Arizona home loan

Major Change to Arizona Down Payment Assistance

See below announcement from AZ housing.

Currently, clients are utilizing down payment assistance programs to help get into their homes with little to no money down.   

Down Payment Assistance program utilize higher rates than a traditional mortgage to help offset the grant money being paid.

Many lenders are soliciting these borrowers right after closing to lower their rate.

This is a smart tactic, but it makes the program unsustainable as the higher rate is helping pay for the grant.

If they are immediately being paid off, the program is losing money.

Effective on all new Home Plus reservations after January 2nd – the grant will be a silent 2nd completely forgivable after 3 years.

This will create a combined loan to value likely over 100%, preventing lenders from coming in to immediately refinance the down payment assistance loans.

It will also create a higher mortgage balance between the two loans which will affect consumers trying to sell within 2 years.

HOW CAN YOU USE THIS TO YOUR ADVANTAGE:

Once the silent 2nd goes into effect, it will be difficult for borrowers using down payment assistance to refinance shortly after closing.

But, they can still do this if they act fast.

Once the silent 2nd goes into effect, borrowers will likely have to remain in a higher down payment assistance rate for a lot longer because of the higher combined loan to value and rate pricing is worse when you have 2 loans.

Speed up your home search and get under contract in December and you can still utilize the non repayable grant.

REGGIE GREEN / BRANCH MANAGER AT FAIRWAY INDEPENDENT MORTGAGE – MCCORMICK RANCH

480-206-5577 / TEAMGREEN@FAIRWAYMC.COM


 

 

 

 

 

 

 

The HOME Plus program will be making a change in the delivery of our down payment assistance.

Effective, January 2, 2018 on all new HOME Plus reservations the assistance provided will be in the form of a three-year, no interest, no payment, deferred soft second mortgage, forgiven monthly at a rate of 1/36 over the term of the lien.

This change is being driven by our master servicer, US Bank.  And while this communication is strictly for the HOME Plus program, if you use other DPA programs in the State, serviced by US Bank, I expect you will receive similar communication in the near future.

The change will:

(1)     Provide you further protection from “poaching” lenders and any associated claw back or EPO issues.

(2)    Allow us to maintain our current lender compensation structure.

(3)    Hopefully increase our “approved eligible” decisions. Many of my peers in other States experienced an increase in approval decisions when they changed their assistance from a grant to a community second.

All supporting documents connected with the new soft second mortgage will be embedded in our HTS Emphasys-Lender Online system and accessed and generated in the same manner that our current program documents are.  We will require the deed of trust associated with the soft second mortgage to be recorded, which depending on the County is usually less than $75.  ALL other program fees will remain the same.

The HOME Plus process flow will not change.

Updated HOME Plus Program Guidelines and sample documents we be available in the next few days.  I will also keep the lines of communication open to insure a smooth transition into the new assistance method.

As always, I appreciate your interest in the HOME Plus program and value the partnerships we have cultivated.  If you have any questions, just let me know.

Dirk Swift

Program Administrator

Office 602.771.1091 | Cell 602.319.9620

Website https://housing.az.gov/general-public/home-plus

Lender Online https://lenders.housing.az.gov

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Weekly Rate – Rates Slowly Rising as the Stock Market Rebounds

WEEKLY RATE – Rates Slowly Rising as the Stock Market Rebounds

March 2016

Interest rate pricing has been slowly rising. 

The stock market had one of it’s worst starts to a year ever in 2016.  This pushes investors into safer bonds and mortgage backed securities which improves interest rate pricing.

This pushed rates to about 3 year lows in mid February.

Since then, the stock market has slowly started to improve and interest rate pricing is rising as a result. 

Interest rate pricing is still just above 3 year lows and now is still a good time to lock.  With that being said, rate pricing is definitely trending up at the moment. 

For a free email mortgage quote, please answer questions on the right or go to:

WWW.FREEMORTGAGEQUOTE.BIZ

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

TODAY’S INTEREST RATES:

30 year fixed:       3.625% – .98 points (3.82% APR),       3.875% – 0 points (3.9% APR)

20 year fixed:       3.5% – .84 points (3.66% APR),        3.75% – 0 points (3.78% APR)

15 year fixed:        2.875% – .94 points (3.06% APR),        3.125% – 0 points (3.13% APR)

10 year fixed:        2.75% – .81 points (2.91% APR),        3.0% – 0 points (3.03% APR)

5/1 ARM:        3.125% – .7 points (3.26% APR),         3.625% – 0 points (3.66% APR)

7/1 ARM:       3.25% – .85 points (3.42% APR),        3.625% – 0 points (3.66% APR)

