New Mortgage Disclosures Possibly Delayed

speedbumpThe CFPB is requesting that the deadline for the new “good faith estimate” disclosures (aka “TRID”) be delayed for two months to allow lenders more time to transition into the the new forms…and because the CFPB made an “administrative error” that would have caused a delay with enforcing the rule. From the CFPB’s website:

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Freddie Mac reports last week’s average mortgage rates unchanged

The Freddie Mac PMMS reveals little change in mortgage interest rates over the last week with the 30 year mortgage rate averaging 4.02% with 0.7 points.

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I’m on vacation!

breakUPDATE JUNE 24, 2015:  I’m back!!!

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Freddie Mac reports mortgage rates at 2015 highs

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Freddie Mac’s Primary Mortgage Market Survey reveals just how dramatically mortgage rates have gone up over the last month. Freddie Mac reports that last week, the 30 year fixed conforming mortgage (loan amount $417,000 or lower) interest rate averaged 4.04% priced with 0.6 points. [Read more…]

What May Impact Mortgage Rates this Week: June 8, 2015

Mortgage rates have been marching higher. This week we have very few economic indicators scheduled to be released. Mortgage rates may take their directions from stocks – often moving in the opposite direction. Right now, rates for a jumbo mortgage 30 year fixed are lower than conforming rates!

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Avoid Delays with Appraisals

time to refiWashington State has a couple of regulations that require certain safety features are installed in a home before a buyer can purchase it. When these items are not installed in the home at the time of the appraisal, or if the appraiser cannot easily find them, then the appraiser or underwriter will require that these items be installed prior to closing. This can potentially delay the closing and/or increase cost if the appraiser has to go back to the property to re-inspect for the missing items.

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What May Impact Mortgage Rates this week: June 1, 2015

MortgagePorter-JobsReportHere I am again, writing my “Monday rate post” on a Wednesday. This week has been busier than usual…I think part of that is spill over from the short week and more activity with home buyers. As this is the first week of June, we will have the Jobs Report on Friday which tends to impact the direction of mortgage rates.

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Fannie Mae no longer requires revolving debts to be closed

MortgageThis week, Fannie Mae issued new underwriting guidelines for conforming loans approved through DU (Fannie Mae’s automated underwriting system). One of the new guidelines that is catching a lot of attention is that Fannie Mae will no longer require that revolving debts that are paid off in order to reduce a borrowers debt to income ratios and help them qualify, to also be closed.  The new guidelines will allow a revolving debts that are paid down to zero balance to no longer be factored for qualifying purposes.

If I can help you with your purchase or refi mortgage needs for your home located anywhere in Washington state, please contact me.