Beginning Monday, June 11, the FHA is changing its mortgage insurance premium schedule for the second time this year.
Some FHA mortgage applicants will pay lower mortgage insurance premiums going forward. Others will pay more. The new premiums apply to all FHA mortgages, both purchase and refinance.
The MIP update will be the 5th time in four years that the FHA has changed its mortgage insurance premium schedule. Continue reading
Mortgage rates improved last week on lingering concerns for the European Union, plus weaker-than-expected economic data here at home. Global investors were net buyers of mortgage-backed securities last week, pushing mortgage rates lower nationwide.
According to Freddie Mac’s mortgage rate survey, conforming 30-year fixed rate mortgage rates slipped to 3.79%, on average, last week for borrowers willing to pay 0.7 discount points and a full set of closing costs.
This is the lowest on-record. Continue reading
Is your mortgage scheduled to adjust this season? You may want to let it. This year’s ARM-holding homeowners in Sacramento are finding out that an adjusting mortgage may be the simplest way to get access to today’s low mortgage rates — without paying the closing costs.
Currently, conventional adjustable-rate mortgages are adjusting to near 3.00 percent. Continue reading
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After two weeks of no change, mortgage markets improved last week, pushing mortgage rates lower throughout California. But, are we poised for a reversal? According to the trends, mortgage backed bonds are in a overbought position and ripe for a selloff – Based on the indicators, there’s more room for rates to rise than to fall. Continue reading
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday.
For the fifth consecutive month, the Fed Funds Rate vote was nearly unanimous. Just one FOMC member, Richmond Federal Reserve President Jeffrey Lacker, dissented in the 9-1 vote.
The Fed Funds Rate has been near zero percent since December 2008. It is expected to stay near-zero through 2014, at least. Continue reading