Mortgage rates are improved after last week’s Fed Meeting with the indication the Fed will delay tapering off their purchase of mortgage backed securities. Watch for news regarding whether or not Congress is going to raise the debt ceiling to avoid a government shut down on October 1 as this may impact the direction of mortgage rates.
What May Impact Mortgage Rates this Week: September 23, 2013
September 23, 2013 by Leave a Comment
My response to Get Rich Slowly’s “Reader Story: Refinancing in the post financial crisis economy”
September 22, 2013 by Leave a Comment
A problem the mortgage industry has (one of them) is the perception that consumers have about the mortgage process.
- Reduced document loans are pretty much gone unless you want to go “hard money”. Even a “streamlined” FHA refinance is not very streamlined – it’s a “full doc” loan minus the appraisal.
- The lender offering the lowest rate does not mean your loan will close or close smoothly.
- Borrowers need to pay more attention to the knowledge, expertise and professionalism of the loan officer. This is at least equally as important as trying to find the “lowest mortgage rate” [Read more…]
NAR fighting to keep current boundaries for USDA Zero Down Loans
September 20, 2013 by Leave a Comment
There’s just 10 days remaining before the boundaries determining eligible properties for USDA financing are set to change unless Congress takes action. I shared with you USDA had posted the “future” boundaries on their website back in April.
Fed to Keep Mortgage Rates Sweet and Low
September 18, 2013 by 1 Comment
The Fed made no changes to the Fed Funds rate… no surprise there. However, the Fed did surprise the markets today announcing they are not tapering their purchasing of mortgage backed securities. From today’s press release:
“…Taking into account the extent of federal fiscal retrenchment, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. [Read more…]
