Mortgage rates dip after weeks of rising

NEW YORK — Rates on fixed mortgages dipped this week after rising steadily over the last two months.
Freddie Mac said Thursday the average rate on the 30-year mortgage dropped to 4.77 percent from 4.86 percent the previous week. It hit a 40-year low of 4.17 percent in November.
The average rate on the 15-year loan slipped to 4.13 percent from 4.20 percent. It reached 3.57 percent in November, the lowest level on records starting in 1991. Rates have been rising since November. Investors have shifted money out of Treasurys and into stocks. Many expect the tax-cut plan will fuel economic growth and increase inflation. Yields tend to rise on inflation fears.

Mortgage rates tend to track the yield on the 10-year Treasury note. Those rates have been fluctuating in recent weeks.
Low mortgage rates did little to boost home sales last year and higher rates now could hamper a robust recovery.

Mortgage Rates Drop Even Lower!

Mortgage rates drop again, lowest in decades

30-year benchmark slides to 4.19 percent with 15-year at 3.62 percent MSNBC REPORTS

NEW YORK — Rates on 30-year mortgages fell to 4.19 percent, the lowest level in decades. They were pushed down by lower Treasury bond yields.

Investors are buying up Treasury bonds in anticipation of a move by the Federal Reserve designed to lower mortgage rates and yields on corporate debt.
As a result, the average rate for 30-year fixed loans dropped to the lowest level on records dating back to 1971, mortgage buyer Freddie Mac said Thursday. It's down from 4.27 percent the previous week.
The average rate on 15-year fixed loans fell to 3.62 percent. CLICK HERE FOR FULL ARTICLE

MSNBC Reports: Mortgage rates drop to New Record low

Mortgage rates set new low again

National average for a 30-year fixed loan is at 4.54 percent

 

Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans.

Freddie Mac says the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week. That's the lowest since Freddie Mac began tracking rates in 1971.
The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.
The rate on the 15-year fixed loan dropped to 4 percent, down from 4.03 percent last week and the lowest on record.
Rates have fallen since the spring. Yields on U.S. Treasury bonds have dropped as jittery investors seek safer investments. Mortgage rates tend to track yields on Treasurys.

Click here for Full Article

How Low Can They Go? Mortgage Rates Down even more

Mortgage rates at lowest point since mid-1950s

National average for a 30-year fixed loan dips to 4.69 percent

 

Mortgages are cheaper today than they've been in a half-century. If only most people had the job security, the credit rating and the cash to qualify for one or refinance.

The average rate for a 30-year fixed loan sank to 4.69 percent this week, beating the low set in December and down from 4.75 percent last week, Freddie Mac said Thursday. Rates for 15-year and five-year mortgages also hit lows. Click here for full article

New York Times Reports: Banks Requiring More Extensive Verification of Income

Verifying Borrowers’ Finances

MORTGAGE brokers and lenders will often caution borrowers against charging up their credit cards or changing jobs before the closing date on a home loan. Now that advice seems especially prudent.
On June 1, Fannie Mae, the government-sponsored company that establishes the underwriting standards for most of the nation’s mortgages, started requiring lenders to recheck a borrower’s finances shortly before closing the loan. If a broker or lender finds significant changes, the loan could be delayed, or in some cases, denied. Click Here for full article

MSNBC reports that Mortgage rates Raise slightly

Mortgage rates up from yearly lows

National average for a 30-year fixed loan ticks up slightly to 4.79 percent

Rates on 30-year fixed mortgages ticked up this week from the lowest level of the year.

Freddie Mac says the average rate rose to 4.79 percent, up from 4.78 percent last week. A year ago, the rate averaged 5.29 percent.

Rates dropped to a record low of 4.71 percent in December, pushed down by a Federal Reserve program that reduced borrowing costs for consumers. That campaign ended in March. 

  CLICK HERE FOR FULL ARTICLE:

Should you refinance?

MSNBC  Real Estate offers advice to homeowners considering refinancing
Click here for video report
 If you are considering refinancing your home, here are a list of lenders we use frequently and reccomend to all of our clients, give them a call and ask any questions you may have about refinancing:

Joseph Nalls

CHEVY CHASE BANK

phone: 240 497 8060

fax: 240 497 8099

mobile: 301 529 8611

email: jpnalls@chevychasebank.net

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Deb Levy   (her assistant is Lisa bennett)
Vice President / Mortgage Loan Officer
Bank of America Home Loans
202.416.2898 office
866.574.4817 fax
301.332.7758 mobile
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Michael Murray
First Savings BankMortgage Loan Officer
240-223-1630 Phone
301-346-9660 Cell
703-564-7014 Fax
mmurray@firstsavings.com

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Chad E. Van Zandt
PROSPERITY MORTGAGE CO.
4733 Bethesda Avenue Suite 100 Bethesda, MD 20814
240-497-1716 Direct
301-523-4686 Portable
301-654-4259 Private Fax
Chad.E.VanZandt@WellsFargo.com

Partner: Karen Van Zandt 240-497-1772
Assistant: Brad Katzen 240-497-6154

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Mike Fegan
George Mason Mortgage, LLC
6550 Rock Spring Drive Suite 655
Bethesda, MD 20817
Office - 301.841.1310
Mobile - 301.325.0717
Fax - 703.890.1859
www.gmmllc.com/mfegan

Washington Post reports: 30 year mortgage rates hit a 6 week low!

30-year mortgage rates hit six-week low

 The average rate for 30-year, fixed-rate mortgages was 5 percent this week, down from last week's average of 5.06 percent. A year ago, 30-year, fixed rate mortgages averaged 4.84 percent, Freddie Mac said.
The average rate on a 15-year, fixed-rate mortgage was 4.36 percent, down from 4.39 percent last week.
Washington Post reports:  Click Here for Full story

Jumbo Mortgage Market Heating up!

Jumbo mortgages and housing market begin to heat up with spring

By Renae Merle

Washington Post Staff Writer
Saturday, April 24, 2010
Since the collapse of the housing market, home buyers trying to a secure mortgage of more than $729,750 have faced higher interest rates and tough new standards to even qualify for a loan.
Now the market for these "jumbo" loans is starting to thaw. The average interest rate for a 30-year fixed-rate jumbo mortgage stood at about 5.8 percent this week, according to HSH Associates. That is near historic lows and down significantly from the height of the financial crisis, when it was near 8 percent...

Washington Post Reports: Click here for full story