Mortgage lenders are starting to accept lower credit scores and smaller down payments. – Average FICO scores and down payments drop for home loans – Lenders compete harder for new business as interest rates rise – No big changes likely for lending standards, which some say are still too tight More people are getting home…
Mortgage rates are now at four-month lows nationwide. Average U.S. rates on fixed mortgages dropped this week to their lowest levels in four months, a positive sign for the housing recovery. Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 4.13%. That’s down from 4.28%. The average on the 15-year…
Weak U.S. jobs figures shored up stock markets Tuesday but weighed on the dollar, which fell to its lowest level against the euro in nearly two years, as investors concluded that the Federal Reserve may hold off reducing its monetary stimulus until 2014. The Labor Department reported that 148,000 jobs were created in September, below…
Despite a slight rise in interest rates, mortgage applications in the United States managed to climb higher last week. However, the government shutdown is not helping the real estate market, as some loan processing functions are delayed. According to the Mortgage Bankers Association’s latest report, for the week ended October 11, loan applications increased 0.3…
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According to the Mortgage Bankers Association, overall applications were down by just 0.4 percent during the week ending September 27. Not surprisingly, refinance applications were higher last week as mortgage rates have found additional room to fall following the Fed’s inaction last month. Refinance applications increased by 3 percent last week, bring the share of…
October 18, 2013 – Mark Livingstone, President & Owner of Cornerstone First Financial and John Fredericks discuss how the government shutdown has effected the mortgage market, what raising the debt ceiling til January 15, 2014 may mean for the market, government mortgage programs and interest rates. Click HERE for interview. The John Fredericks Show is…
With the “cash-out refinance mortgage” option, borrowers are able to receive cash out from the value of their home to use for debt consolidation or any other purpose. This mortgage also allows borrowers to roll all related closing costs, financing costs, and prepaid items into the new loan amount, further maximizing cash flow potential. Learn…
Borrowers shopping among banks and mortgage firms shouldn’t focus solely on interest rates. Ask lenders about the possibility of credits toward closing costs. The government shutdown and the debt limit have dominated the headlines, but a behind-the-scenes fight over federal mortgage policy has been brewing and it could affect your choices the next time you…
The government shutdown may be good for homebuyers, with mortgage rates falling this week amid the uncertainty. Freddie Mac says a 30-year fixed-rate mortgage averaged 4.22 percent in the week ending Oct. 3, down from 4.32 percent last week. A 15-year fix fell to 3.29 percent, from 3.37 percent. A one-year adjustable-rate mortgage averaged 2.63…