Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) for the week ending Dec. 1, 2011, showing the 30-year fixed-rate mortgage (FRM) averaging 4.00% with an average 0.7 point cost, up from last week when it averaged 3.98%. Last year at this time, the 30-year FRM averaged 4.46%. The 30-year fixed mortgage has averaged at or below four percent for the fifth consecutive week while the 15-year fixed has hovered around 3.30%.. Additionally, adjustable-rate mortgages (ARMs) ticked down slightly averaging new record lows for the second straight week.
The latest Lender Processing Services Inc. (LPS) October Mortgage Monitor report shows that mortgage delinquencies have continued a steady decline, now nearly 30 percent off their January 2010 peak, while foreclosure inventories are on the rise, hitting an all-time high at the end of October of 4.29 percent of all active mortgages. The average days delinquent for loans in foreclosure extended as well, setting a new record of 631 days since last payment, while the average days delinquent for loans 90 or more days past due but not yet in foreclosure decreased for the second consecutive month.
A consumer fraud alert has been issued to protect homeowners from HAMP-related mortgage modification scams. The alert tells homeowners who are struggling to make their mortgage payments to be aware of con artists that promise to save their homes and lower their mortgage debt or their payments and offers these homeowners specific tips:
No special assistance is needed to apply for a HAMP modification and paying a third party does not improve your likelihood of obtaining one. Beware of persons claiming to be HAMP experts. Homeowners can make application on their own or with the help of a Housing and Urban Development (HUD) approved housing counselor. Applying for the program is always free.
No third party can approve a modification; this can only be done by the loan servicer.
No advance fee is necessary for mortgage modification services and in most cases charging in advance for a modification is illegal.
Homeowners should verify the authenticity of any individual or company that claims to be affiliated with HAMP or displays a seal or logo representing the U.S. government by calling the Homeowner's HOPETM Hotline.
Beware of individuals or companies that offer money-back guarantees or that advise stopping mortgage payments or not contacting the mortgage servicer.
30 year fixed - 3.875% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.250% + 0% points for rate
10 year fixed - 2.99% + 0% points for rate
5/1 ARM - 2.50% +0 points for rate
7/1 ARM - 2.750 % + 0 points for rate
10/1 ARM 3.250% + 0 points for rate
FHA/VA
30 year fixed - 3.875% with +0 % points for rate
5/1 ARM - 2.75% with + 0 points for rate
7/1 ARM - 3.25 with + .625 % CREDIT point for rate
Jumbo - over 576,000 (in Fairfield County, CT) to 2,000,000
30 year fixed - 4.625 % with 0 points for rate
15 year fixed - 4.125% with 0 points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.875 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate
Friday, December 2, 2011
Friday, October 21, 2011
Rates and market update this week - Volatile is the market
This week Mortgage Rates worsened as trading in the secondary mortgage market and beyond grew increasingly volatile. Best-Execution offerings may be the same or slightly higher than last week, but if the rate remains the same, closing costs will likely have increased. Market volatility is a reaction to the situation in Europe and the impending summit this weekend. We have to expect the volatility to continue indefinitely. Treasuries bounced around higher and lower with 10-year notes ultimately closing down 6/33 in price to yield 2.18%. Mortgage Backed Security prices on 30-year current coupon 3.5 and 4.0 were flat to 1/8 point lower/worse.
The general market is -
BEST EXECUTION 30 YEAR FIXED - 3.99% - 4.250%
FHA/VA - More 3.875% today, 3.75% still out there for some.
15 YEAR FIXED - Mostly 3.5%
5 YEAR ARMS - low 3% range, huge variations from lender to lender.
The U.S. Senate voted Thursday to restore higher loan limits, approving, 60-38, an amendment to a federal spending bill that would raise the maximum size of loans that can be guaranteed by government-controlled mortgage companies Fannie Mae (FNMA) Freddie Mac (FMCC) and the Federal Housing Administration. The amendment was sponsored by Sen. Robert Menendez (D., N.J.), but things don't look so good for it in the Republican-controlled House, as many argue that the current reduced loan limits help scale back government support of the mortgage market.
