In a nutshell, the Fed will no longer be manipulating mortgage rates at artificially low levels. As I write this, I’m receiving intraday rate sheets from some lenders with pricing for the worse.
This is from the Fed’s Press Release:
Archives for October 2014
What the Fed Said
October 29, 2014 by 1 Comment
What May Impact Mortgage Rates this Week: October 27, 2014
October 27, 2014 by 1 Comment
Will this week bring tricks or treats with mortgage rates? The stage is set to be another volatile week for mortgage rates with scheduled economic events/indicators. The Fed is expected to retire QE3 this week, in which they were buying bonds and treasuries to keep mortgage interest rates at artificial low levels. In addition, the economic issues taking place in Europe and other uncertainties in the world, just adds to the drama we may see play out with mortgage rates.
Fannie Mae HomePath now offering Financial Flexibilities
October 24, 2014 by Leave a Comment
Earlier this month, Fannie Mae retired the Fannie Mae HomePath Mortgage program which was available exclusively to homes owned by Fannie Mae as a result of foreclosure. This popular program offered mortgages with no private mortgage insurance and no appraisal was required. Investors were able to buy HomePath properties with reduced down payments.
Conforming Mortgages set to Reduce Minimum Down Payment
October 22, 2014 by Leave a Comment
At the MBA Annual Convention this week, Mel Watt, Director of the FHFA announced that Fannie Mae and Freddie Mac will be reducing the minimum down payment.
“To increase access for creditworthy but lower-wealth borrowers, FHFA is also working with the Enterprises to develop sensible and responsible guidelines for mortgages with loan-to-value ratios between 95 and 97 percent. [Read more…]
What May Impact Mortgage Rates this Week: October 20, 2014 – LOWER RATES
October 20, 2014 by 1 Comment
Last week, when mortgage rates for the 30 year fixed dipped below 4%, we saw many home owners jumping at the chance to refinance. Mortgage interest rates were very volatile last week, following the roller coaster ride of the stock market. It was reported we had about 10 different price changes in just one day. The only way you can make sure that you lock in a low rate is to…well…lock it! 🙂 This basically means that you have provided the lender with an application and have decided on your mortgage program.
Comparing the 20 Year Fixed Conventional Mortgage to a 15 Year and 30 Year [Mortgage Rate Post]
October 17, 2014 by Leave a Comment
Home owners looking to take advantage of today’s low rates with a refinance or purchase, may want to consider a 20 year fixed conventional mortgage. The 20 year fixed conventional offers lower rates than the 30 year fixed and lower payments than a 15 year fixed mortgage.
How much can mortgage rates change in a day?
October 15, 2014 by Leave a Comment
Today was one of the most volatile days we’ve seen in years. I believe it’s the biggest hit the DOW has seen in three years. Mortgage rates started off surprisingly low this morning and this afternoon, they are heading back up. I still have a couple lenders who are still under 4% for a 30 year fixed conventional mortgage, as I write this post (3:09 pm, October 15, 2014).
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