By Jeff Lazerson | [email protected] | MortgageGrader.com PUBLISHED: July 3, 2019 at 11:42 am | UPDATED: July 3, 2019 at 11:53 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 3.75%, up 2 basis points from last week. The 15-year fixed rate averaged 3.18%, also up 2 basis points from last week. Loan application volume was unchanged from the week before, the Mortgage Bankers Association reported. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $484,350 loan, last year’s payment was a staggering $217 higher than this week’s payment of $2,243. What I see: Locally, well-qualified borrowers can get the following fixed-rate mortgages without points: A 15-year FHA (up to $431,250 in the Inland Empire, up to $484,350 in Los Angeles and Orange counties) at 2.875%, a 30-year FHA at … [Read more...] about New program offers hard-money mortgages at half the rate
Refinance investment property mortgage rates
Freddie Mac reported little change this week for long-term mortgage rates on properties such as this home in Surfside, Fla., shown in April. After more than a month of declines, mortgage rates paused their descent ahead of next week's Federal Reserve meeting. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average was unchanged at 3.82% with an average 0.6 point. (Points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate.) It was 4.62% a year ago. The 15-year fixed-rate average dipped to 3.26% with an average 0.5 point. It was 3.28% a week ago and 4.07% a year ago. The five-year adjustable-rate average slipped to 3.51% with an average 0.4 point. It was 3.52% a week ago and 3.83% a year ago. "Mortgage rates were flat this week, remaining near their lowest levels in more than a year as some uncertainty surrounding trade tensions appeared to ease," said Matthew Speakman, a Zillow economist. "But the … [Read more...] about Mortgage rates flat after swoon
Adjustable-rate mortgages, known as ARMs, are back, despite having earned a bad reputation at the height of the housing crisis. Post-crisis borrowers saw them as risky because of their changing interest rates and blamed the glut of foreclosures on the inability of homeowners to handle higher payments when the loans reset. "ARMs became a four-letter word after the housing crisis," says Ann Thompson, a retail sales executive for Bank of America in San Francisco. "They got a bad rap and were lumped in with 'pick-a-payment' loans, which allowed people to pay as little or as much as they wanted on their mortgage."Lately there's been a resurgence in ARMs. In January 2019, 8.6 percent of new mortgage loans had an adjustable rate, compared with 5.5 percent in January 2018, according to Ellie Mae, a software company that processes 35 percent of mortgages in the United States.One reason for the resurgence could be the safeguards in place that make today's ARMs less risky than those approved … [Read more...] about Adjustable-rate mortgages: Are they worth it?
By Brittany De Lea Published December 13, 2018 U.S. Economy FOXBusiness Facebook Twitter Comments Print video US new home sales tumble in October Tri Pointe Group CEO Doug Bauer discusses how new home sales have tumbled in October and the Federal Reserve’s interest rate hikes. While the housing market was a centerpiece of the 2008 financial crisis, its stagnant recovery could actually save it from a downturn in another potential recession. Continue Reading Below “Because of the fact that it has been underperforming during the economic recovery, there is less room to go down,” Lawrence Yun, chief economist at the National Association of Realtors, told FOX Business. “I think the housing market would not see any big negative hit if there was an economic recession.” Yun said in the event of a recession, interest rates are likely to decline, while the Federal Reserve could halt rate increases and even cut some … [Read more...] about Housing: The new recession-proof investment?
As re-appraisals drop, businesses should consider SBA-backed loans as a way out Mark Abell Published 2:30 pm CST, Wednesday, December 5, 2018 Photo: Skynesher | Getty Images Photo: Skynesher | Getty Images Image 1 of / 1 Caption Close Image 1 of 1 Photo: Skynesher | Getty Images Rising Interest Rates Are Creating Refinancing Headaches for Small Businesses 1 / 1 Back to Gallery The recent rise in interest rates is resulting in large drops in property valuations, making it harder for small businesses to refinance their commercial real estate loans. This looming cloud is gathering even with a robust U.S. economy and regardless of whether the businesses' underlying performance is … [Read more...] about Rising Interest Rates Are Creating Refinancing Headaches for Small Businesses