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 […]
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Average interest rates on 30-year fixed mortgages fell again this past week to 4.87% which was down from the previous week’s 4.95%. Concerns that rising oil prices due to the uprising in Libya may impact consumer spending has spurred investors into bonds and Treasury notes. Typically these markets track closely with interest rates. Other mortgage […] The Good Faith Estimate (GFE) is a standardized document designed to allow buyers an easy way to compare mortgage loan and settlement services. Its use originates by federal law under the Real Estate Settlement Procedures Act (RESPA) in which a mortgage lender or broker must provide a customer this written cost estimate within three days […] Today’s consumer is typically a more astute buyer when it comes to shopping around for the best deal. The Internet era allows us to price out items from traditional brick & mortar stores, to online only retailers, or even second hand sites like eBay or Craigslist. So you’d think that perhaps the largest payment a […] Mortgage interest rates on a 30-year fixed home loan increased this last week to finish at an average of 5.05% according to Freddie Mac. This represents an upward surge from the previous week which finished at 4.81%, but is nearly on par with a year ago when rates were 4.97%. As the broader economy continues […] In what hopefully is a good omen for the beleagured real estate industry, it appears some lenders are becoming more lenient with qualifications for buyers. Last month Wells Fargo announced that FHA loans they originate would be available for buyers with credit scores as low as 500. This does require that the borrower have anywhere […] A mandate issued in 2009 by the Federal Housing Administration required that all condominium projects approved for FHA guaranteed loans and refinancing prior to 2007 submit additional documentation by December 7, 2010 in order to remain FHA eligible. This requirement aims to greatly improve the financial stability of these condo projects by guaranteeing adequate budgets […] The recent rise in Treasury yields has had the effect of pushing interest rates higher somewhat rapidly in the last few weeks. Freddie Mac had the average 30-year interest rate at 4.83% this week, which is up from 4.61% a week ago, and a record low of 4.17% just a month ago. While these rates […] After some very modest increases in interest rates over the last few weeks they have once again slid to record lows. The 30-year fixed rate average sits at 4.17% this last week according to Freddie Mac, while 15-year loans dipped to 3.57%. The drawn out economic recovery and job concerns still cause hesitation amongst buyers, […] This past week marks the eighth time in the last nine weeks that mortgage rates have continued to decline and hit record lows. According to Freddie Mac the average 30-year fixed loan interest rate was 4.36% which is down from 4.42% the week before. Rates for 15-year fixed rate loans also hit a new low […] |
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