Many homeowners in Arizona and California will find out if they will be able to refinance their “upside down” homes tomorrow. The Initial “HARP” Home Affordable Refinance Program was rolled out in 2009. It was designed to help refinance “underwater” homeowners that owe more than their homes are worth. Since the program had very little success… Continue Reading
Tag Archives: Mortgage Rates
Interest Rate Lock or Float: Protect your Arizona Mortgage
The million dollar question: When is the best time to lock my interest rate? The obvious answer: When home loan rates are at their lowest. The problem is that loan officers don’t really have a crystal ball. With that being said, some home loan professionals utilize financial market indicators that can help them advise home… Continue Reading
What’s Ahead For Mortgage Rates This Week : January 25, 2010
Conforming and FHA mortgage rates improved last week on the combination of weaker-than-expected economic data and new anti-banking rhetoric from the White House. The S&P 500 shed nearly 4 percent in its worst weekly showing since October 2009 as all 10 sectors fell. As the money left stock markets, it made its way to bonds… Continue Reading
What’s Ahead For Mortgage Rates This Week : January 11, 2010
Data was sparse through 2010′s first trading week last week, setting the stage for a week of momentum trading. In up-and-down trading, mortgage pricing improved overall but the best rates of the week didn’t last long. Rates improved Monday and Tuesday as an oversold market corrected itself to better price points. Then, in anticipation of… Continue Reading
What’s Ahead For Mortgage Rates This Week : December 21, 2009
Mortgage markets improved last week as pricing followed a roller coaster-like pattern. After touching a 6-week high Tuesday, rates rallied to weekly lows Thursday, and then jumped back higher Friday. Despite the improvement last week overall, mortgage pricing remains significantly worse from the all-time lows set in late-November. Oddly, last week’s most prominent mortgage-related story… Continue Reading
A Simple Explanation Of The Federal Reserve Statement
The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent. In its press release, the FOMC noted that the U.S. economy “has continued to pick up”, that the jobs markets is getting better, and that housing market has shown “some signs of improvement” lately. It’s the… Continue Reading
The Federal Reserve’s Relationship To Mortgage Rates
The Federal Open Market Committee meets today for the last time in 2009. It’s a 2-day meeting and the Fed is expected to leave the Fed Funds Rate near 0.000 percent. But that doesn’t mean mortgage rates won’t change. See, a major misperception among the public is that the Federal Reserve sets mortgage rates. That’s false. … Continue Reading
What’s Ahead For Mortgage Rates This Week : December 7, 2009
Mortgage markets finally reversed course last week, selling off with fury and causing prices to plummet. When bonds prices fall, rates rise. The action broke a multi-week winning streak, much to the disappointment of rate shoppers everywhere. Rate hikes came in stages. First, early in the week, mortgage bonds fell out of favor as traders… Continue Reading
Should You Consider A 15-Year Fixed Mortgage?
For today’s home buyers and homeowners that can manage the higher monthly payments, 15-year fixed rate mortgage rates look attractive as compared to comparable 30-year products. The 15-year/30-year interest rate spread is near its 5-year high. Despite lower rates, however, homeowners opting for a 15-year fixed mortgage should be prepared for its higher monthly payments. This is… Continue Reading
What’s Ahead For Mortgage Rates This Week : November 9, 2009
Mortgage markets were extremely volatile last week, carving out a wide range between Monday and Friday. Thankfully for rate shoppers, the overall momentum was positive. Mortgage rates fell for the second time in as many weeks. Rates still sit higher versus their early-October lows. For pure “news”, last week was a busy one: The Federal Reserve… Continue Reading