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Posts Tagged ‘home loan

Continued Uncertainty Causes Mortgage Rates to Hold

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Continued Uncertainty Causes Mortgage Rates to Hold
News Release by Freddie Mac | February 23, 2017

FreddieMac-2016logoMCLEAN, VA–(Marketwired – Feb 23, 2017) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average 30-year mortgage rates changing by two basis points or less for the fourth consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.16 percent with an average 0.5 point for the week ending Feb. 23, 2017, up from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 3.62 percent.
  • 15-year FRM this week averaged 3.37 percent with an average 0.5 point, up from last week when it averaged 3.35 percent. A year ago at this time, the 15-year FRM averaged 2.93 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16 percent this week with an average 0.4 point, down from last week when it averaged 3.18 percent. A year ago, the 5-year ARM averaged 2.79 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote Attributed to Sean Becketti, chief economist, Freddie Mac.
“In a short week following Presidents Day, the 10-year Treasury yield fell about 8 basis points. However, the 30-year mortgage rate rose 1 basis point to 4.16 percent. This week’s survey once again displays the disconnect between mortgage rates and Treasury yields, a result of continued uncertainty.”

### Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog. ###

Source: Freddie Mac 022317

KENNETH BARGERS REALTOR® License 318311 | Pilkerton Realtors License 257352
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3% Down Payments May Be Game Changer

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3% Down Payments May Be Game Changer
Daily Real Estate News | December 9, 2014

FreddieMac-LogoMortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent. That will expand credit for qualified home shoppers who may have been sidelined the last few years because of higher down-payment requirements, housing analysts say.

Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers. It’s a conforming conventional mortgage with a maximum loan-to-value ratio of 97 percent. To qualify, first-time home buyers are required to participate in a borrower education program.

With Fannie Mae’s 3 percent down-payment offering, borrowers must still meet standard eligibility requirements, including underwriting, income documentation, and risk management standards. Any buyer can take advantage of Fannie’s loans as long as at least one co-borrower is a first-time buyer. The loans will require private mortgage insurance.

“Our goal is to help additional qualified borrowers gain access to mortgages,” says Andrew Bon Salle, Fannie Mae executive vice president for single-family underwriting, pricing, and capital markets. “This option alone will not solve all the challenges around access to credit. Our new 97 percent LTV offering is simply one way we are working to remove barriers for creditworthy borrowers to get a mortgage.”

The National Association of REALTORS® applauds the move by the Federal Housing Finance Agency, which oversees Fannie and Freddie.

NAR said in a statement that the action by FHFA demonstrates its “commitment to home ownership by serving creditworthy borrowers who lack the resources for substantial down payments, plus closing costs, with a new 3 percent down-payment program that mitigates risk with strong underwriting. The new program ensures that responsible home buyers will have access to safe, affordable mortgage credit.”

Source: Fannie Mae and Freddie Mac; REALTOR® Magazine Online, Daily Real Estate News 120914

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Putting Current Mortgage Rates in Perspective!

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Putting Current Mortgage Rates in Perspective!
Article by Brian Smith, Movement Mortgage | June 28, 2014

MortgageRatesDecadesHere is a good chart to keep handy and share. The all-time record low – since Freddie Mac began tracking mortgage rates in 1971 – was roughly 3.25% in November 2012. Conversely, the all-time record high occurred in October of 1981, hitting 18.63%. That’s more than four times higher than today’s average 30-year fixed rate of 4.25%!

Rates hovering around 4.25% may be higher relative to last year, but buyers should still feel lucky they are getting this rate compared to almost any year since 1971.

Brian Smith, Senior Loan Advisor | Movement Mortgage
brian@tnhomelender.com | Phone: (615)525-8094
NMLS #186247

KENNETH BARGERS, REALTOR® | Bargers Solutions real estate|marketing
a proud member of Pilkerton Realtors

(615) 512-9836 cellular | (615) 371-2474 office
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2 Cadillac Drive, Brentwood TN 37027 address

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Survey: Most Americans Say Getting a Mortgage is Easier

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Survey: Most Americans Say Getting a Mortgage is Easier
Article by Daily Real Estate News; February 11, 2014

More Americans say it’s easier for them to get a mortgage, according to Fannie Mae’s January 2014 National Housing Survey. Fifty-two percent of the more than 1,000 consumers surveyed say they believe it would be easy for them to get a mortgage — an all-time high for the survey and the first time it’s passed the 50 percent mark. Meanwhile, 45 percent of consumers say they believe it would be difficult to get a mortgage.

Though consumers’ expectations for home-price gains within the next 12 months are softening, the impression that mortgage credit is more available should help propel the housing recovery, according to Fannie Mae’s report.

