Articles Tagged With: FHA Loan News

February 3, 2016

Mortgage Rate Trends: Hitting New Lows

In the last four business days, we’ve seen the phrase “new lows” applied to the general downward momentum of mortgage loan interest rates. Overseas economic woes are partly responsible for this downward movement–tumbling oil prices and stock market trends are helping push rates lower. Some market watchers are beginning to label this downward momentum a trend. Regardless of whether what we’re seeing now is a short-term gain before a return to later 2015 behavior or not, it has been quite some time since 30-year fixed rate conventional mortgages have strayed into the sub-3.75% zone. And that is the best execution rate some competitive lenders are quoting–3.625%. Our sources report other lenders still offering best execution rates in the 3.75% range, but if the downward movement carries on, it may not | more...

February 1, 2016

Mortgage Rate Trends: Decisive Move Lower

By Joe Wallace

Friday saw mortgage rates moving decisively lower. Some very competitive lenders are offering best execution rates at 3.625% for 30-year fixed rate conventional mortgages according to our sources, but a more likely best execution rate on this type of home loan is around 3.75%. FHA mortgage loan rates are, best execution, still holding in the 3.5% comfort zone. But if there continues to be strong improvement in rates, or smaller amounts of improvement over a sustained period of time, we could see FHA rates break out into a range of rates with 3.5% at the upper end. Remember, best-execution rates are not available to all borrowers or from all financial institutions. Your FICO scores and other financial qualifications will be an important factor in your access to rates like these. | more...

January 26, 2016

Mortgage Rate Trends: Recovering Friday’s Losses

By Joe Wallace

Mortgage rates made some gains on Monday, taking back some (but not all) of the losses incurred on Friday. Stock market woes are given credit for some of the gains, but oil prices also played a role. It’s likely that as long as this up-and-down situation happens between stocks and oil, those two factors will have at least a small influence depending on the day and investor reaction to developments or breaking news in those areas. Some sources believe that as long as oil prices remain low or continue to move lower, there could be good news for mortgage rates in the short term. 30-year fixed rate conventional mortgages are in a best-execution range at the time of this writing between 3.75% and 3.85% though some may find 4.0% still | more...

January 22, 2016

Mortgage Rate Trends: Sideways

By Joe Wallace

Mortgage rates hit lows not seen in many months at the end of last week, and in spite of some small amount of lost ground we still see mortgage rates at sub-four percent lows at the time of this writing. Thursday saw 30-year fixed rate conventional mortgage loan interest rates staying, best execution, in a range between 3.75% and 3.875%. FHA mortgage rates are holding steady at the time of this writing at 3.5% (best execution) which is a far better comfort zone to fall into than the previously long-held 3.75%. How long FHA rates will remain here isn’t clear but the mortgage rates today held fast in spite of some market conditions that ordinarily would put upward pressure on rates. So it’s clear that there’s some potential for rates | more...

January 19, 2016

Mortgage Loan Interest Rate Trends: 180-Day Lows

By Joe Wallace

Ahead of the three-day weekend, Friday saw mortgage rates break some new ground–rates that, best execution, we havent’ seen in quite some time. Rates broke the four percent zone and began moving lower for both conventional and FHA mortgages. How long this trend may last remains to be seen, but some sources report oil prices and stock market woes as being responsible for at least a chunk of the improvement in mortgage rates we are seeing at the time of this writing. 30-year fixed rate conventional mortgages left the four percent range altogether and headed into best execution territory at a range between 3.75% and 3.875%. On many days where there is improvement, FHA mortgage rates tend to lag behind and remain in a comfort zone (3.75% has been the | more...

January 5, 2016

Mortgage Rate Trends: 14-Day Lows

By Joe Wallace

On Monday we reported that mortgage loan interest rates had moved slightly higher to close out 2015–rates for 30-year fixed rate conventional mortgages ended the year in a range between 4.125% and 4.25% (best execution) and 2015 rates for FHA mortgages closed out at a best execution 3.75%. On the first day back from the New Year’s holiday, mortgage rates lost no time regaining some of that lost ground. Mortgage rates for 30-year fixed rate conventional home loans are now in a range between 4.0% and 4.25% (best execution). FHA mortgage loan rates did not move out of their best execution comfort zone of 3.75%, though if there is sustained improvement we could see rates for FHA mortgages shift into a range rates with the current best execution rate at | more...

December 28, 2015

HUD Announces Settlement With Real Estate Agency Charged With Fair Housing Act Violations

By Joe Wallace

Often when a violation of the Fair Housing Act occurs, it’s up to the victim to report the incident in order for the situation to be fixed. Those who fail to report such violations may not only cheat themselves out of a fair deal, but also allow such violations to continue to occur. Consider a recent settlement by HUD, which recently approved a pair of “Conciliation Agreements” with Delap Realty, LLC, of Northampton, Massachusetts, resolving allegations mentioned in an FHA/HUD press release that, “…the company and its agents violated the Fair Housing Act by discouraging families with children from renting over concerns the units might contain lead-based paint hazards.” Under the Fair Housing Act, it is illegal to deny or limit housing because a family has children. It’s also not | more...

December 17, 2015

Mortgage Rate Trends: Fed Day, Interest Rate Hike

By Joe Wallace

We have paid more attention to mortgage rate trends this week due to a major economic event scheduled for Wednesday that has big potential to affect mortgage loan rates both in the short term and over the long term. The Fed was scheduled to meet on Wednesday to make an announcement about the possibility of along-discussed December interest rate hike. And Wednesday was the day the Fed finally announced the increase is actually happening. It’s something they have been considering, reconsidering, and delaying for years. But how does this affect the average home loan applicant? In the past, mortgage loan rates have been adversely affected by talk of a Fed rate increase–the rates would jump in the short term based on investor reaction to news of a possible hike, indicators | more...

December 16, 2015

Mortgage Rate Trends: Higher On Tuesday In Anticipation Of “Fed Day”

By Joe Wallace

Tuesday saw mortgage loan rates move higher–more lenders are offering interest rates for 30-year fixed rate conventional mortgages at 4.125% or higher (best execution). Some are still offering sub-4.0% rates to extremely well-qualified borrowers according to our sources, but this varies depending on the lender. FHA mortgage loan rates are, best-execution, at 3.75% for now, but after “Fed Day” on Wednesday when the Fed will finally end the speculation as to whether or not a December interest rate hike is happening, we could see that change depending on investor reaction to Wednesday’s scheduled Fed event. As always, “best execution” assumes ideal credit qualifications for the applicant and much depends on the lender–these rates are not available to all borrowers or from all lenders. Your experience may vary. The Fed interest | more...

December 15, 2015

Mortgage Rate Trends: Higher Ahead Of Fed

By Joe Wallace

With a great deal of anticipation on Wednesday’s Fed meeting, it’s no surprise that there’s some volatility in mortgage rates this week–Monday saw rates creeping higher ahead of the Fed; there is much speculation about the potential for the first interest rate hike by the Fed since 2006. Whether or not that happens remains to be seen, but in the meantime investor behavior in the days leading up to the Fed meeting creates days like this. And that means that at the time of this writing, 30-year fixed rate conventional mortgages were, best execution-wise, running between 4.0% and 4.125% depending on the lender. Our sources report that some lenders are still aggressively offering rates below the 4.0% range to the best qualified borrowers, but experience may vary depending on a | more...