30 year fixed FHA:        3.25% – .79 points (4.1% APR),      3.5% – 0 points (4.2% APR)

15 year fixed FHA:        2.75% – 1 point (3.25% APR),      3.0% – 0 points (3.3% APR)

30 year fixed VA:        3.25% – 1 point (3.45% APR),      3.5% – 0 points (3.55% APR)

Today's Interest Rates - March 8th, 2016

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, Colorado, Washington, and Virginia.  Arizona Home Loans, California Home Loans, Colorado Home Loans, Washington Home loans, Virginia 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.  March 8th 2016 30 year fixed rates, March 9th 2016 30 year fixed rates, March 10th 2016 30 year fixed rates, March 11th 2016 30 year fixed rates, March 12th 2016 30 year fixed rates, March 13th 2016 30 year fixed rates, March 14th 2016 30 year fixed rates.

Weekly Rate – Rates Rising as The Stock Market Rebounds

INTEREST RATES HIT MULTI YEAR HIGHS – WITH NO SIGNS OF STOPPING

INTEREST RATES HIT MULTI YEAR HIGHS – WITH NO SIGNS OF STOPPING

June 24th, 2013

Last week was the single worst week for interest rates that I can remember (I have been doing mortgages for 10 years). As expected and stated in last week’s update – the FED’s statement on Wednesday would bring about volatility in the market and it certainly did.

Ben Bernanke and the FED maintained that they would scale back the stimulus and bond purchasing plan. The mortgage backed security and stock markets plummeted. The MBS market closed the week trading down -314 bps.  When the dust had settled, 30 year fixed rates were .625% higher than they were at the end of trading on Friday.

The interest rates people have been accustomed to for the past couple years are gone and they are not coming back. I have warned about this for the past year – when the FED leaves the bond purchasing market – rates will go higher, quickly. The FED has basically kept rates lower than they should be for 2.5 years.

On the bright side – interest rates are historically still very good, but I do expect them to continue to rise.

If you can benefit from refinancing – I wouldn’t wait or spend a week shopping. Rates have been moving up so quickly that shoppers are losing a ton more in daily rate hikes than actually finding a better deal. Even if the savings are not unbelievable, this may be your last chance to lower your rate and payment for the life of your loan.

My recommendation is to lock in if you are currently floating.

Make it a great week!!

BEST VALUE OF THE WEEK:

15 Year Fixed at 3.75% with 0 points

TODAY’S RATES:

30 year fixed:      4.5% – .89 points,      4.75% – 0 points,      4.875% – $0 costs

20 year fixed:      4.25% – .32 points,      4.375% – 0 points,      4.75% – $0 costs

15 year fixed:      3.5% – .84 points,      3.75% – 0 points,       4% – $0 costs

5/1 ARM:      3.25% – .81 points

7/1 ARM:      3.375% – .97 points

10/1 ARM:       4.25% – .91 points

30 year fixed FHA:      4% – .99 points,      4.25% – 0 points,       4.5% – $0 costs

15 year fixed FHA:      3.25% – .48 points,      3.375% – 0 points,       3.5% – $0 costs

30 year fixed VA:      4.25% paying 0 points,      4.625%- $0 costs

TR - 6-24-13

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 HIT MULTI YEAR HIGHS  –  WITH NO SIGNS OF STOPPING

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

FIXED INTEREST RATES CLOSE WEEK AT MULTI-MONTH HIGH – ARMS STILL PRICING GREAT

FIXED INTEREST RATES CLOSE WEEK AT MULTI-MONTH HIGH  –  ARMS STILL PRICING GREAT.

March 10th, 2013

Interest rates rose every day last week – and the rate markets look increasingly bearish moving forward.

The Mortgage Backed Security market closed last week (-85 bps).  The week was capped by a better than expected February unemployment report with unemployment dropping from 7.9% to 7.7%.  Non farm jobs increased 236,000 and private jobs increased 246,000.

The stock markets are up in the US, Europe and Asia.  Though the stock market seems prime for a pullback, the biggest concern to interest rates going forward is if the FED decides to stop purchasing mortgage backed securities sooner than expected.  The more positive news coming out – the increasing likelihood that the FED will eventually stop keeping interest rates artificially low.

Although fixed rates have went up, ARM rates are still pricing great.  I think a 7/1 ARM is a great product, and something to consider in this market.  The rate doesn’t adjust for 7 years, and the rate can never go 5% above the start rate – and it is unlikely the rate would go that high.

We could see some improvement in interest rates this week, but the long term outlook still looks bleak.  I recommend locking rates on any improvement in the rate markets this week.

I am going to Moab, Utah for a half marathon on Wednesday.  If you would like to get approved or lock in a loan this week, please try to get a hold of me early in the week. 

