ForTheBestRate.com Blog

Mortgage Rates Again Hit All-time Lows

2012-01-31T09:31:00.000-08:00

Mathew Graham of MortgageNewsDaily.com reported that mortgage rates appeared to fall to new lows yesterday according to data gathered from twenty prominent lenders and feedback gathered from MBS Live community. According to the story, the average best-execution rate hit its lowest level on record at 3.81%. This is good news for homeowners and home buyers who watched interest rates inch higher

How Do Mortgages Amortize?

2012-01-30T07:20:00.000-08:00

Situation.....You're getting ready to take out your first mortgage and you can't wait to start building equity in your home every month by knocking down your principal balance. You've heard your friends and family tell you for years about how renting is "for the birds". "You're just making your landlord rich" they crow. You've got your plan...You'll just makeyour $1000 a month mortgage payment

President Obama Proposes Mortgage Refinancing Plan for Current Homeowners

2012-01-28T06:58:00.000-08:00

Current on your existing mortgage payments but unable to refinance? There may be some good news coming your way. According to a recent article on the Wall Street Journal's web site, President Obama is asking Congress to review legislation that would help homeowners, who are up-to-date on payments, refinance their existing mortgages to capitalize on historically low interest rates. This is not

Mortgage Rate Update - Ohio Mortgage Rates

2012-01-26T06:33:00.000-08:00

Hello Everyone, Below is a snapshot of current Ohio mortgage refinance rates (rate and term) taken from some of the top mortgage rate research web sites online. The criteria used in the various surveys will vary from site to site so be sure to visit the various publishers to make sure that you're making an apples-to-apple comparison. Mortgage rates are subject to change and they often adjust

Home Value Projections for 2012

2011-12-20T13:44:00.000-08:00

Wondering what home values have in store for 2012? BusinessWeek dove in head first with the research group Fiserv to analyze some historic data and offer some projections. Below are some results from their research in some major US markets.Metro:Los Angeles-Long Beach-Glendale Projected Median Home Price: $253,328 Projected Price Change from 4th Quater 2008: -27.6% Metro: Houston-Sugar

Happy Holidays from Fannie & Freddie - No Foreclosures from Dec. 19th - Jan. 2nd

2011-12-12T13:24:00.000-08:00

It's beginning to feel a lot like Christmas. Fannie Mac, Freddie Mac and several other major banks such as Chase and Wells Fargo have pledged not to foreclose on late homeowners during this holiday season. Wells Fargo noted that it suspend foreclosures on loans within its portfolio while it still may proceed with loans held by other lenders that the bank is servicing. That certainly was

Today's Georgia Mortgage Rate Round-Up

2011-12-05T13:09:00.001-08:00

Home mortgage rates leveled out this past week with the 30 year fixed rate average coming in at 4.00% with 0.7 points according to Freddie Mac's weekly interest rate survey. The 15 year fixed rate average also remained relatively flat at 3.30% with .8 points. Below is a snapshot of current 30 year refinance mortgage rates taken from the State of Georgia this afternoon on ForTheBestRate.com.

Mortgage Rates Continued to Remain Steady This Past Week

2011-10-28T05:32:00.000-07:00

Home mortgage rate averages were mixed this past week with fixed rates either dropping slightly or remaining flat while the 5 year treasury indexed ARM average inched higher according to Freddie Mac's weekly rate survey. The 30 year average fell 0.01% from 4.11% down to 4.10% with 0.8 points and the 15 year average remained unchanged at 3.08% with 0.7 points. The 5 year ARM average moved from

Get In The Real Estate Market By Buying Land

2011-10-27T12:11:00.000-07:00

Not quite ready to buy a home, but don't want to miss out on the great deals available during the current market? Consider getting into the real estate game by buying a lot or piece of land. It could be the future site of your first home, dream home, retirement destination, or investment property, or simply an investment that you'll later sell, putting the proceeds towards another real estate

"Operation Twist" - The Federal Reserve's Move To Lower Long Term Interest Rates

2011-10-20T11:27:00.000-07:00

The Federal Reserve is doing what they can to keep interest rates, including mortgage rates, low, encourage bank to lend, and hopefully get the economy moving again. Their latest action has been termed "Operation Twist." The plan in a nutshell is to sell medium term bonds and buy additional longer term bonds, including the 10 year Treasuries. The increased demand should lower the 10 Year

Current Mortgage Rate Update

2011-10-13T10:54:00.000-07:00

Mortgage rates continue to hover at or near historic low points for many home loan products. Been holding off on applying for a purchase mortgage or refinance? It could be time to get off the fence - get a quote for today's rates and see what you could save or how far your money could go with a home purchase. Here's a look at where rates are currently for a 15 year fixed rate mortgage (as of

