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Alaska Mortgage Rates

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Unlock Bank 3.25 30 Year Fixed FHA 0.7 to 3 Show Phone Number Learn More
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HARP 2.0 Fixed-Rate Mortgages Popular, Available in Alaska

By: Michael Foster | September 7th, 2012

A new study by Freddie Mac suggests that fixed-rate refinances remain overwhelmingly popular, accounting for 95 percent of approved mortgage refinances. The popularity of 30-year fixed-rate refinances grew from the previous quarter, after three years of losing ground to alternative mortgage types. In total, 66 percent of mortgage refinances were fixed-rate products.

The trend away from 30 year fixed-rate mortgages began after the subprime mortgage crisis, after spiking in the last quarter of 2008. Consumers started to choose 15-year fixed-rate mortgages more and more during 2009, 2010, and 2011 as interest rates dropped. “Compared to a 30-year fixed-rate mortgage, the interest rate on a 15-year fixed was about three-quarters of a percentage point lower during the second quarter,” said Frank Nothaft, Freddie Mac Vice President. “For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term.”

Currently, the rate on a 15-year fixed mortgage is 2.75%, substantially lower than the 30-year rate of 3.375% (0.7 to 1% origination fee), according to FreeRateUpdate.com. That means that a homeowner could save over $74,000 on a $200,000 loan just by securing a 15-year mortgage.

The study also showed that borrowers applying for a loan under the Home Affordable Refinance Program (HARP) program were more likely to apply for a long-term fixed-rate mortgage. A total of 25 percent of HARP borrowers refinanced to a shorter loan term, as opposed to 30 percent of non-HARP borrowers. The HARP program has received a revival of interest since the terms of the program was overhauled in October 2011 and renamed “HARP 2.0″. Since then, the program has been expanded so that now any borrower can qualify for a HARP 2.0 refinance no matter how much they owe on their house and no matter how much their home is worth. To qualify, you need to have a Fannie Mae or Freddie Mac originated mortgage that closed before June 1, 2009, and you cannot have made more than one mortgage payment late by 30 days or more in the past year.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 0.7 to 1% point origination fee.


Latest HARP Mortgage News April 21st, 2014

  • Alaska Median Sale Prices Below FHA Loan Limits

    By: Michael Foster | September 6th, 2012

    Most houses in Alaska qualify for an FHA loan, and most existing Federal Housing Administration (FHA) loans qualify for a streamline refinance, thanks to median sale prices well below the Federal limits for these types of loans. According to the … Continue reading

  • Alaska Mortgage Rates: Mortgage Rates Finally Stable After Recent Increase

    By: Vanessa Rodriguez | January 24th, 2011

    At the beginning of the week, mortgage rates in Alaska were slightly higher by 0.125 percent over last week. A 30-year fixed rate conforming mortgage in Alaska has a mortgage rate of 4.625 percent and 4.000 percent for a 15-year fixed rate conforming mortgage loan. For an Alaska 5/1 adjustable rate mortgage, the mortgage rate is 3.125 percent. Well qualified Alaska borrowers are able to obtain a mortgage with these low mortgage rates at only 0.7 to 1.0 origination points. Continue reading