Articles Tagged With: FHA Loan Rates

December 13, 2016

Mortgage Loan Interest Rate Trends: Higher

Mortgage loan interest rates have been in an upward trend for some time now; since our last report we saw rates hit two-year highs once more on Friday only to recover a little come Monday. In days past we’ve seen overseas issues such as the European Central Bank’s policy announcements play a partial role in the investor reactions that caused some of the upward pressure on rates, but also bond market issues and jitters over economic issues related to politics. These factors, combined with the potential for the Fed to announce an interest rate hike, and it is no surprise that we’re in an upward trend at the moment. 30-year fixed rate conventional mortgages are reported, at the time of this writing, in a range between 4.125% and 4.25% (best | more...

November 22, 2016

FHA Appraisal Standards In 2017

By Joe Wallace

If you are house hunting at the tail end of 2016 but don’t have a house selected yet, chances are good you’ll be very interested in learning about loan requirements and FHA appraisal standards for 2017. What does the FHA do on a yearly basis that can affect the appraisal process? After all, FHA loan limits for 2017 will be published soon, and the agency does do a review of market conditions in order to set and/or maintain those limits. What about appraisal rules? The truth is, FHA appraisals are a set of standards that basically get changed when they are required to because of new laws, changes in housing standards, or other factors. There is no need to revise FHA appraisal rules on a yearly basis; changes come when | more...

October 19, 2016

Mortgage Interest Rates Recover Slightly

By Joe Wallace

Interest rates for mortgage loans improved in a small way for the second day after a prolonged “losing streak” that managed to push conventional loans out of a a previous range and into a single, higher number and FHA mortgage loan interest rates out of their single-number best execution territory. 30-year fixed rate conventional mortgages are, best execution, at or near 3.625%, with their previous range being (depending on the lender) between 3.5% and 3.625%. FHA mortgage loan rates are now in a range between 3.25% and 3.5% best execution at the time of this writing. Best execution rates listed here assume ideal conditions including an extremely well-qualified borrower with outstanding FICO scores and loan repayment/credit history. Your experience may vary, and best execution rates are not available to all | more...

October 10, 2016

Mortgage Loan Interest Rate Trends: Upward Trend

By Joe Wallace

For the past five business days, mortgage loan interest rates have been in an upward trend. Even after last week’s Employment Situation Report, which had weaker jobs data that anticipated, rates were still on a short-term upward swing. The employment report and mortgage loan rates aren’t directly tied together, but investor behavior associated with that report often has rates moving lower in the wake of weak jobs data. This time, investor behavior all but ignored this, and the week ended with rates closing out in a range for conventional mortgages higher than we’ve seen in a little while. 30-year fixed rate conventional mortgages closed out Friday in a range between 3.5% and 3.625% best execution. FHA mortgage loan interest rates are still holding in their 3.25% comfort zone, but if | more...

September 27, 2016

Mortgage Loan Interest Rate Trends: Improving

By Joe Wallace

Mortgage loan interest rates improved on Monday, the fourth business day in a row that rates have recovered. There was an upward trend for some time, but some market watchers and industry professionals are using the word “rally” to describe what they’ve been seeing lately. There was considerable attention on the latest Fed statement about interest rates, but once “Fed day” came and went there was no significant change in investor activity-that is to say no increase activity unfavorable to interest rates in specific reaction to the Fed announcement. 30 year fixed rate conventional mortgage loan rates were reported at 3.375%, best execution, on Monday. That puts conventional loan rates in a single number rather than the range of best execution rates we saw previously. FHA mortgage loan rates are | more...

September 19, 2016

Interest Rate Trends: Unchanged To Slightly Higher

By Joe Wallace

Mortgage rates closed out unchanged for some, higher for others, depending on the lender. After some steady upward pressure on rates, we’ve seen both conventional and FHA mortgage loan interest rates affected ahead of an important week for rates with the Fed about to make another policy announcement, plus the release of housing data. The Fed meeting comes Wednesday and has had the power to influence loan rates in the past depending on investor reaction. There is strong potential for higher rates depending on what happens on Wednesday, so it’s best to assume that can and will happen and plan accordingly. On Friday, 30-year fixed rate conventional mortgages were reported at or near 3.5% best execution, with FHA mortgage loan rates reported at or near a best execution 3.25%. That | more...

September 6, 2016

Mortgage Loan Interest Rate Trends: Slightly Higher After Friday Jobs Report

By Joe Wallace

Ahead of the holiday weekend, all eyes were on Friday’s employment stats, which can and have acted as a spoiler for mortgage loan interest rates in the past depending on investor reaction to the contents of such reports. Market watchers reported weaker-than-expected numbers in that report, and ahead of a holiday weekend we saw some lenders keeping rates the same, while others had slightly higher numbers to close out the week. 30-year fixed rate conventional mortgages were reported at or near a best execution range between 3.375% and 3.5%. Friday’s increases with some lenders were likely reflected in closing costs rather than actual higher rates. FHA mortgage loan rates continue holding fast in their best execution range between 3.0% and 3.5%. The numbers we’ve been seeing are reported by industry | more...

August 22, 2016

Mortgage Rate Trends: Slightly Higher

By Joe Wallace

Mortgage loan interest rates were up and down last week, closing on Friday slightly higher ahead of a week that could have major impact on interest rates depending on what Fed Chair Janet Yellin says during a conference in Wyoming. Anytime the Fed or its chairperson has something to say about the possibility or timing of another interest rate hike, we see great potential for volatility in mortgage loan interest rates. That’s due to investor reaction to the statements, as mortgage loan interest isn’t directly tied to events like these. The Wall Street Journal has something to say about this week’s event which may shed a bit of light on why so much attention is paid recently to the Fed and interest rate policy: “The proverbial ‘all eyes’ are turning | more...

August 17, 2016

Mortgage Rate Trends: Up And Down Before Fed

By Joe Wallace

Mortgage loan interest rates are experiencing another week of ups and downs; on Tuesday rates were unchanged to slightly higher depending on the lender, and all eyes are on Wednesday’s Fed meeting minutes release. This has serious potential to move rates in one direction or the other depending on investor reaction to the contents of those minutes. Most of the current drama in this department has to do with the timing of any proposed Fed interest rate hike or the lack of an indication of same. The potential for another interest rate hike by the Fed creates volatility in the markets that affect mortgage loan rates, so the uncertainty here is a big X factor this week. On Tuesday, 30-year fixed rate mortgages were reported at a best execution 3.5%. | more...

August 8, 2016

Mortgage Rate Trends: Higher After Jobs Report

By Joe Wallace

Mortgage loan interest rates pushed higher on Friday after a stronger-than-expected jobs report. The Employment Situation Report came out on Friday with good news for the economy-approximately a quarter million new jobs reported as opposed to the approximately 180 million expected to be reported. This resulted in what can be confusing for some who are new to market watching; good news for the economy equalling bad news for mortgage loan rates. It’s something that often happens, and it’s something you come to expect after some experience watching mortgage loan interest rates and the factors that can affect them. 30-year fixed rate conventional mortgages closed out Friday reported at a range between 3.375 and 3.5% best execution. Friday’s move higher could reflect in a borrower’s closing costs rather than the actual | more...