Market for Short Term Rental Properties and Vacation Homes

2011-09-23T08:12:00.000-07:00

We live in Wilmington, North Carolina along the Cape Fear Coast which includes Wrightsville Beach and Carolina Beach. Like much of the country, the past few years have not been overly kind to the real estate market. A recently report from the local Association or Realtors noted that for the first time in years, real estate prices have been on the rise (yay!). This got me thinking about the

USDA Rural Housing Loans - The Basics

2011-09-16T07:35:00.000-07:00

Over the past few years USDA rural housing loans have grown in popularity as they are one of the only 100% mortgage loan programs left in the marketplace. The other no money down loan program being VA loans for eligible veterans, active duty servicemen and women, and their families. When I was in the mortgage industry (around 2005), finding a 100% financing solution was a piece of cake. After

FEMA Distaster Relief - Where to Go For Information

2011-09-09T06:41:00.000-07:00

From Louisiana up to my old stomping grounds in Vermont, the past few weeks have not been kind from Mother Nature. If you are in an area that that affected by recent weather related events and are experiencing hardships from the storms, you can go to DisasterAssistance.gov and complete a questionnaire which is designed to better determine which types of assistance programs you may be eligible

Mortgage Rate Snapshot - The Buckeye State

2011-09-06T06:29:00.000-07:00

Mortgage rates had another strong week last week as 30 year interest rates remained fairly flat near their historic lows. Meanwhile, 15 year and 10 year mortgage rates drifted slightly lower as did many adjustable rate mortgage products. Below is a snapshot of current mortgage rates on ForTheBestRate.com's sister web site, BurlingtonMortgage.biz. We used $200,000 refinance Ohio mortgage rates

Using Seller Paid Closing Costs To Purchase A Home

2011-08-25T06:49:00.000-07:00

It's a great time to take advantage of the current low mortgage rates and low real estate prices to become a homeowner. Low money down mortgage programs can help buyers avoid having to come up with a large down payment, but there is another way to keep up front costs low - utilize seller paid closing costs. Often, homeowners listing their home for sale will agree to pay a portion of the

How The Dodd-Frank Act May Change The Type Of Mortgage You Can Get

2011-08-18T06:41:00.000-07:00

One key element of the Dodd-Frank Wall Street Reform and Consumer Protection Act is the Mortgage Reform and Anti-Predatory Lending Act. Aimed at protecting consumers and ensuring we never have to weather another housing meltdown this legislation imposes several restrictions on mortgage lenders and the types of loans they can offer. One such restriction is that lenders must keep five percent

Jumbo Loan Limits To Fall October 1

2011-08-11T06:37:00.000-07:00

On October 1, 2011 the maximum amount for conforming jumbo loans which can be sold on the secondary market to Fannie Mae and Freddie Mac will drop from $729,750 to $625,000. In most parts of the US the conforming limit is, and will remain $417,000, but in counties with higher property values the limit has ranged as high as $729,750, and will now be limited to $625,000. Homeowners seeking to

Mortgage Rate Update - A Look At Current New York Mortgage Rates

2011-08-04T06:34:00.000-07:00

Mortgage rates have been holding pace at the extremely low levels we've been seeing for some time now. If you've been holding off on that home purchase or refinance it's a great time to check into mortgage rates. If you're wondering what today's pricing is for your part of the country is you can find out at ForTheBestRate.com. You can also use the mortgage payment calculator on the site to see

Looking for a loan for a fixer-upper? Maybe it's time to look at a 203 K loan.

2011-07-27T07:31:00.000-07:00

If you been involved in the mortgage business for a couple of days, you've likely heard a nightmare story of a loan falling apart due to some construction related issue. I personally had a lender deny one of my client's loans because they did not have a railing on their back steps (note that there were two steps). A house that's missing floor coverings, plumbing items, or lighting fixtures will

Mortgage Rate Update - Sampling of Texas Mortgage Rates

2011-07-25T11:59:00.000-07:00

Mortgage rates remained fairly steady over the past week on the heels of mixed economic and housing market news. Freddie Mac noted that the 30 year fixed mortgage rate average inched up a hair moving from 4.51% to 4.52% with .7 points. The 15 year fixed rate average also moved up 0.01% to 3.66% with .7 points. The 5 year treasury indexed ARM average moved in the opposite direction falling from

Mortgage Rates Fall on Employment News - CT Mortgage Rate Snapshot

2011-07-14T13:43:00.000-07:00

Freddie Mac's weekly mortgage rate survey was released earlier this morning which indicated interest rates fell on the heels of a lack luster jobs report. The 30 year fixed mortgage rate national average moved from 4.60% to 4.51% with .7 points. The 15 year mortgage rate average slid from 3.75% to 3.65% with .6 points. Frank Nothaft, Freddie Mac VP and Chief Economist, noted that "Long-term

Financial Updates in 140 Characters or Less?