NAR reported this week that Existing Home Sales dropped 3% in September from August but are still up about 11% versus a year ago. The median sales price was $165,400, down 3.5% from $171,400 a year earlier. The inventory of previously owned homes listed for sale, meanwhile, fell at the end of September to 3.48 million. That represented an 8.5-month supply. Foreclosures and other distressed properties represented about 30% of sales.
30 year fixed - 3.99% + 0 cost points for rate
20 year fixed - 3.875% + 0 points for rate
15 year fixed - 3.375% + .50 points for rate
10 year fixed - 3.250% 0 cost points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 2.875% + 0 points for rate
FHA/VA
30 year fixed - 3.875% with 0 points for rate
5/1 ARM - 3.00 with 0 points for rate
7/1 ARM - 3.25 with 0 point for rate
Jumbo - over 635,000 to 2,000,000
30 year fixed - 4.750 % with 0 points for rate
15 year fixed - 4.250% with 0 points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.50 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate
The general market is -
BEST EXECUTION 30 YEAR FIXED - 3.99% - 4.250%
FHA/VA - More 3.875% today, 3.75% still out there for some.
15 YEAR FIXED - Mostly 3.5%
5 YEAR ARMS - low 3% range, huge variations from lender to lender.
The U.S. Senate voted Thursday to restore higher loan limits, approving, 60-38, an amendment to a federal spending bill that would raise the maximum size of loans that can be guaranteed by government-controlled mortgage companies Fannie Mae (FNMA) Freddie Mac (FMCC) and the Federal Housing Administration. The amendment was sponsored by Sen. Robert Menendez (D., N.J.), but things don't look so good for it in the Republican-controlled House, as many argue that the current reduced loan limits help scale back government support of the mortgage market.
NAR reported this week that Existing Home Sales dropped 3% in September from August but are still up about 11% versus a year ago. The median sales price was $165,400, down 3.5% from $171,400 a year earlier. The inventory of previously owned homes listed for sale, meanwhile, fell at the end of September to 3.48 million. That represented an 8.5-month supply. Foreclosures and other distressed properties represented about 30% of sales.
30 year fixed - 3.99% + 0 cost points for rate
20 year fixed - 3.875% + 0 points for rate
15 year fixed - 3.375% + .50 points for rate
10 year fixed - 3.250% 0 cost points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 2.875% + 0 points for rate
FHA/VA
30 year fixed - 3.875% with 0 points for rate
5/1 ARM - 3.00 with 0 points for rate
7/1 ARM - 3.25 with 0 point for rate
Jumbo - over 635,000 to 2,000,000
30 year fixed - 4.750 % with 0 points for rate
15 year fixed - 4.250% with 0 points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.50 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate
Tuesday, October 18, 2011
The lowest rate in the wrong mortgage program will cost you real $$.
A first time homebuyer had done some online research and told me they wanted a CHFA mortgage with a 30 year fixed rate of 4.00%. They had excellent credit, income and enough cash to put down 20% on their home purchase. They wanted more cash on deposit after their purchase and they were putting down 10% with both loan programs.
Here are the options I gave them -
CHFA = 2,000 in points for the rate
PMI = 150.00 per month for 5 years minimum (= 9,000)(average is 10 years)
200,000 loan @ 4% = 954.83 + 150.00 = 1104.83 per month
10% down 30 year fixed
1 time MI payment (complete tax deduction) = 2,250
200,000 loan @ 4.375% = 998.57 per month
CHFA = 1104.03 x 5 years = 66,241.80
10% down = 998.57 x 5 years = 59,914.20
A real dollar savings to them of 6,300.60 over 5 years, and remember the 150.00 per month for the mortgage insurance did not pay down the principal of their loan - it is a direct benefit to the lender.
and over 30 years
CHFA = 361,739
Conventional = 359,485
This is the kind of long and short term planning that is necessary for the best debt program for your needs.
