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No Big Rate Surprise with the FOMC
The FOMC wrapped up their two day meeting leaving the Funds Rate unchanged. The target rate is remaining at 0-0.25%. Now that this decision has been formally announced, everyone will be reviewing the Fed’s statement for clues on when they will begin to raise the Fed Funds Rate. From today’s FOMC Statement: …the Committee expects that inflation will... »
Friday’s Rates
Mortgage rates remain fairly steady this past week with the Government continuing to artifically keep rates low by purchasing $27 billion in mortgage backed securities (MBS) from May 7 to May 13 focusing mainly on 4-5.5% coupons and not purchasing any of the 3 or 3.5% coupons that would cause rates to reduce beyond... »
Friday’s Rates
I’ve added two programs to “Friday’s Rates”: FHA’s 203(k) Rehab loan and USDA’s program. The 203(k) loan allows financing of certain repairs into the purchase price of the new home. USDA provides 100% financing in specific areas with income limits with no monthly mortgage insurance (there is an upfront funding fee, similar to VA... »
Friday’s Rates
There is so much going on with mortgage rates these days…the topic almost deserves it’s own post. I’ll try to boil this down to the nitty gritty on a few matters that impacting rates for the worse beyond mortgage backed securities. ~ Lack of rebate pricing (aka yield spread premium). In recent history one was safe to assume that 1 point... »
Mortgage Rates for Friday Afternoon
Mortgage rates are up about 0.125% from what I posted this morning and up a bit more than that compared to last Friday’s post as you’ll see by the red arrows. You’ll notice conventional rates increasing soon (next week) for condos and other types of transactions such as cash-out refinances, when Fannie and Freddie’s new... »
Mortgage Rates — More Changes Coming Soon!
Mortgage rates have improved but continue to be volatile. Today’s rates are actually up about 0.125% from yesterday. Very important to note that Fannie Mae announced their revised LLPA (hit to fees with rates) will be implemented by April 1, 2009. This means that lenders will start factoring these adds any day in order... »
Last Mortgage Rate Update of 2008
Mortgage rates are essentially unchanged from what I posted here last week. We have a modest improvement for 30 year fixed conforming, which is barely back under 5% with 1 point. Lenders continue to price mortgages without attractive rebate causing scenarios priced with zero points or “no closing cost” to not pencil out. I’m... »
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