By Jeff Lazerson | | PUBLISHED: July 5, 2018 at 10:07 am | UPDATED: July 5, 2018 at 10:10 am What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Rate news summary From Freddie Mac’s weekly survey: The 30-year fixed rate averaged 4.52 percent, down 3 basis points from last week’s 4.55 percent. The 15-year fixed averaged 3.99 percent, five basis points lower than last week’s 4.04 percent. The Mortgage Bankers Association reported virtually unchanged loan application volume from the previous week. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $453,100 loan, last year’s rate of 3.96 percent and payment of $2,153 was $148 lower than this week’s payment of $2,301. What I see: Locally, well-qualified borrowers can get the following fixed rate mortgages for a 1 point cost: 15 years at 3.50 percent, 30 years at 4 percent, high-balance ($453,101 to $679,650) 15-year at … [Read more...] about VA offers up to $50,000 for home reno with 0 down, 0 equity
Bank rates for home equity loans
WASHINGTON -- If you've got it, don't piggy bank it -- borrow against it. That seems to be the prevailing sentiment among tens of thousands of American homeowners who've seen their property values surge and then decided: Hey, we've got a ton of equity sitting here, let's do something with it. According to the latest estimates from real estate analytics firm Attom Data Solutions, 347,875 new home-equity lines of credit (HELOCs) were taken out during the first quarter of this year -- up a surprising 18 percent from the final quarter of 2017 and 14 percent higher than the same time last year.The increase is eye-opening in part because last year's federal tax law changes were seen as a major negative for home-equity borrowing. The law removed interest deductibility for home-equity loan balances -- new and existing -- that are not used to renovate, build or acquire a home. The loss of deductibility made tapping home equity more expensive on an after-tax basis for many borrowers.But … [Read more...] about Booming home equity: Financial opportunity or warning sign?
Christopher Rugaber, Associated Press Published 6:43 pm, Thursday, June 7, 2018 Photo: LM Otero, STF / Associated Press Image 1of/1 CaptionClose Image 1 of 1 Just-cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth. Just-cut stacks of $100 bills make their way down the line at the Bureau of Engraving and Printing Western Currency Facility in Fort Worth. Photo: LM Otero, STF / Associated Press Home equity boosts U.S. household wealth 1 percent to $100.8 trillion 1 / 1 Back to Gallery WASHINGTON — Increased home prices boosted U.S. household net worth 1 percent in the January-March quarter to crack $100 trillion for the first time. The Federal Reserve said Thursday that home values rose $500 billion, offsetting a decline in … [Read more...] about Home equity boosts U.S. household wealth 1 percent to $100.8 trillion
A small Buffalo bank is making a big pitch for savers. At a time when most banks are paying paltry interest rates on savings accounts, Bank on Buffalo is offering savings accounts with an interest rate of 2.02 percent. That's among the highest — if not the highest — interest rate available on savings accounts anywhere in the country. It's more than 20 times higher than the average interest rate on savings accounts nationwide, according to Bankrate.com, and it's available to anyone who keeps at least $100 in their account. A Bankrate.com survey of about 4,800 banks and credit unions, which did not include Bank on Buffalo, found the best rate available to savers anywhere in the country was 2.01 percent. At 2.02 percent, Bank on Buffalo's savings account pays just a bit more, and bank officials say it's not a teaser rate that will drop after a few months. Many of the banks that offer the highest rates on savings accounts are online banks that don't have to bear the … [Read more...] about Growing Bank on Buffalo offering high interest rates for savers
Homeowners might be feeling richer lately, and it’s not necessarily because the recent tax cut has left more dollars in their paychecks. Rising home values are creating record levels of home equity. Recent data from the Federal Reserve show that American homeowners have an estimated $14.4 trillion in equity, an amount that grew by nearly $1 trillion last year. “People have more home equity now than they did at the height of the housing bubble, partly because of climbing prices and partly because people are staying in their homes longer, which gives them more time to appreciate,” says Joe Mellman, a spokesman at the consumer credit reporting agency TransUnion. “At the same time, we haven’t seen people borrowing as much from their home equity as they did in the past.” Equity, which is the difference between your home’s value and your mortgage balance, accumulates from paying down your loan and from the increase in home prices. Since May 2012, … [Read more...] about Ways to cash in on your home equity and the tax implications of doing so