Here are the options I gave them -
CHFA = 2,000 in points for the rate
PMI = 150.00 per month for 5 years minimum (= 9,000)(average is 10 years)
200,000 loan @ 4% = 954.83 + 150.00 = 1104.83 per month
10% down 30 year fixed
1 time MI payment (complete tax deduction) = 2,250
200,000 loan @ 4.375% = 998.57 per month
CHFA = 1104.03 x 5 years = 66,241.80
10% down = 998.57 x 5 years = 59,914.20
A real dollar savings to them of 6,300.60 over 5 years, and remember the 150.00 per month for the mortgage insurance did not pay down the principal of their loan - it is a direct benefit to the lender.
and over 30 years
CHFA = 361,739
Conventional = 359,485
This is the kind of long and short term planning that is necessary for the best debt program for your needs.
Friday, September 16, 2011
Rates fall to 1951 price
Fixed mortgage rates fell to the lowest level in six decades for the second straight week, according to new figures compiled by Freddie Mac. The GSE said the average rate on the 30-year Fixed Rate Mortgage dropped to 4.09%, the lowest rate since 1951. The average rate on the 15-year mortgage, a popular refinancing product, fell to 3.30%, also a new low. Freddie Mac chief economist Frank Nothaft said continued investor worries over the debt crisis in Europe kept Treasury bond yields low, driving down mortgage rates in the process. Over the past week the yield on the benchmark 10-year Treasury fell to as low as 1.9% before rebounding to 2.08% on Thursday.
The market had a "slew" of economic news Thursday. The Consumer Pride Index was +.4% (higher than expected), but Jobless Claims were +11k to a total of 428k - higher than expected. The Empire State Manufacturing Survey General Business Conditions index inched down one point. Nationwide, Industrial Production increased 0.2% in August, and Capacity Utilization edged up to 77.4%. The Philadelphia Fed Index of General Business activity within the factory sector rose to -17.5 this month from -30.7 in August and 3.2 in July.
The impact of all this on rates was not particularly good, since the ECB coordination with our Fed will dampen the bid for safe assets (i.e., Treasury securities) and the CPI rose faster than expected in August. The 10-year US Treasury note yield increased as much as 13 basis points to 2.12%, after having dropped to a record low of 1.8770% three days ago and closed at 2.09%. Volume in Mortgage Backed Securities was light Thursday at just 64% of the 30-day average, according to Tradeweb's experience, and prices were worse by about .250.
The Federal Housing Administration is selling 11,000 to 13,000 foreclosed homes a month after re-engineering the way it manages and markets Real Estate Owned, or REO. For the first nine months of fiscal year 2011 (ending June 30) the average days-to-list and the average days-to-sell REO decreased by 76 days (61%) and 25 days (12%) respectively, as compared to Financial Year 2010, according to the commissioner's Sept. 8 testimony. This acceleration of sales has allowed FHA to reduce its REO inventory by nearly 40% in four months. "As a result of these initiatives and despite the spike in properties being conveyed to us, FHA's inventory of REOs is down to 48,324," Galante testified. The agency had an REO inventory of nearly 80,000 REO at the end of March.
