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…
For home buyers and refinancing households, low mortgage rates have presented a second opportunity to capture low housing payments. Today’s low mortgage rates can help your budget and help you save. Whether you’re buying a home or refinancing, you’ll be surprised at how low today’s rates really are. Request a quote today. It’s fast, it’s…
The government shutdown may force the housing market to a near-standstill, simply because of a clog in the paperwork. Although initially it seemed the housing market would be largely unaffected by the government shutdown, lenders are hitting a roadblock that could cause major headaches in the mortgage market. The IRS is closed, and that means…
The last quarter of 2013 is officially here, and it could prove to be another volatile one. As we head toward the new year, there are several key stories to monitor, as they could have a big impact on home loan rates. To Taper or Not to Taper One of the biggest headlines over the…
With the mortgage boom officially over, banks are closing facilities and units that have been servicing customers looking to refinance their home loans. JPMorgan laid off more than 2,000 employees in early August—about half of them in originations, according to a person familiar with the situation. The bank had said in February that it would…
There is something new and different for home mortgages: Jumbo mortgage loans are being made at lower interest rates than traditional home loans. That’s kind of like a first class airplane ticket being cheaper than riding in coach. At first this seems crazy. For as long as anybody can remember, homeowners have had to pay…