Make it a great week!!

BEST VALUE OF THE WEEK:

7/1 ARM at 2.75% paying 0 points

TODAY’S RATES:

30 year fixed:     3.75% paying .39 points,     3.875% paying 0 points,     4.125% – $0 costs

20 year fixed:   3.625% paying .71 points,     3.75% paying 0 points,     4%  – $0 costs

15 year fixed:   2.875% paying .75 points,     3% paying 0 points,     3.375% – $0 costs

5/1 ARM:   2.25% paying .98 points,     2.5% paying 0 points,     2.875% – $0 costs

7/1 ARM:    2.5% paying .95 points,     2.75% paying 0 points,     3.125%- $0 costs

30 year fixed High Balance Loan:    3.875% paying .9 points;     4.125% paying 0 points;    4.25% – $0 costs

30 year fixed FHA:    3.25% paying .33 points,    3.5% – $0 costs

15 year fixed FHA:    2.75% paying 0 points,     3.125% – $0 costs

30 year fixed VA:    3.25% paying 0 points,    3.5% – $0 costs

TR-3-10-2013

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.

FIXED INTEREST RATES CLOSE WEEK AT MULTI-MONTH HIGH  –  ARMS STILL PRICING GREAT

MERRY CHRISTMAS – 30 YEAR FIXED RATES REMAIN AT 3.375%

MERRY CHRISTMAS  –  30 YEAR FIXED RATES REMAIN AT 3.375%

December 26th, 2012

I hope everyone had a Merry Christmas!!

Interest rates did not change much over the past week.  The mortgage backed security market closed last week trading down (-3 bps). This week the MBS market is trading up (+6 bps). 

All eyes remain on the fiscal cliff negotiations.  We are getting down to the deadline and the sides still appear to be very far apart.  Congress will reconvene on Thursday and the President will be back from Hawaii on Thursday.

Some insiders still believe a deal will get done, while others are more pessimistic.  Some think that going over the cliff will cause serious economic repercussions, some don’t.  So you are seeing conflicting points of view on all angles of the fiscal cliff.

Going over the fiscal cliff will cause taxes to go up for all Americans, but many believe a tax deal will get done before the new tables are released even if a Fiscal Cliff deal does not get done.  The market is most concerned with the tax rates, as more taxes equals less disposable income to spend on goods and services.   Unfortunately, it appears likely that the issue of deficit reduction and spending cuts will get kicked down the road. 

My personal belief is:

If the Fiscal Cliff or Tax deal get done, rates will go up slightly.

If they don’t, rates will go down slightly.

In other news, the Senate will be introducing bill S3678 this week.  This bill will be voted on before the end of the year.  If it passes, FHA will raise Mortgage insurance premiums again.  The rumored changes are:

FHA raising monthly mortgage insurance premiums .1%

FHA monthly mortgage insurance premiums to continue for life  

If you are planning to start a new FHA loan, or streamline your existing FHA loan – I wouldn’t wait. 

Have a great week!!

TODAY’S RATES:

30 year fixed:     3.375% paying .40 points,     3.5% paying 0 points,     3.625% – $0 costs

20 year fixed:   3.25% paying .73 points,     3.375% paying 0 points,     3.625%  – $0 costs

15 year fixed:   2.75% paying .26 points,     2.875% paying 0 points,     2.99% – $0 costs

5/1 ARM:   2.25% paying 1 point,     2.625% paying 0 points,     3% – $0 costs

7/1 ARM:    2.5% paying .88 points,     2.75% paying 0 points,     3%- $0 costs

30 year fixed High Balance Loan:    3.5% paying .99 points;     3.75% paying 0 points;    3.875% – $0 costs

30 year fixed FHA:    3.25% – $0 costs

15 year fixed FHA:    2.75% – $0 costs

30 year fixed VA:    3.25% – $0 costs

TR- 12-26-12

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.

30 Year Fixed Rates remain at 3.375%

MORTGAGE RATES INCH HIGHER – 30 YEAR FIXED TO 3.375%

MORTGAGE RATES INCH HIGHER – 30 YEAR FIXED TO 3.375%

October 8th, 2012

Last week the mortgage backed security market told 2 stories. 

The MBS market closed (+ 50 bps) from Monday to Tuesday.  This continued the trend of rates dropping since the FED announced QE3.  But every positive interest rate streak will eventually end and pull back the other way.

From Wednesday to Friday, the MBS market closed down (– 84 bps), finishing the week (– 34 bps). 

The week was capped off with the September unemployment rate dropping from 8.1% to 7.8% with 114,000 new jobs created.  There was a lot of controversy regarding the validity of the report – but either way the MBS market had a mini sell off and closed the week down. 

