Articles in Category: Fixed Rate Mortgage

May 4, 2016

Mortgage Rate Trends: Back to Previous Lows

Since our last look at mortgage loan interest rates (which were moving higher) we’ve seen stock market woes affect mortgage rates. As plenty of professionals will tell you, stocks don’t have a specific tie with mortgage rates, but investor reaction to woes of the market can and often do affect mortgage loan interest rates. So while you won’t see a reciprocal effect with stocks (better or worse stock performance directly changing mortgage loan interest rates) you may notices that under the right circumstances, the kind of behavior happening now. And that behavior is essentially, based on our sources, that stock market troubles this week are helping mortgage rates. 30-year fixed rate conventional mortgages have slid back down to 3.625% best execution, down from the range between 3.625% and 3.75%. FHA | more...

May 2, 2016

Budgeting and Planning For Your FHA Loan

By Joe Wallace

If you are planning to apply for an FHA loan soon and are still in the planning stages of that loan, there are some expenses you can anticipate and save up for. Some borrowers may be interested in financing some of the costs associated with a new loan, but paying them up front can help save money over time. Those who choose to pay these costs up front are often looking at their mortgage loan over the long term. Those who choose to finance certain expenses where permitted may be trying to save money up front. Whichever option you choose, it pays to be an informed borrower-even if you know in advance you want to finance certain expenses. FHA loans and refinance loans have different rules for what expenses can | more...

May 2, 2016

Mortgage Loan Interest Rate Trends: Improving

By Joe Wallace

Mortgage loan interest rates had started moving higher in the last ten business days–seven out of then had rates either creeping higher or holding steady after doing so. But in the last three business days, we’ve watched rates begin to move back downward, pushing 30-year fixed rate conventional mortgages back into a range of rates. Professional market watchers report that conventional rates have a higher degree of variation lately due to market volatility, but in general 30-year fixed rate conventional mortgages are at a best-execution range between 3.625% and 3.75%. FHA mortgage rates are still in a range between 3.25% and 3.5% best execution. Best execution rates aren’t available to all borrowers or from all lenders–your experience may vary depending on FICO scores, loan repayment history and other financial qualifications. | more...

April 27, 2016

Mortgage Rate Trends: Holding For Now

By Joe Wallace

We’re writing more this week on mortgage loan interest rate trends due to the upward movement and the potential for this week’s economic data releases (and scheduled Fed statement) to influence those rates. After dropping to year-long (or greater) lows, rates moved higher, but not yet into the four percent range we’ve seen in the past. At the time of this writing (ahead of the Fed statement due out on Wednesday) 3o-year fixed rate mortgages were holding at a best execution 3.75%, though some holdouts may still be offering rates a bit lower for now. FHA mortgage rates are still in a range between 3.25% and 3.5% best execution. If the Fed statement has investors reacting in ways that put upward pressure on mortgage loan rates, we could see that | more...

April 26, 2016

Mortgage Loan Interest Rate Trends: Higher Ahead of Fed Statement

By Joe Wallace

Last week on Friday, rates moved higher. The week ended with 30-year fixed rate mortgages in a higher range between 3.625% and 3.75%, and FHA rates in their own new range between 3.25% and 3.5%. On Monday, things stayed more or less the same, though market watchers say it could be a difficult week due to a variety of factors including the Fed Statement due to be released on Wednesday. (The Fed meets on Tuesday, but releases a statement the following day.) That statement has great potential to move rates. According to a report by Marketwatch.com, the Fed is expected to keep the option for a June interest rate hike on the table. In the past any talk of rate hikes is enough to bring knee-jerk reactions by investors over | more...

April 22, 2016

Mortgage Loan Interest Rate Trends: Higher

By Joe Wallace

Mortgage rates are definitely in an upward trend, short term, which some market watchers blame in part on bond market activity. The European Central Bank (ECB) meeting this week was also a possible factor; some financial headlines indicate that markets were “mixed” in Europe following the scheduled event. Regardless of how much or how little that may have changed rates here in the the U.S. mortgage loan rates are at the time of this writing being reported at four-week highs. 30-year fixed rate conventional mortgages are at a best execution range between 3.625% and 3.75%. More significantly, FHA rates have broken into a range of rates with the previously held 3.25% now at the bottom end of that range with 3.5% on the top side. FHA rates tend to change | more...

April 21, 2016

Mortgage Loan Interest Rate Trends: Moving Higher

By Joe Wallace

Mortgage loan rates were on the rise on Wednesday. There have been scheduled economic data releases this week as well as a meeting of the European Central Bank (ECB), but market watchers point to bond activity as an important current factor for this week’s move higher. The ECB factor could still make a difference this week so it’s not safe to ignore overseas economic headlines when trying to make a lock or float decision in the short term. 30-year fixed rate conventional mortgages are between 3.625% and 3.75%, best execution. FHA mortgage loan rates are still in 3.25% territory but it’s not certain how long that best-execution rate will persist in an upward rate trend. Much could depend on how sharply rates move from here. As always, best execution rates | more...

April 19, 2016

Mortgage Loan Interest Rate Trends: Holding At Recent Lows

By Joe Wallace

On Monday, mortgage rates closed out the trading day holding at recent lows. There are some important economic data releases coming and there’s a meeting of the European Central Bank scheduled for Thursday–all, some, or none of these may affect rates depending on investor reaction to data and announcements that follow these events. Also, rates can also be influenced by breaking news or unexpected events that cause investors to react in ways that influence mortgage loan interest rates. However, those rates are low at the moment and holding there, but factors like the ones mentioned above could put upward pressure on rates, making the “lock or float” choice more complicated, especially for those with closing dates in the next month or so. At the time of this writing, 30-year fixed | more...

April 15, 2016

Mortgage Rate Trends: Slightly Higher

By Joe Wallace

On Wednesday and Thursday, mortgage loan interest rates have risen slightly. We’ve had a couple of scheduled economic data releases this week, but some market watchers this week gave bond market activity more attention. At the end of the day on Thursday, we see 30 year fixed rate conventional mortgages still being reported at 3.625% best execution in many cases, but our sources indicate that fewer lenders-the most aggressive ones-offered rates closer to 3.5%. So in effect, the slightly higher rates will come in the form of higher closing costs for some, but for others, the best execution rate may be the same as the day before depending on the lender. FHA mortgage loan rates are still holding at a best execution 3.25%. FHA rates tend to vary more among | more...

April 13, 2016

FHA Mortgage Rate Trends: Holding Steady

By Joe Wallace

Mortgage rates held steady on Tuesday, ahead of Wednesday’s Retail Sales Report and Thursday’s Consumer Prince Index report. These scheduled economic data releases can and do affect mortgage rates depending on investor reaction to the data in the reports; borrowers who are hoping for lower rates this week will have to contend with these releases as a potential spoiler for rates moving lower in the short term. Mortgage rates seem to be at the bottom of a range at present, so holding steady is good news, but upward movement (however small) is always likely depending on scheduled economic data releases, breaking news, or other factors that may affect the markets that influence mortgage loan rates. At the time of this writing, 30-year fixed rate conventional mortgages held steady at between | more...