30 year fixed - 3.99% + .50 cost points for rate
20 year fixed - 3.75 % + 0 points for rate
15 year fixed - 3.250% + .50 points for rate
10 year fixed - 3.250% 0 cost points for rate
5/1 ARM - 2.50% - 0 points for rate
7/1 ARM - 2.875% + 0 points for rate
FHA/VA
30 year fixed - 4.00% with 0 points for rate
5/1 ARM - 2.75 with 0 points for rate
7/1 ARM - 3.25 with 0 point for rate
Jumbo - up to 2,000,000 with 20% down
30 year fixed - 4.750 % with +.250 points for rate
15 year fixed - 4.250% + .250 cost points for rate
5/1 ARM - 3.250% + .250 points for rate
7/1 ARM - 3.750% + .250 points for rate
10/1 ARM 4.375% with +.250 points for rate
The market had a "slew" of economic news Thursday. The Consumer Pride Index was +.4% (higher than expected), but Jobless Claims were +11k to a total of 428k - higher than expected. The Empire State Manufacturing Survey General Business Conditions index inched down one point. Nationwide, Industrial Production increased 0.2% in August, and Capacity Utilization edged up to 77.4%. The Philadelphia Fed Index of General Business activity within the factory sector rose to -17.5 this month from -30.7 in August and 3.2 in July.
The impact of all this on rates was not particularly good, since the ECB coordination with our Fed will dampen the bid for safe assets (i.e., Treasury securities) and the CPI rose faster than expected in August. The 10-year US Treasury note yield increased as much as 13 basis points to 2.12%, after having dropped to a record low of 1.8770% three days ago and closed at 2.09%. Volume in Mortgage Backed Securities was light Thursday at just 64% of the 30-day average, according to Tradeweb's experience, and prices were worse by about .250.
The Federal Housing Administration is selling 11,000 to 13,000 foreclosed homes a month after re-engineering the way it manages and markets Real Estate Owned, or REO. For the first nine months of fiscal year 2011 (ending June 30) the average days-to-list and the average days-to-sell REO decreased by 76 days (61%) and 25 days (12%) respectively, as compared to Financial Year 2010, according to the commissioner's Sept. 8 testimony. This acceleration of sales has allowed FHA to reduce its REO inventory by nearly 40% in four months. "As a result of these initiatives and despite the spike in properties being conveyed to us, FHA's inventory of REOs is down to 48,324," Galante testified. The agency had an REO inventory of nearly 80,000 REO at the end of March.
30 year fixed - 3.99% + .50 cost points for rate
20 year fixed - 3.75 % + 0 points for rate
15 year fixed - 3.250% + .50 points for rate
10 year fixed - 3.250% 0 cost points for rate
5/1 ARM - 2.50% - 0 points for rate
7/1 ARM - 2.875% + 0 points for rate
FHA/VA
30 year fixed - 4.00% with 0 points for rate
5/1 ARM - 2.75 with 0 points for rate
7/1 ARM - 3.25 with 0 point for rate
Jumbo - up to 2,000,000 with 20% down
30 year fixed - 4.750 % with +.250 points for rate
15 year fixed - 4.250% + .250 cost points for rate
5/1 ARM - 3.250% + .250 points for rate
7/1 ARM - 3.750% + .250 points for rate
10/1 ARM 4.375% with +.250 points for rate
Friday, September 2, 2011
Current rates and market news
Rates continue to be historically good, and should be for quite some time. Of course we will see daily fluctuations, but with the Fed firmly in the 0% and plan to stay there mode, mortgage rates should continue to sit around these levels for quite some time.
The Wall Street Journal reported that "Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength...Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its mortgage unit. The company decided to get out roughly four to six weeks ago, following a review led by mortgage chief Barbara Desoer. The business employs more than 1,000 people." What this means is, there are fewer and fewer big lenders in the business, the pricing on Chase home loans last week were in excess of 1.00% higher than other lenders - big banks do price themselves out of the market when - they are about to close a division or they have more loans application than they can close.
The Federal Housing Finance Agency (FHFA) has reported the national average mortgage rate for the purchase of previously occupied homes by combined lenders was 4.57 % for loans closed in July - a decrease of 0.05% from the previous month. The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased to 4.69% in July. The FHFA also reports that the contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.55% in July, down from 4.61% in June. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.67% in July, down 7 from 4.74% in June.
U.S. home prices increased by 3.6% in the second quarter, after having fallen 4.1% in the first quarter, according to new data from the Standard & Poor's (S&P)/Case-Shiller Home Price Indices.