Mortgage rates are still very low, but a bit higher than their previous lows.  The bond market is closed Monday due to Columbus Day. 

I don’t expect a ton of rate movement next week, but I do think rates may improve a bit, taking back some of the losses of last week.

Keep in mind most news websites/channels report when rates drop but not so much when they rise.  Rates are always fluctuating until a loan is locked.

My best value of the week:

30 Year Fixed at 3.5% paying 0 points

Below are rates available today paying a point or less:

30 year fixed:  3.375% paying .69 points, 3.5% paying 0 points

20 year fixed:  3.25% paying .79 points, 3.5% paying 0 points

15 year fixed:  2.75% paying .81 points, 3% paying 0 points

5/1 ARM:  2.25% paying .98 points, 2.75% paying 0 points

7/1 ARM  :2.5% paying .77 points, 2.75% paying 0 points

30 year fixed High Balance Loan:  3.5% paying .49 points; 3.625% paying 0 points

30 year fixed FHA:  3.25% paying 0 points

15 year fixed FHA:  2.75% paying 0 points

30 year fixed VA:  3.25% paying 0 points

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.

Mortgage Rates Inch Higher – 30 Year Fixed to 3.375%

30 YEAR FIXED AT 3.25% – MORTGAGE RATES REACH NEW ALL TIME LOW!!

30 YEAR FIXED AT 3.25% – MORTGAGE RATES REACH NEW ALL TIME LOW!!

September 22nd, 2012

The MBS market closed last week trading up (+ 112 bps).

Rates are the lowest they have ever been right now. 

Most customers can get a 3.5% 30 year fixed with absolutely $0 costs.  15 year fixed at 3% with absolutely $0 costs.  Lower rates are available paying fees.

The Fannie Mae guaranteed fee increase isn’t in all lender’s rate pricing yet.  Rates this low usually don’t last long.  This is a great opportunity to take advantage of once in a lifetime low rates.

My best values of the week:

30 Year Fixed at 3.375% with 0 points

15 Year Fixed at 2.875% with 0 points

30 Year Fixed High Balance Loan at 3.5% with 0 points

Below are rates available today paying a point or less:

30 year fixed:  3.25% paying .51 point, 3.375% paying 0 points

20 year fixed:  3.25% paying 0 points

15 year fixed:  2.625% paying .95 points, 2.875% paying 0 points

5/1 ARM:  2.125% paying .97 points, 2.5% paying 0 points

7/1 ARM:  2.375% paying .84 points, 2.625% paying 0 points

30 year fixed High Balance Loan:  3.375% paying .43 points, 3.5% paying 0 points

30 year fixed FHA:  3.25% paying 0 points

15 year fixed FHA:  2.75% paying 0 points

30 year fixed VA:  3.25% paying 0 points

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.

30 YEAR FIXED AT 3.25% – MORTGAGE RATES CREATE NEW ALL TIME LOW!!

 

MORTGAGE RATES SURPASS RECORD LOWS, AGAIN!!!

MORTGAGE RATES SURPASS RECORD LOWS,  AGAIN!!!

June 4th, 2012

The MBS Market closed last week trading up (+ 100 bps)!! 

Mortgage Rates positive momentum started with great pricing improvement near the latter half of the week.  The stock market was hit hard last week, culminating in a poor jobs report on Friday that pushed rates below another record.

That being said, when mortgage rates hit a low point, they usually only stay there for a day or two tops.  I expect rates to increase this week, but not by much.

This is the best time in the history of the mortgage industry to take advantage of low rates either by refinancing or purchasing a new home.  Please call me or fill out the quote questions below for an up to date quote. 

My best values for the week:

30 Year Fixed at 3.625% paying less than .2 points.

20 Year Fixed at 3.5% paying 0 points.

Below are rates available today paying a point or less:

30 year fixed: 3.5% paying .65 point, 3.75% paying 0 points

20 year fixed: 3.375% paying .31 points, 3.5% paying 0 points

15 year fixed: 2.875% paying .54 points, 3% paying 0 points

5/1 ARM: 2.25% paying .89 points, 2.625% paying 0 points

7/1 ARM: 2.375% paying .97 point, 2.75% paying 0 points

30 year fixed High Balance Loan: 3.75% paying .47 points, 3.875% paying 0 points

30 year fixed FHA: 3.25% paying .95 points; 3.5% paying 0 points

15 year fixed FHA: 2.75% paying .62 points, 3% paying 0 points

30 year fixed VA: 3.25% paying .819 points, 3.5% 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.

MORTGAGE RATES SURPASS RECORD LOWS,  AGAIN!!!

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.

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