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Mortgage Rates: Low Mortgage Rates Stable While Greece Negotiations Make Progress

Today's low mortgage rates remain stable while Greece negotiations with its creditors have made some progress. In order for Greece to receive the next bailout funds, a loan deal and new fiscal pact must in place. Investors turned to stocks which increased after this news. Current 30 year fixed mortgage interest rates are at 3.500% and 15 year fixed mortgage rates 2.875% and 5/1 ARM loan rates are at 2.250%. In order to receive these low mortgage rates with 0.7 to 1% origination point, borrowers must be well qualified and have good credit. Acceptable qualifications include long term employment that is documented with pay stubs, w2's and possibly income tax returns, as well as, enough assets to cover the down payment and several months of reserves as required by the mortgage guidelines. These low mortgage rates are also available for refinancing which borrowers can use to reduce their monthly mortgage payment or the term of the mortgage. Current Harp 2.0 guidelines for Fannie Mae and Freddie Mac loans are very consumer friendly and, in most cases, do not require an appraisal. For those who have compromised credit or little available cash, FHA mortgages provide easier credit qualifying and low down payment requirements. Today's FHA 30 year fixed mortgage rates are at 3.250% and FHA 15 year fixed mortgage interest rates are at 2.750%. FHA 5/1 ARM loan rates are at 2.750%. While credit scores are used to determine the necessary down payment, either 3.5% or 10%, they are not required for FHA mortgage rates which are not risk based. FHA mortgages take into consideration an individuals entire credit profile and allows exceptions based on approved letters of explanation. To help borrowers become homeowners, FHA also has several options for down payment assistance which include gifts that meet guidelines and housing grants or loans. The upfront mortgage insurance premium and other FHA fees do increased FHA closing costs (APR), but rolling these into the mortgage financing is acceptable under certain conditions. With excellent credit, borrowers can still obtain the lowest jumbo mortgage rates with 0.7 to 1% origination fee. Current jumbo 30 year fixed mortgage rates are at 4.125%, jumbo 15 year fixed mortgage interest rates are at 3.375% and jumbo 5/1 ARM loan rates are at 2.500%. Since jumbo mortgages are not government insured or sold to Fannie Mae and Freddie Mac, jumbo mortgage guidelines tend to be stricter and require additional funds for the mortgage transaction. The necessary down payment is usually higher and number of months for reserves is longer. Jumbo mortgages are considered a risk to the lender who, therefore, are cautious and follow the recommended guidelines very closely. Today's Wells Fargo California 30 year fixed mortgage rates are at 3.875% (4.054% APR). MBS prices (mortgage backed securities) are down -6/32 (FNMA 30 yr 3.5 at 103.21) which is lower than early morning pricing of -2/32. MBS prices affect mortgage rates which move in the opposite direction. This is a slow week for U.S. economic data reports which means that markets will be relying heavily on information coming out of Europe. Demand for the 3 yr Treasury auction was close to average. The Bureau of Labor Statistics reported that U.S. job openings increased 8.3% in December to 3.4 million which is another positive sign for the labor market. 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 .07 to 1% point origination fee.

 
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FHA Mortgage 101

  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference
  • Conventional vs. FHA mortgage, the difference