"Looking across the cities, eight bottomed in 2009 and have remained above their lows," says David M. Blitzer, chairman of the index committee at S&P Indices. "These include all the California cities, plus Dallas, Denver and Washington, D.C. - all relatively strong markets. At the other extreme, those which set new lows in 2011 include the four Sunbelt cities - Las Vegas, Miami, Phoenix and Tampa - as well as the weakest of all, Detroit.
These shifts suggest that we are back to regional housing markets, rather than a national housing market where everything rose and fell together."
30 year fixed - 4.250% 0 points for rate
20 year fixed - 3.875% 0 points for rate
15 year fixed - 3.250% 0 points for rate
10 year fixed - 3.250% + 1.00 lender credit points for rate
5/1 ARM - 2.50 % 0 points for rate
7/1 ARM - 3.00% + 0 points for rate
FHA/VA
30 year fixed - 4.250% + 0 points for rate
5/1 ARM - 2.75+ 0 points for rate
7/1 ARM - 3.250 + 0 point for rate
Jumbo - over 729,000 up to 2,000,000 with 20% down on purchase
30 year fixed - 4.750 % with 0 points for rate
15 year fixed - 4.375 % + 0 points for rate
5/1 ARM - 3.250 % + 0 points for rate
7/1 ARM - 3.75% + 0 points for rate
10/1 ARM - 4.375% with + 0 points cost for rate
The Wall Street Journal reported that "Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength...Employees could be notified as soon as Wednesday that the lender has decided to exit the correspondent channel because it no longer fits with the long-term strategy for its mortgage unit. The company decided to get out roughly four to six weeks ago, following a review led by mortgage chief Barbara Desoer. The business employs more than 1,000 people." What this means is, there are fewer and fewer big lenders in the business, the pricing on Chase home loans last week were in excess of 1.00% higher than other lenders - big banks do price themselves out of the market when - they are about to close a division or they have more loans application than they can close.
The Federal Housing Finance Agency (FHFA) has reported the national average mortgage rate for the purchase of previously occupied homes by combined lenders was 4.57 % for loans closed in July - a decrease of 0.05% from the previous month. The average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased to 4.69% in July. The FHFA also reports that the contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.55% in July, down from 4.61% in June. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.67% in July, down 7 from 4.74% in June.
U.S. home prices increased by 3.6% in the second quarter, after having fallen 4.1% in the first quarter, according to new data from the Standard & Poor's (S&P)/Case-Shiller Home Price Indices.
"Looking across the cities, eight bottomed in 2009 and have remained above their lows," says David M. Blitzer, chairman of the index committee at S&P Indices. "These include all the California cities, plus Dallas, Denver and Washington, D.C. - all relatively strong markets. At the other extreme, those which set new lows in 2011 include the four Sunbelt cities - Las Vegas, Miami, Phoenix and Tampa - as well as the weakest of all, Detroit.
These shifts suggest that we are back to regional housing markets, rather than a national housing market where everything rose and fell together."
30 year fixed - 4.250% 0 points for rate
20 year fixed - 3.875% 0 points for rate
15 year fixed - 3.250% 0 points for rate
10 year fixed - 3.250% + 1.00 lender credit points for rate
5/1 ARM - 2.50 % 0 points for rate
7/1 ARM - 3.00% + 0 points for rate
FHA/VA
30 year fixed - 4.250% + 0 points for rate
5/1 ARM - 2.75+ 0 points for rate
7/1 ARM - 3.250 + 0 point for rate
Jumbo - over 729,000 up to 2,000,000 with 20% down on purchase
30 year fixed - 4.750 % with 0 points for rate
15 year fixed - 4.375 % + 0 points for rate
5/1 ARM - 3.250 % + 0 points for rate
7/1 ARM - 3.75% + 0 points for rate
10/1 ARM - 4.375% with + 0 points cost for rate
Thursday, August 18, 2011
Rates are stable, costs to borrow increase - how can this be?
