paying 0 points

30 year fixed FHA: 3.75% paying .54 points, 3.99% paying 0 points

15 year fixed FHA: 3.375% paying .66 points, 3.625% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

Today’s Mortgage Rates – November 14th, 2011

 

 

MORTGAGE RATES IMPROVE AGAIN

MORTGAGE RATES IMPROVE:

November 7th, 2011

The bond market closed last week selling +116 bps up, pushing mortgage pricing and rates down for the second consecutive week. Even though October was a great month for stocks and a bad month for interest rates, the past couple weeks have seen rates improve. The US economy continues to show signs of improvement, but the weight on the market is the continuing European debt crisis. Many investors are still seeking the security of US treasuries, which is helping keep interest rates low at the present time.

The FED met last week and is taking a wait and see approach. They are not taking action at the present time and letting the market takes it’s course.

Currently rates are very close to the historic lows we saw in August 2011. This week is shaping up to be a relatively quiet week with a lack of significant financial data coming into the market. Of course with the happenings in Europe, things can change very quickly if new information comes out to stir up the market.

I am really encouraging borrowers to seriously look at ARM loans right now. 5/1 and 7/1 ARMs are pricing very good right now, and if you plan on selling in 5 or 7 years, these are great products that allow you to get the best rate/payment available on the market.

Below are rates available paying a point or less:

30 year fixed: 4% paying .83 points, 4.25% paying 0 points

20 year fixed: 3.75% paying 1 point, 4% paying 0 points

15 year fixed: 3.375% paying .63 points, 3.625% paying 0 points

5/1 ARM: 2.5% paying .78 points; 2.75% paying 0 points

7/1 ARM: 2.875% paying .69 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4.375% paying .75 points, 4.75% paying 0 points

30 year fixed FHA: 3.75% paying .54 points, 3.99% paying 0 points

15 year fixed FHA: 3.375% paying .66 points, 3.625% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

Mortgage Rates Improve Again – November 7th, 2011

MORTGAGE RATES IMPROVE WITH HALLOWEEN BOND RALLY

HAPPY HALLOWEEN  :  MORTGAGE RATES IMPROVE:

October 31st, 2011

Mortgage rates closed last week the same as they opened – no movement up or down. Halloween marked a far different story. On Halloween, the bond markets traded + 84 bps – pushing mortgage rates and pricing significantly lower.

The long term outlook still indicates a bearish market where rates look likely to rise. Most experts recommend locking in pricing on any days with improvement.

Below are rates available today paying a point or less:

30 year fixed: 4% paying 1 point, 4.25% paying 0 points

20 year fixed: 3.75% paying 1 point, 4% paying 0 points

15 year fixed: 3.375% paying .85 points, 3.75% paying 0 points

5/1 ARM: 2.5% paying .87 points; 2.875% paying 0 points

7/1 ARM: 2.875% paying .91 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4.375% paying .69 points, 4.625% paying 0 points

30 year fixed FHA: 3.75% paying .65 points, 3.99% paying 0 points

15 year fixed FHA: 3.375% paying 1 point, 3.75% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Mortgage Rates Improve With Halloween Bond Rally

MORTGAGE RATES IMPROVE:

MORTGAGE RATES IMPROVE:

October 24th, 2011

Mortgage rates improved slightly last week with the bond market closing + 28 bps on the week. We are still seeing a lot of volatility to in the markets where rates/costs can change a lot in a very short period of time.

My recommendation is to lock in pricing if you looking into a mortgage. The stock market is gaining momentum and I think rates will rise during the last quarter of 2011. In the 4th quarter of 2010, mortgage rates went from 4% to 4.75% in a very short period of time. While I don’t see that much of a change coming, I do feel that mortgage rates will continue to slowly move upwards.   

Below are rates available today paying a point or less:

30 year fixed: 4.125% paying 1 point, 4.375% paying 0 points

20 year fixed: 3.875% paying .74 points, 4.25% paying 0 points

15 year fixed: 3.5% paying .74 points, 3.875% paying 0 points

5/1 ARM: 2.5% paying .88 points; 2.875% paying 0 points

7/1 ARM: 3% paying .59 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.5% paying 1 point, 4.875% paying 0 points

30 year fixed FHA: 3.875% paying .69 points, 4.125% paying 0 points

15 year fixed FHA: 3.625% paying .85 points, 3.875% paying 0 points

30 year fixed VA: 3.75% paying .6 points, 3.99% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, VA mortgages, FHA mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

MORTGAGE RATES IMPROVE:

 

(HARP) HOME OWNER AFFORDABILITY REFINANCE PROGRAM – UPDATED TO HELP MORE UNDERWATER HOMEOWNERS

NEW GOVERNMENT REFINANCE PROGRAM:

When the government released the Homeowner Affordability Refinance Program (HARP) product two years ago, they envisioned helping 4 million homeowners get into a better mortgage. As of August, only 894,000 people were able to utilize the HARP product to get into a better mortgage.

The basics of the current HARP product allow homeowners in a FANNIE MAE or FREDDIE MAC loan to refinance their current loan at up to 125% Loan to value (though most lenders only do 105% LTV). The original loan had to be taken out before March of 2009. This product was meant to help homeowners with little or no equity refinance their current loan with at a lower rate with no mortgage insurance.

President Obama is scheduled to release revisions to the HARP program this week. The new program is said to uncap the max loan to value of 125%. The new HARP loan will allow more under water homeowners to refinance their current loan at a lower rate with no mortgage insurance.

Many consumers owe much more than 125% of their home’s value. The updated HARP product is meant to help the homeowner’s that the first HARP product could not.

Check below to see if your current loan is backed by FANNIE MAE or FREDDIE MAC. 

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

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

(HARP) HOME OWNER AFFORDABILITY REFINANCE PROGRAM – UPDATED TO HELP MORE UNDERWATER HOMEOWNERS