Tag: Mortgage

Posted on 04/27/2020

Prequalified vs Preapproved: Tips On Securing a Mortgage Before Buying a Home

If you’re a first-time homebuyer, odds are you’ve thrown the words “prequalified” and “preapproved” interchangeably. However, when it comes to home loans, there are some very important differences between the two. For buyers hoping to purchase a home with a few missteps and misunderstandings as possible, it’s vital to understand the procedures involved in acquiring financing for a home....

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Posted on 04/17/2020

Mortgage Minute

The housing sector is going through a major upheaval while interest rates hit all-time lows because of the coronavirus, but that won’t necessarily translate to lower mortgage rates on some mortgage programs. WHY? The 30-year fixed-rate conventional conforming mortgage averaged 3.31% during the week ending April 16. Theoretically, mortgage rates could be even lower if these were normal circumstances....

Posted on 03/02/2020

From HousingWire.com:Low mortgage rates drove the nation’s housing market potential to a two-year high in January, according to First American.Mark Fleming, the company’s chief economist, said the market potential for existing-home sales climbed to the highest level since January 2018.Fleming primarily attributes this growth to low financing costs and rising demand fueled by Millennial homeownership.“In 2020, 4.8 million Millennials...

Posted on 02/24/2020

Home prices are on the rise, but interest rates are still low, making it a great time to buy a home. From HousingWire.com: In December, home prices climbed by 4% from the previous year, according to CoreLogic’s latest Home Price Forecast. The CoreLogic HPI projects future home price growth based on several economic variables and measures the number of...

Posted on 02/06/2020

Mortgage rates have dropped to the lowest levels since before the 2016 presidential election. The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 6. This was the third consecutive week in which mortgage rates dropped. The last time the 30-year fixed-rate mortgage was at or below this level was in October 2016, when it averaged 3.42%. The...

Posted on 02/01/2020

The Federal Reserve held its benchmark fed funds interest rate steady on Wednesday, as the economy stayed on a moderate growth path. The vote to hold policy steady was unanimous. The central bank’s description of the economy was unchanged from six weeks ago: the labor market remained strong, growth was helped by consumer spending, and inflation remained below the...

Posted on 01/06/2020

We’re starting the year out on a low note, and that’s a good thing! According to the Freddie Mac Primary Mortgage Market Survey, the 30-year mortgage rate averaged 3.72 percent, which is lower than this week last year when the rate reach 4.51 percent. Sam Khater, Freddie Mac’s chief economist, attributes the stability in rates to improved economic data...

Posted on 12/09/2019

Both the Mortgage Bankers Association (MBA) and Freddie Mac are predicting continued good times for the housing market! The MBA recently predicted a strong finish for the year, forecasting that 2019 will be the best year for refinance loans since 2016, and the best year for purchase home loans since 2006.Freddie Mac followed this report with more good news,...

Posted on 11/25/2019

Mortgage delinquencies are at a 25-year low, according to the Mortgage Bankers Association (MBA). The Association attributes a strong labor market to borrowers being able to pay their bills on time and reported that mortgage delinquencies dropped to 3.97 percent last quarter. This is the lowest level of home loan delinquencies since the first quarter of 1995. MBA’s Vice...

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Posted on 11/20/2019

Mortgage Penalties: Prepayment

Photo by Steve Buissinne via Pixabay Most are familiar with the key components of a mortgage: how much you're borrowing, what your interest rate is, how many years you'll be paying your mortgage back. There are many, however, who do not understand some of the finer details, including what prepayment penalties are and how they may affect you...

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Posted on 06/13/2019

Consumers Continue to Overestimate Mortgage Requirements

We've seen consistently in Fannie Mae's National Housing Survey® that the vast majority of Americans prefer homeownership over renting a home; however, many are uncertain or mistaken about the qualifications required to get a mortgage.1,2 Despite increased exposure to credit scores and online resources, consumer understanding about what it takes to qualify for a mortgage has not improved since...

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