Borrowing costs are higher this week. When volatility picks up in the secondary mortgage market, the cost of doing business gets more expensive for lenders (hedging costs go up). The added costs are passed down to consumers. These costs are unavoidable.
Some lenders have been adjusting their loan pricing much higher because they can't take-in anymore business. They have pushed rates higher to encourage consumers to either wait it out or find another lender offering lower rates.
CURRENT MARKET as reported by Mortgage Rate Watch - The Best Execution 30-year fixed mortgagerate has fallen to 4.125%. Several lenders are willing to offer 4.000% and even 3.875% is possible for those interested in buying down the rate with points. 4.250% is widely-available. On FHA/VA 30 year fixed Best Execution is 4.000%, but 3.875 and even 3.750 are available with additional closing costs. 15 year fixed conventional loans are best priced at 3.625% but we're seeing aggressive quotes as low as 3.375%. Five year ARMs are still best priced at 3.25. ARMs seem to have bottomed out.
Purchasing a home is currently cheaper than renting in 74% of major U.S. cities, according to Trulia's Summer 2011 Rent vs. Buy Index , which compares the cost of buying and renting a two-bedroom apartment, condominium or townhouse in the nation's 50 biggest cities.
30 year fixed - 4.125% + .0 points for rate
20 year fixed - 3.750% + 0 points for rate
15 year fixed - 3.375 % + 0 points for rate
10 year fixed - 3.250% + .50 points credit for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 3.00% + 0 points for rate
FHA/VA
30 year fixed - 4.00 % + .500 points for rate
5/1 ARM - 2.750 + 0 points for rate
7/1 ARM - 3.125 + .250 point for rate
Jumbo - over 625,500 - to 2,000,000 Fairfield County
30 year fixed - 4.625 % + 0 points for rate
15 year fixed - 4.250% + 0 points for rate
5/1 ARM - 3.125 % + 0 points for rate
7/1 ARM - 3.625% + 0 points for rate
10/1 ARM - 4.250% + 0 points cost for rate
Some lenders have been adjusting their loan pricing much higher because they can't take-in anymore business. They have pushed rates higher to encourage consumers to either wait it out or find another lender offering lower rates.
CURRENT MARKET as reported by Mortgage Rate Watch - The Best Execution 30-year fixed mortgagerate has fallen to 4.125%. Several lenders are willing to offer 4.000% and even 3.875% is possible for those interested in buying down the rate with points. 4.250% is widely-available. On FHA/VA 30 year fixed Best Execution is 4.000%, but 3.875 and even 3.750 are available with additional closing costs. 15 year fixed conventional loans are best priced at 3.625% but we're seeing aggressive quotes as low as 3.375%. Five year ARMs are still best priced at 3.25. ARMs seem to have bottomed out.
Purchasing a home is currently cheaper than renting in 74% of major U.S. cities, according to Trulia's Summer 2011 Rent vs. Buy Index , which compares the cost of buying and renting a two-bedroom apartment, condominium or townhouse in the nation's 50 biggest cities.
