Mortgage Rate Update

Freddie Mac’s official release last week shows mortgage rates holding steady. The 30-year fixed rate mortgage averaged 3.98% (with an average 0.7 points) which is down fractionally from 3.99% the week prior and still substantially lower than this time last year when the FRM averaged 4.87%. The 15-year FRM settled at 3.21% (0.7 points) on […]

Interest Rates Edge Upwards Again

One of the factors that has made today an excellent time to buy a home has been the extremely low interest rates. Clearly this won’t last forever and as the economy continues its recovery the Fed will certainly raise interest rates once a solid foundation takes hold. This last week’s interest rate rise is certainly […]

How Low Can They Go?!

Interest rates continue to stay EXTREMELY low! At the end of this past week rates for 30-year fixed rate mortgage were 3.99% with an average of 0.7 points according to Freddie Mac. By comparison last year at this time the interest rate on the same product was a still very attractive 4.61%. Even lower rates […]

Fed Leaves Rates Unchanged

This afternoon the Federal Reserve has forecast a weak economy for at least the next two years and indicated they’d therefore keep rates at record low levels at least until mid-2013. With economic growth being much slower than expected and with flat household spending, the immediate outlook is lukewarm at best. For potential buyers in […]

Mortgage Rates Holding Steady

While off of year lows, mortgage rates are generally holding steady this past week. According to Freddie Mac the average 30-year fixed rate mortgage was 4.55% this past week with an average of 0.8 points, only up slightly over last week’s 4.52%. Meanwhile 15-year fixed rate mortgages stayed steady at 3.66% with an average 0.7 […]

Closing Costs Rising

Even as housing costs have come down over the last few years throughout most of the country the amount of money paid in closing costs has increased by 8.8%. Nationwide the average closing costs for origination and title fees on a $200,000 purchase mortgage totaled $4,070 which is up from 2010’s average of $3,741. So […]

Mortgage Rates Hold Steady Last Week

According to Freddie Mac’s Primary Mortgage Market Survey, rates on 30-year fixed mortgages remained unchanged from the previous week at 4.50% and averaged 0.8 points. Rates have continued to hold relatively steady for quite awhile now, as last year at this time the 30-year fixed rate averaged 4.69%. The 15-year fixed rate mortgage average edged […]

Streamline 203k Program

HUD has developed a new FHA insured mortgage program, called the “Streamline 203k” Limited Repair Program that permits homebuyers to finance up to an additional $35,000 of repairs into their mortgage to purchase and improve or upgrade the home before move-in or to refinance an existing mortgage and add up to $35,000 in repairs or […]

Basic FHA Eligibility Requirements

Q: What are the basic eligibility requirements for FHA financing?

A: FHA insures mortgages made by approved lenders to individuals and non-profit and government agencies that are approved to participate in HUD’s programs; HUD does not loan money to homebuyers. Generally, to be eligible for an FHA loan, you must have a valid social security […]

FHA Monthly Premium Increasing

Beginning after April 18, 2011 an additional 0.25% fee will be added monthly to FHA loans. This increase was deemed necessary by the FHA in order to increase their reserve funds to the required 2% level which are currently not being met. However, this is the third such recent increase and while it will not […]