Coffee After Midnight: Mortgage Rates Today, FHA Update, FHA Fees Upped
By: Bruno Mckenzie
I’ve got my coffee, fresh outta’ my midnight pot and I’m ready for some shop talk. Today we’re gona’ discuss some things I read on FreeRateUpdate.com today as well as some industry chatter from my industry pals and a very special lady friend of mine who works at 
the bank.
Before I continue, hey, we can’t be all business here can we? I just wanted to mention I’m taking it easy on the half and half, I’ve had a dull pain in my side for a month. Any suggestions? I was thinking if something explodes I’ll call the doctor soon after but what are you gona’ do?
As usual Ed Ferrara covered mortgage rates quite well in the afternoon. It’s a shame, but hey things happen, 30 year fixed rates edged up an 1/8%. Read the full story
To get the lowest mortgage rates try our local mortgage rate search.
Mark Simons who Ed raves about did his weekly Northern CA Rate Update today. I really enjoy his stuff. He included a link in his article to some new HUD guidelines detailing some FHA jack ups on fees. “Now HUD is going to up the up so to speak to 2.25% which in Mortgage Land is a big ol’ hunkin’ jump”, Mark said and said well might I add referring to an increase in the Mortgage Premiums associated with FHA loans also known as PMI. Read the full story
Speakin of FHA, FHA mortgage rates today dropped below good ole regular loans. You kiddin me? I called a very close lady friend of mine who works inside one of the biggest New York mortgage bankers, she’s a top ranker, we’ll call her as “Ginger” for the sake of privacy. I asked Ginger, hey, ”what’s goin on here with this FHA rate below the conforming rate”? She was quick to point out not only did I leave in the middle of the night, last night, when she was sleepin, but FHA loans have double, triple the fees. While a par rate might be better on a certain day, your out a pocket expense is much higher, therefore par aint really par. “It’s complicated” Ginger said, we’ll leave it at that. Ed touched on this today, I just thought I’d add to it. Read the full story here
I hope you enjoyed your after midnight cup a coffee, I know I did.
Too da lu,
The Real Bruno Mckenzie