Rain City Guide

Rates have been so volatile lately it’s insane.  On Tuesday, I was quoting 5.875% (apr 6.133); Wednesday rates dropped to 5.625% (apr 5.818) then popped back up on Thursday.  This morning I quoted 6.00% (apr 6.155) all for 30 year fixed conventional with 720-739 mid scores priced w/1 point; now it’s 0.125% higher.  I’ve seen rates [...]

This morning I’ve been trying to update articles I’ve written on FHA in an attempt to have the information be accurate during this day and age of the ever-changing-loan-guidelines.  Please don’t rely 100% on information you find about mortgages on the web.  Programs and products are simply changing too often to keep up and information is [...]

It’s really interesting pricing rates these days.  I used to be able to use one lenders rates and compare to a pricing engine I use to make sure the rate was correct.  With how volatile the markets are, I have to check several lenders to try to find the rate I would quote based on the criteria I’ve [...]

All I can say is THANK GOD IT’S FRIDAY!  What a gut wrenching week this has been for the global markets.  I truly hope that no one has tried to float their interest rates during this time, especially since most lenders can and will re-negotiate or float down your rate should they improve.   Those waiting to [...]

Mortgage rates continue to be very volatile.  They are improved from last week’s rate report yet higher than the low point (mid 5’s for 30 year) earlier this week.  If you’re considering a mortgage, you need to be in position to lock with low rate opportunities are present.  So far today, one of the more conservative lenders [...]

The conforming 30 year fixed rate is at a 2 year low…how long will this last? No one knows for certain and this is why I always recommend locking in your rate and not floating. A week from today is the first Friday in December which means it’s also the day the [...]

Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties).  Conforming rate quote below based on owner occupied, “full doc” with minimum credit scores of 680 with an 80% loan to value or lower and a loan amount of $400,000.   Rates quoted are priced based on a 45 day lock with 1 point and [...]

It continues to be very interesting preparing Friday Rate Quotes.   Programs and products availability continue to change due to either lenders suspending certain products or pricing them out of the market.   In addition, some lenders who brokers have had relationships with are playing “dirty” (for example, trying to stall loans so they expire instead of funding or [...]

Both Fannie Mae and Freddie Mac are tightening up their underwriting guidelines making it tougher to qualify for conventional mortgages (loan amounts $417,000 or less for single family dwellings).    
Some of the most significant change is how borrowers are qualified when using a mortgage with an interest only feature.

Fixed Rate Mortgages (ex. 30 year fixed [...]