30-year fixed interest rates are down today compared to the beginning of the month. Jumbo loans actually went down 1/2% today (30-year fixed). The remainder of the loan products quoted above are up one-eighth of a percent since the beginning of the month. There are many changes in the wind for mortgages. The word is that by December jumbo conforming loans will be gone. No income verification...
Lenders have been cautioning us for months to make sure our clients pull out cash from their home-equity line of credit if they are going to use it to purchase a home (without selling their existing home and avoid a bridge loan). Many buyers are also using their home-equity line of credit to purchase second homes or income property. The caution has been to have buyers immediately get that cash and...
Interest rates were moving downward today. A 30 year fixed conforming jumbo loan (maximum loan amount of $729,750) was 6.125 percent with ZERO points. A minimum of 10% down payment is required and with a 20% down payment, there is no PMI (private mortgage insurance). Today's rates are down 1/2% from a month ago which increases affordability 5% and should bring more buyers to the market. In the...
Mortgage rates have changed again this week. The market seems to swing according to the media focus. With the start of the Olympics, we may be in for a bit of a reprieve. However, according to a CNN article by Les Christie, borrowers may benefit by locking in their interest rate (pre closing). Several experts cited in the article expect interest rates to go up in the next six weeks and forecast...
Friday's mortgage rates are up between 1/4 percent (jumbo 5/1 Year ARM) and 3/4 percent (jumbo 30 year fixed) compared to my last Mortgage Update on June 8, 2008. As you can see from the chart above, today's borrower of a 30 year fixed loan will pay 6.5% conforming and 7.75% jumbo. Attention buyers: The time is right to get off the fence and purchase your new home now. Rates are not forcasted to...