2011-06-29T10:33:00.000-07:00

"Mortgage Rates Move Lower Following Weak Jobs Report: 30yr 4.49%, 15yr 3.68% - new 2011 lows: http://bit.ly/kk8IvF" This quote from Freddie Mac wasn't found in a press release or news item - it was recently tweeted by @FreddieMac. Followed by 2171 other Twitter users, Freddie Mac uses the social media platform to broadcast market updates, release news about the corporation, and even communicate

Lawmakers Propose Restrictions On Lenders Making Loans With Less Than 20% Down

2011-06-24T08:40:00.000-07:00

In an effort to avoid a future repeat of the housing meltdown we are currently experiencing legislators have suggested many changes and restrictions to mortgage lending. One proposal that has drawn criticism from both the lending industry and consumer advocates is that which would require lenders to keep 5% of the value of the loans they make with less than 20% down on their books, rather than

Why Choose An Adjustable Rate Mortgage?

2011-06-22T07:55:00.000-07:00

Fixed rate loans are overwhelmingly more popular than the other mortgage options out there. Freddie Mac reported in the Quarterly Product Transition Report for the first quarter of 2011 that more than 95% of refinance mortgages had a fixed rate. But there are still borrowers out there electing to purchase or refinance a property with other programs such as an adjustable rate mortgage (or ARM).

Charlotte Real Estate Price Reductions

2011-06-17T11:49:00.000-07:00

In this market if you're looking to buy a new home you're looking for a deal. The Charlotte, North Carolina real estate agents on the Talk Charlotte Team make it easier by showcasing those listings that have reduced asking prices. You can check their website every three days for the latest data. If you find a home you're interested in check today's Charlotte mortgage rates with Gateway Bank

Rate Update - A Look At Today's Kansas Mortgage Rates

2011-06-15T07:54:00.000-07:00

Here is a sampling of current mortgage rates advertised in different online mortgage rate tables showcasing lenders and brokers serving Kansas. Please keep in mind that interest rates are subject to change and the various publishers highlighted in the post have varying guidelines which the mortgage companies must adhere to when determining which borrowers will qualify. Please visit the

Freddie Mac Turning a Corner?

2011-05-25T06:28:00.000-07:00

Freddie Mac reported a net income of $676 million during the first quarter of 2011. This was the finance agency's best performance since 2008 when the government stepped in a took it over. The Wall Street Journal reported that Freddie Mac paid $1.6 billion to the US government and did not make any new requests to the US Treasury for additional aid. New mortgage defaults have declined and mortgage

Is a FHA Streamline Refinance in Your Future?

2011-05-18T10:38:00.000-07:00

Backtrack several years ago and home buyers had no shortage of 100% financing mortgage programs to choose from. In fact, we can remember wholesale lenders rapidly trying to one-up each other with the "best" new no money down financing solution. No credit? No way to verify someone actually had a job? No sweat...here's $300,000. We know where that type of lending (and borrowing) got us. Today,

Spring 2011 Housing Trends from Bankrate.com

2011-05-18T05:59:00.000-07:00

Mortgage and insurance research web site, Bankrate.com, recently published an article featuring 5 housing trends for 2011. First, they noted that mortgage rates have had a bumpy ride over the past few months and that recent changes to loan officer compensation, FHA mortgage insurance premiums, and conforming loan limits (coming Oct. 2011) could mean higher rates* and/or more expenses for home

Best Places to Retire in 2011

2011-05-13T05:28:00.000-07:00

Nearing retirement age and looking for the perfect spot to settle down? TopRetirements.com released their 2011 Best Places to Retire list early this year which was compiled by calculating the 100 communities most visited on their site out of the 625 cities featured (sure, that's one way to do it). Here the list for 2011: 1. Asheville, NC 2. Sarasota, FL 3. Prescott, AZ 4. Ft. Myers, FL 5.

Today's Mortgage Rates (New York Snapshot)

2011-05-09T07:11:00.000-07:00

Below if a snapshot of current mortgage rates pulled from a variety of online mortgage rate tables showcasing lenders and brokers serving the State of New York. Please keep in mind that interest rates are subject to change and the various publishers highlighted in the post have different guidelines which the mortgage companies must adhere to. Please visit the pulblishers' web site for details.

American Financial Resources - FHA Loans Down to 580 Fico Score

2011-05-09T05:22:00.000-07:00

NJ based lender, American Financial Resources, recently announced a portfolio FHA loan program down to a 580 credit score on their blog. Previously, the lowest credit score they would consider was 600. In today's market, there are very few lenders out there who are lending to borrowers with sub 620 scores. AFR also offers financing for manufactured homes for consumers with FICO scores as low as

The Pace Of Foreclosures Slows

2011-04-20T10:46:00.000-07:00

The number of new foreclosures was down almost 14% in February when comparted to January, as reported by RealtyTrac, an online marketplace of foreclosure properties. Unfortunately the reasons behind the slowdown don't paint as rosy a picture as one might expect. Rather than because fewer homeowners are missing mortgage payments, the drop in new foreclosures is more likely the result of banks

Energy Tax Credit Extended

2011-04-20T08:14:00.000-07:00