Articles Tagged With: FHA Loan Rates

January 11, 2016

Mortgage Rate Trends: Lower In Spite Of Jobs Report

On Friday, mortgage rates moved lower in spite of a scheduled economic data release (Friday’s jobs report) that showed a more robust job market. That news has in the past had the power to negatively affect mortgage loan rates–good economic news often comes out to the detriment of mortgage rates depending on investor reaction to that data. On Friday rates moved lower due to other economic factors including market woes in China and declining oil prices. Investor behavior in reaction to those factors had more of an influence on Friday than the jobs report. That’s not unusual in the grand scheme of things. Much depends on what factors hold investor attention on a given day. On Friday the jobs report was not (but easily could have been) the main event | 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...

January 4, 2016

Mortgage Loan Rate Trends: Closing Out 2015 Higher

By Joe Wallace

In the last week of 2015, we saw mortgage loan rates creeping higher, staying above the four percent mark for 30-year fixed rate mortgage loans. A holiday week can keep rate movements conservative, and two holiday weeks in a row can make things quite calm, but that quiet did not prevent the upward drift of rates. 30-year fixed rate conventional mortgages closed out 2015 in a best execution range between 4.125% and 4.25%. FHA mortgage rates, in spite of the upwards creep we’ve seen in the past two weeks, did not move from their best execution comfort zone of 3.75%. That best execution rate tends to vary more among participating lenders than with conventional loan equivalents, so your experience may depend on the lender. Additionally, best execution rates are not | more...

November 19, 2015

Mortgage Rate Trends: Unchanged To Slightly Higher

By Joe Wallace

All eyes were on the Fed on Wednesday in anticipation of the release of Fed meeting minutes many hoped would give a bit more clarification to the possible December interest rate hike that’s been discussed. After the release of those minutes, mortgage rate behavior only changed a small amount, leaving best execution rates more or less where they have been in the last few days. Is a rate hike coming in December? That has not been confirmed (the Fed is definitely pointing towards the possibility), but many sources believe that interest rates for mortgage loans probably won’t take any steep plunges before that issue is cleared up. We’re likely staring at a tight range of rates until that happens. Some feel there is still potential for rates to move lower | more...

November 17, 2015

Mortgage Rate Trends: Slightly Lower On Monday

By Joe Wallace

Monday was the fourth day that mortgage loan rates didn’t move higher–and after six solid days previously of upward movement, that’s a welcome development. We’re seeing what appears to be a cautious, gradual move lower after that sustained upward pressure. How long that move lower might continue isn’t clear, but we are seeing rates move rather than simply maintain the previous day’s position. 30-year fixed rate conventional mortgage loans are closer to 4.0% (best execution) than they have been in many days. Some lenders may still be offering best execution rates closer to 4.125%, but if the downward trend persists we may see many more lenders headed towards the rock bottom end of the four percent range. FHA mortgage loan rates are still at 3.75%, best execution. You may see | more...

November 9, 2015

Mortgage Rate Trends: Higher On Friday After Strong Jobs Report

By Joe Wallace

Last week was a tough one for mortgage loan rates–a strong jobs report, Fed testimony on a possible December interest rate hike, and more have combined and helped to push mortgage rates higher. Since our last report, 30-year fixed rate conventional mortgages have broken into the low four percent zone; at the time of this writing those rates (best execution) are reported in a range between 4.0% and 4.125%. FHA mortgage rates have also moved higher, leaving the previous comfort zone (best execution) of 3.5% behind in favor of rates at 3.75%. Rates shifted so dramatically that FHA mortgage best execution rates didn’t even move into a range of rates with the previously reported 3.5% at the low end–we just saw them shift from 3.5% to 3.75%. Remember, these are | more...

November 4, 2015

Mortgage Rate Trends: Moving Higher For A Second Day In A Row

By Joe Wallace

Last week, mortgage rates moved higher on Thursday, then leveled out and didn’t lose any more ground on Friday. But Monday and Tuesday we’ve seen the rates move to their highest numbers in four weeks or so, pushing best execution rates for 30-year fixed rate conventional mortgages farther away from that 3.75% zone we saw last month. 30-year fixed rate conventional mortgages have moved recently into a range between 3.875% and 4.0%; if upward pressure continues we could see 4.0% (best execution) become far more prevalent. At the time of this writing, FHA mortgage rates are still at their 3.5% best execution comfort zone but this time around that might not last as long as the previous FHA mortgage loan rate comfort zone–we’re likely to see rates break out into | more...

November 2, 2015

Mortgage Rate Trends: Moving Higher

By Joe Wallace

Thursday and Friday say mortgage rate moving higher, pushing close to four-week highs and some industry professionals and market watchers are sounding off about the higher rates potentially shifting into an upward momentum phase. Whether or not rates actually do that is dependent on a variety of factors that haven’t actually happened yet, so it’s unclear where rates could move during the week. Friday, 30-year fixed rate conventional mortgages moved into a best execution range between 3.875% and 4.0% depending on the lender. Some extremely well qualified borrowers who found lenders willing to offer lower rates may still have had access to something approaching 3.75% on Friday, but if upward pressure continues, it’s likely that best execution offering will disappear for the moment. FHA mortgage rates are still holding in | more...

October 16, 2015

Mortgage Rate Trends: Holding On To Recent Gains

By Joe Wallace

Thursday was another day marked by a lack of upward movement in mortgage rates. The short week began with some improvement and by the end of the day on Thursday we have 30-year fixed rate conventional mortgage rates back in a range between 3.75% and 3.875% best execution. FHA rates are also holding steady, best-execution, at 3.5%. Best execution rates are not available to all borrowers or from all lenders. Your experience may vary depending on your FICO scores, loan repayment history and other financial qualifications. The availability of a participating FHA lender willing to offer the rates you see here may also be a factor, depending on circumstances. Thursday’s hold-steady behavior was in spite of activity in bond markets that can, under the right conditions, add upward pressure to | more...

October 14, 2015

Mortgage Rate Trends: Moving Lower To Start The Week

By Joe Wallace

Monday was a holiday, so no new mortgage rate information was published, but on Tuesday after the three-day weekend (for banks, federal offices and some businesses) mortgage loan rates began moving lower. The recovery, such as it was, wasn’t enough to push rates into a new best execution range or rates–borrowers in some cases may notice the difference in closing costs rather than an actual change in the rate. 30-year fixed rate conventional mortgages were reported at, best execution, 3.875% depending on the lender. Some more competitive lenders may be offering rates below that number at the time of this writing, but much depends on the borrower’s financial qualifications and other factors. FHA mortgage loan rates are holding at a best-execution 3.5%, though it’s too early to say whether this | more...