Articles in Category: Fixed Rate Mortgage

April 11, 2016

Mortgage Rate Trends: Near Best Levels All Year?

With only one day last week with rates moving upward, we’ve seen mortgage loan interest rates hit territory better than we’ve seen for a good portion of 2016. Much of last week was either improvement, or holding steady following that improvement. On Friday rates didn’t move downward, but they definitely held steady. 30 year fixed rate conventional mortgage rates with some very competitive lenders were as low as 3.5% best execution, with many more offering a best execution 3.625%. FHA mortgage loan rates remained at 3.25% best execution, having moved out of a previous range with 3.5% at the top end (best execution). It’s not clear whether this rate will become a new comfort zone for FHA loans or if we’re seeing a short term trend only. As always, best | more...

April 6, 2016

Mortgage Rate Trends: Decisively Lower

By Joe Wallace

Mortgage loan interest rates moved lower on Tuesday, putting them in a position close to lows we haven’t seen in a very long time. Part of the reason for the move lower has to do with Fed statements about the state of possible interest rate hikes (very cautious about them at this time) and part of the reason has to do with anticipated economic growth numbers among other factors. The move lower is, in the eyes of some market watchers, possibly a short term drop. With 30-year fixed rate conventional mortgage loan interest rates in a best execution range between 3.625% and 3.5% (among very competitive lenders), it’s definitely not a bad time to consider a mortgage rate lock. And for FHA borrowers who haven’t committed with the lender to | more...

April 4, 2016

Mortgage Rate Trends: Decisively Lower After Jobs Report

By Joe Wallace

Friday, much attention was on the Employment Situation Report, which has in the past influenced mortgage rates based on investor reaction to the information in that report. Ahead of that report, it seemed risky to float, or delay making an interest rate lock commitment with a lender in hopes of seeing rate move lower. Floating is never risk-free, and ahead of a scheduled economic data release such as this, an elevated risk is present. But on Friday those who chose to float in spite of the risk were rewarded as rates moved lower. 30-year fixed rate conventional mortgage loan interest rates were reported at a best-execution 3.625% on Friday, ditching the previous range between 3.625% and 3.75%. FHA mortgage loan rates have not moved out of their recent comfort zone | more...

March 31, 2016

Mortgage Rate Trends: Recovering Lost Ground

By Joe Wallace

Mortgage rates have reclaimed some lost ground in the wake of a speech this week by Fed chair Janet Yellin. The Fed is still committed to “carefully” raising interest rates–a gradual increase as the U.S. economy continues to improve. The markets that affect mortgage rates has responded to this (among other factors) and we’re seeing mortgage rates starting to move lower accordingly. 30-year fixed rate mortgages were reported moving into a best execution range between 3.625% and 3.75%. FHA mortgage rates haven’t moved out from the comfort zone we’ve been discussing for some time so in spite of the conventional move we still see FHA mortgage rates at a best execution range between 3.25% and 3.5%. FHA rates vary more among lenders than their conventional equivalents so your experience may | more...

March 28, 2016

Mortgage Rate Trends: Higher Before Easter Weekend

By Joe Wallace

Last week, mortgage rates were on an upward trend, moving higher in small increments three out of the four business days before the long weekend. On Wednesday there was a glimmer of recovery, but on Thursday rates were back on the move upward, eliminating the previous range of rates for conventional mortgages and consolidating into one fixed-rate best execution number. 30-year fixed rate conventional mortgages had been in a best execution range between as low as 3.625% (the previous Friday) and 3.875%. We closed out the week with rates moving into a best execution 3.75% depending on the lender. In some cases borrowers may notice changes in closing costs rather than actual rates, but suffice it to say that it’s been a bumpy road for these rates lately. FHA mortgage | more...

March 23, 2016

Mortgage Rate Trends: Edging Higher

By Joe Wallace

What is bad for the economy is often good for mortgage loan rates, and Tuesday’s world headlines should have, by all accounts, helped rates move lower. But all the bad news yesterday did not keep rates from moving slightly higher (for a variety of reasons) and it seems that we could be on the verge of a new upward trend depending on how rates behave over the next several business days. Tuesday’s move higher will likely be noticed mostly in closing costs rather than actual mortgage rate increases but your experience may vary depending on the lender. 30-year fixed rate mortgage loan interest rates moved into a different range of rates, now reported at a best-execution range between 3.75% and 3.875%. FHA mortgage rates are holding steady in their best | more...

March 22, 2016

How Much Can I Borrow With An FHA Mortgage Loan?

By Joe Wallace

One of the most common questions about FHA loans is, “How much can I borrow?” The answer to that question is a lot easier to get by using an online mortgage calculator to factor in the length or term of the loan, interest rate (estimated), estimated property taxes and other details. Some of the information you need to calculate how much you can borrow depends on circumstances. The interest rate, for example, is determined in part by what rates are on offer currently based on market conditions and other factors but also by your credit history and FICO scores. The better your FICO scores are, the better the interest rates. The borrower and the lender negotiate interest rates on FHA mortgages, they are not set or regulated by the FHA | more...

March 21, 2016

Mortgage Rate Trends: Slightly Lower Friday

By Joe Wallace

Friday closed out the week slightly lower, which means that a majority of last week brought some form of mortgage loan rate improvement or at the very least no moves higher. All days but one last week were marked by some kind of small gain, taking back some of the losses from the week prior. At the time of this writing, 30-year fixed rate conventional mortgages are in a best execution range between 3.625% (likely the most competitive lenders are offering something at or near this) and 3.875%. Our sources note that the average best execution rate offering likely falls somewhere in the middle of this range. FHA mortgage loan interest rates remain in their best execution comfort zone in a range we’ve reported for some time now–between 3.25% and | more...

March 18, 2016

Mortgage Loan Interest Rate Trends: Improving

By Joe Wallace

Thursday saw a decisive move lower for interest rates. After many days of upward movement, and some recovery earlier in the week following a Fed announcement (one that had no talk of another rate hike for now) it seems that rates are headed back down. This trend is being described by some market watchers as a delayed reaction to the Fed–are some lenders slower to update their mortgage loan interest rates due to recent volatility in the market? That’s what some are thinking. 30-year fixed rate conventional mortgages are now operating in a best execution range between 3.625% and 3.875%. That is a wider range than previously reported, though you will find variation among conventional lenders and your access to these rates depends greatly on your financial qualifications. (“Best execution | more...

March 16, 2016

Mortgage Rate Trends: Some Improvement After Fed Announcement

By Joe Wallace

Mortgage rates improved a bit on Wednesday after the Fed made its much anticipated statement-one that included no discussion of a further raise in interest rates for now. How much changed today depends greatly on the lender, and some may see the difference in terms of closing costs as opposed to an outright shift in the mortgage loan interest rate. The improvement wasn’t dramatic, but in light of the recent upward trend, any recovery is welcome, however small. 30-year fixed rate conventional mortgages are still basically reported in a best execution range between 3.75% and 3.875%. FHA mortgage loan interest rates are still holding in the comfort zone range between 3.25% and 3.5% that we have been reporting for many days now. FHA mortgage loan rates are often slower to | more...