“A majority of consumers now believe that it is getting easier to get a mortgage,” says Doug Duncan, Fannie Mae’s chief economist. “The gradual upward trend in this indicator during the last few months bodes well for the housing recovery and may be contributing to this month’s increase in consumers’ intention to buy rather than rent their next home. The dip in overall home-price expectations, though notable, is consistent with our view of moderating home-price gains this year from a robust pace last year, while positive trends in perceptions about the economy and personal finances over the next year support our view of stronger growth in the broader economy.”

Among other findings from the survey:

  • 45 percent of consumers say home prices will stay the same in the next 12 months. That’s a 7 percentage-point increase over last month’s survey. Forty-three percent say home prices will rise in the next 12 months, a 6 percentage-point decrease.
  • 55 percent of consumers say mortgage rates will go up in the next 12 months.
  • 65 percent say it’s a good time to buy a home, a 2 percentage-point decrease over last month.
  • 38 percent say it’s a good time to sell a home, a 5 percentage-point increase over last month.
  • 48 percent believe rental prices will go up in the next 12 months, a 5 percentage-point decrease.
  • 70 percent say they would buy if they were going to move, an all-time high for the survey. Twenty-six percent say they’d rent, an all-time low.
  • 44 percent say they expect their personal financial situation to improve in the next 12 months.
  • 22 percent say their household income is significantly higher than it was 12 months ago.

Source: Fannie Mae News Release 021014; Daily Real Estate News 021114 | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

15-Year Rates Sink to New Low of 2.65%

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15-YEAR RATES SINK TO NEW LOW OF 2.65%
Article by: Daily Real Estate News | Friday, May 03, 2013

Fixed-rate mortgages pushed lower for the fifth-consecutive week, with low mortgage rates further driving the housing recovery over the near term, says Frank Nothaft, Freddie Mac’s chief economist.

This week, the 30-year fixed-rate mortgage hovered near its all-time record low, while 15-year rates set a new record.

Freddie Mac reports the following national averages with mortgage rates for the week ending May 2, 2013:

  • 30-year fixed-rate mortgages: averaged 3.35 percent, with an average 0.7 point, just shy of its 3.31 percent record set during the week of Nov. 21, 2012. A year ago at this time, 30-year rates averaged 3.84 percent.
  • 15-year fixed-rate mortgages: sank to an all-time record low of 2.56 percent, with an average 0.7 point, dropping from last week’s previous record of 2.61 percent. Last year at this time, 15-year rates averaged 3.07 percent.
  • 5-year adjustable-rate mortgages: averaged 2.56 percent, with an average 0.5 point, dropping from last week’s 2.58 percent average. Last year at this time, 5-year ARMs averaged 2.85 percent.
  • 1-year ARMs: averaged 2.56 percent, with an average 0.3 point, dropping from last week’s 2.62 percent average. A year ago at this time, 1-year ARMs averaged 2.70 percent.

Source: Freddie Mac; Daily Real Estate News (050313) | Blog, In The News, distribution provided by Kenneth Bargers and Bargers Solutions, member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

Buyers Rejected for Loans Can Now Find Out Why

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A provision in the Dodd-Frank financial reform law, which took effect this week, is requiring lenders to provide consumers with a free credit score, which will help provide new insights into why they may have been rejected for a loan or did not qualify for the best, lowest rate.

While borrowers can access their credit scores from the credit bureaus, the credit score that a lender uses isn’t always the same one that the credit bureau provides you. According to a report by the Consumer Financial Protection Bureau, some credit bureaus sell consumers “educational” scores that aren’t the same ones used by lenders, or these bureaus may base the score on a different model than the one lenders use.

Now, borrowers for the first time will get a more accurate view of what credit score lenders are using to base their mortgage on.

Under the new provision, lenders will be required to provide potential borrowers with a free credit score whenever they reject an application for a loan. Lenders must provide borrowers with an “adverse action” notice, which will include their credit scores as well as an explanation of why they were rejected for a loan.

Lenders will also be required to provide a free credit score and an explanation whenever they approve a loan but at a higher rate than what is given to their best customers.

Mark Greene, CEO of FICO, says that many borrowers may be surprised to learn that they didn’t qualify for a lender’s lowest rate when applying for a loan.

Source: “Turned Down for a Loan? Now You Can Find Out Why; Consumers Can Also Get Free Credit Scores if Loan Rate Isn’t Best Available,” USA Today (July 21, 2011); Daily Real Estate News; Blog distribution provided by Kenneth Bargers and Bargers Solutions, a proud member of Pilkerton Realtors, residential real estate services located in Nashville, Tennessee

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