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Mortgage Rates

Mortgage Rates: Low Mortgage Rates Trend Continues While Refinances Surge

The current low mortgage rates trend continues again today while refinances surged last week according to the Mortgage Banker's Association. The refinance index increased 9.4% from the previous week and accounted for 80.5% of all loan applications. According to the same report, the seasonally adjusted purchase index rose slightly 0.1%. There are still many bargain priced homes available for purchase which may entice potential buyers once the spring season comes around. Today's 30 year fixed mortgage rates are at 3.500%, 15 year fixed mortgage interest rates are at 2.875% and 5/1 ARM loan rates are at 2.250%. Having good credit is necessary in order to receive these lowest mortgage rates with 0.7 to 1% origination fee. With Harp 2.0 now available, mortgage applications for refinances should continue to increase as borrowers take this opportunity to lower monthly mortgage payments or cut down their loan term. Many underwater borrowers who have mortgages through Fannie Mae and Freddie Mac have been unable to refinance up until this time. FHA has just announced that streamline refinances will no longer be included in the FHA Compare Ratio used for lenders which will eliminate a lender's risk of taking on a loan that was not underwritten. This move should increase FHA streamline refinances since lenders will now be more willing to do them. Current FHA 30 year fixed mortgage interest rates are at 3.250%, FHA 15 year fixed mortgage rates are at 2.750% and FHA 5/1 ARM loan rates are at 2.750%. Even though FHA closing costs (APR) are higher, which is due to various FHA fees and the upfront mortgage insurance premium, FHA purchase mortgages are still the most popular choice with first time home buyers because of their easier credit qualifying and low down payment requirements. Today's jumbo 30 year fixed mortgage interest rates are at 4.125% and jumbo 15 year fixed mortgage rates are at 3.375%. Jumbo 5/1 ARM loan rates are at 2.500%. Considered private loans, jumbo mortgages require excellent credit in order to receive these lowest jumbo mortgage rates with 0.7 to 1% origination point. Full documentation for employment, assets and additional debts is required in order to receive lender's approval. Larger down payments and additional months of reserves are typically a requirement for jumbo mortgages in order to reduce lender risk. Current Wells Fargo California 30 year fixed mortgage interest rates are at 3.875% (4.054% APR). MBS prices (mortgage backed securities), which move mortgage rates in the opposite direction, are up +2/32 (FNMA 30 yr 3.5 at 103.26). It has been another slow day for markets with the lack of U.S. data releases. Investors are patiently watching for developments coming from Greece and the Euro zone. 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