Mortgage Rate Update for the week of January 13, 2025
January 13, 2025 by Leave a Comment
It’s Monday and that means it’s time for my weekly Mortgage Rate Update.
This week’s episode includes:
- How are rates following Friday’s hotter than expected BLS Jobs Report?
- What may impact mortgage rates this week?
- Should you avoid private mortgage insurance?
Should You Avoid Private Mortgage Insurance
January 12, 2025 by Leave a Comment
Recently I was invited to contribute to an article for U.S. News on How to Avoid PMI on a Mortgage with Less Than 20% Down by Gina Freeman. The article includes various strategies on how to avoid private mortgage insurance. Private mortgage insurance is typically required when someone is putting down less than 20% for a home purchase or if someone has higher than an 80% loan-to-value if they’re refinancing a property and are using a conventional mortgage.
There are many ways private mortgage insurance (pmi) can be paid for, including a lump sum “single premium” as a closing cost or as part of the monthly mortgage payment. There is also “split premium” which is a combo of a single premium and monthly and lender paid. The seller may even be able to contribute towards private mortgage insurance if negotiated in the real estate contract and the loan meets required guidelines.down less than 20% for a home purchase or if someone has higher than an 80% loan-to-value if they’re refinancing a property and are using a conventional mortgage. [Read more…]
First Mortgage Rate Update for 2025!
January 6, 2025 by Leave a Comment
We have a lot on the economic calendar that may impact mortgage rates this week, including jobs data. Check out my weekly update to learn how rates are kicking of the new year and also, learn how one of my clients are benefiting from buying a home two years ago.
Holiday Hangover – Did You Overspend this Season?
December 27, 2024 by Leave a Comment
Twas the season of spending with American’s splurging over $1100 on gifts this holiday season. Credit card interest rates average around 24% with some department store cards pushing 30%; making it very difficult for some to pay off the debt.
Lendingtree reports that 42% of those who charged holiday gifts regret adding to their debts.
If you’re feeling a bit of a financial hangover from the holidays, you can take some steps to help ease the headache of credit card debts. [Read more…]
Mortgage Rate Update for the Week of December 23, 2024
December 24, 2024 by Leave a Comment
Are mortgage rates being naughty or nice? Check out my latest video on mortgage rates to find out how interest rates are behaving since the Fed dropped the Funds rate by 25 basis points.
It’s Fed Day! [Live Post]
December 18, 2024 by Leave a Comment
Today wraps up the 2-day FOMC meeting which ends with a highly anticipated announcement from the Fed on decisions the Fed Funds rate. It’s important to note that this decision does not directly change mortgage rates. For example, if you hear that the Fed has cut rates by a quarter point or 25 basis points, this does not mean that rates for the 30-year fixed are now a quarter point lower. The action the Fed takes and their commentary or information they release during this meeting does influence the direction of mortgage rates. [Read more…]
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