30 year fixed - 4.125% + .0 points for rate
20 year fixed - 3.750% + 0 points for rate
15 year fixed - 3.375 % + 0 points for rate
10 year fixed - 3.250% + .50 points credit for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 3.00% + 0 points for rate
FHA/VA
30 year fixed - 4.00 % + .500 points for rate
5/1 ARM - 2.750 + 0 points for rate
7/1 ARM - 3.125 + .250 point for rate
Jumbo - over 625,500 - to 2,000,000 Fairfield County
30 year fixed - 4.625 % + 0 points for rate
15 year fixed - 4.250% + 0 points for rate
5/1 ARM - 3.125 % + 0 points for rate
7/1 ARM - 3.625% + 0 points for rate
10/1 ARM - 4.250% + 0 points cost for rate
Friday, August 12, 2011
What do these numbers mean - #mortgage rates this week
It is easy to be confused, or misled, with seemingly simple numbers. For example, you are saving for your child's college costs, expected be about $100,000. You are 80 percent funded with $80,000 in your account. The next year, your investment account drops 25 percent in value, to $60,000. The year following year it bounces back 25 percent. Is the value back to where you started? No, because now you have $75,000 in your account. Assume college costs are rising 8 percent per year. How close to paying for college are you? The answer: 64 percent, because you have $75,000 toward $117,000 of costs. Even though your investments rose the same percentage as they fell, you're further from your goal than before. This is the same situation faced by pension funds. This is why, if you are locking in a loan, at these historically low rates, you MUST think of your long term and short term financial plans.
The FEDERAL RESERVE took the extraordinary step of announcing that it was minded to keep the federal funds rate close to zero for at least two more years. It also restated that it was "prepared to employ" a "range of policy tools" if the economy worsens, which some think might include a third round of bond-buying.
As stock markets tumbled, the price of GOLD surged to trade above $1,800 a Troy Ounce, reaching parity with platinum prices for the first time since the end of 2008.
AMERICAN INTERNATIONAL GROUP (AIG) lodged a lawsuit against BANK OF AMERICA, claiming BofA sold it low-risk securities backed by "defective" mortgages given to low-income borrowers. It is one of the biggest claims so far to originate from the practices that led to the financial crisis; suits against other big banks are expected to follow.
30 year fixed - 4.125% + .0 points for rate
20 year fixed - 3.750% + .250 points for rate
15 year fixed - 3.250% + .250 points for rate
10 year fixed - 3.250% + 1.125 lender credit points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 3.00% + 0 points for rate
FHA/VA
30 year fixed - 3.874% + .500 points for rate
5/1 ARM - 2.750 + 0 points for rate
7/1 ARM - 3.125 + .250 point for rate
Jumbo - over 625,500 - to 2,000,000 Fairfield County
30 year fixed - 4.750 % + 0 points for rate
15 year fixed - 4.250% + 0 points for rate
5/1 ARM - 3.125 % + 0 points for rate
7/1 ARM - 3.625% + 0 points for rate
10/1 ARM - 4.250% + 0 points cost for rate
The FEDERAL RESERVE took the extraordinary step of announcing that it was minded to keep the federal funds rate close to zero for at least two more years. It also restated that it was "prepared to employ" a "range of policy tools" if the economy worsens, which some think might include a third round of bond-buying.
As stock markets tumbled, the price of GOLD surged to trade above $1,800 a Troy Ounce, reaching parity with platinum prices for the first time since the end of 2008.
AMERICAN INTERNATIONAL GROUP (AIG) lodged a lawsuit against BANK OF AMERICA, claiming BofA sold it low-risk securities backed by "defective" mortgages given to low-income borrowers. It is one of the biggest claims so far to originate from the practices that led to the financial crisis; suits against other big banks are expected to follow.
30 year fixed - 4.125% + .0 points for rate
20 year fixed - 3.750% + .250 points for rate
15 year fixed - 3.250% + .250 points for rate
10 year fixed - 3.250% + 1.125 lender credit points for rate
5/1 ARM - 2.625% - 0 points for rate
7/1 ARM - 3.00% + 0 points for rate
FHA/VA
30 year fixed - 3.874% + .500 points for rate
5/1 ARM - 2.750 + 0 points for rate
7/1 ARM - 3.125 + .250 point for rate
Jumbo - over 625,500 - to 2,000,000 Fairfield County
30 year fixed - 4.750 % + 0 points for rate
15 year fixed - 4.250% + 0 points for rate
5/1 ARM - 3.125 % + 0 points for rate
7/1 ARM - 3.625% + 0 points for rate
10/1 ARM - 4.250% + 0 points cost for rate
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