August 4, 2015 in Interview Series
TheMortgageReports.com interviews Sandra Thompson, Deputy Director, Federal Housing Finance Agency (FHFA). In-depth perspective on mortgages and the U.S. housing market.
August 3, 2015 in Real Estate Sales
Case-Shiller Index reports home values continuing to rise. How much of the data is even valid, though? Read more, and get today's mortgage interest rates.
August 3, 2015 in Mortgage Rates
Current mortgage rates and mortgage market movement. Today's mortgage rates and mortgage news. Live rate quotes available. News and data provided by MBSQuoteline, a real-time mortgage market data service available to loan officers, real estate agents, and other finance professionals.
August 3, 2015 in Mortgage Rates
Mortgage rates are back below 4% but what's ahead for August? Will mortgage rates rise or will they drop? Predictions, plus quotes for today's rates.
August 2, 2015 in Real Estate Sales
Median Days on Market has reached an all-time low, with homes selling in less than a week in many U.S. cities. "You snooze, you lose?" Read more here.
August 1, 2015 in About Mortgages
Analysis on the Annual Percentage Rate (APR) formula used by mortgage lenders, and how to turn it to your advantage. Mortgage rate quotes today are their lowest in 9 weeks.
July 31, 2015 in Real Estate Sales
Rising rents are driving renters to look at housing, and low- and no-downpayment mortgage options are helping them afford it. Analysis and rate quotes at today's live pricing.
July 30, 2015 in HARP Refinance
The government has extended the Home Affordable Refinance Program (HARP). Find out if your mortgage qualifies, and get today's live mortgage rates which are near all-time lows.
July 30, 2015 in Federal Reserve
Mortgage rates are lower after the Fed's July 2015 meeting. Complete analysis, plus what it means for purchases and refinances. Rates are back below four percent, on average.
July 29, 2015 in Federal Reserve
The Fed adjourns from a 2-day meeting Wednesday. The group doesn't set mortgage rates but it can influence them. How this week's meeting could affect your refinance and purchase mortgage rate.
July 28, 2015 in FHA Mortgages
How FHA mortgage insurance premiums work, and how to cancel your monthly MIP. With the right steps, eliminate FHA MIP in 30 days or fewer.
July 27, 2015 in Mortgage Products
Effective immediately, the waiting period after a "significant derogatory event" is reduced by half. Read about the Fannie Mae, and get today's live rates.
July 24, 2015 in Mortgage Rates
Looking for the cheapest mortgage rate today? Make sure you ask about this specific loan program which beats "average" rates by more than a quarter percent.
July 23, 2015 in Mortgage Rates
Freddie Mac shows mortgage rates lower as compared to last week, with rates lowest in California, Washington, and Oregon. Complete analysis and live rate quotes here.
July 23, 2015 in Real Estate Sales
With today's mortgage rates low, homes are selling quickly and prices are rising, too. What's ahead for housing, plus access to today's mortgage rates which are near 4 percent.
Looking for low mortgage rates today? You're not alone. Millions of U.S. consumers shop for mortgage rates annually. Some get the lowest mortgage rates available and others overpay.
Shopping for a mortgage can be a challenge. This is because mortgage rates change all day, every day. Plus, there's no formula to show where rates will go next.
Mortgage rates can change up to 5 times daily, reacting to world news, economic events, and Wall Street sentiment. The rates you see from a lender in the morning are rarely the same rates that you'll see in the afternoon. And, certainly, by the next morning, mortgage rates have changed again.Read More
As mortgage rates have dropped since 2009, tens of millions of U.S. homeowners have refinanced their homes. To "refinance" is to replace your current mortgage with a new one -- often one with a lower mortgage rate.
Refinances come in three main varieties -- the cash-out refinance, the cash-in refinance, and the rate-and-term refinance.
With a cash-out refinance, a homeowner converts home equity into cash, with no restrictions on how the cash is used. Some homeowners use cash-out mortgages to pay for home repairs; or, to pay for a college or post-graduate education; or, to fund downpayments for a future home purchase.
Cash-in refinances are the opposite of cash-out refinances. With cash-in refinances, homeowners lower the amount owed on the home -- often to eliminate mortgage insurance or to get access to lower mortgage rates. Less than 5 percent of all refinances are of the cash-in variety.
The most common refinance type, then, is the rate-and-term refinance.
In a rate-and-term refinance, the homeowner lowers its loan's current mortgage rate; shortens its loan's term (i.e. length in years); or, does both. An example of a rate-and-term refinance is lowering your mortgage rate from 6% to 4%.
Rate-and-term refinances are available for all loan types, and some versions are "branded", as with the FHA Streamline Refinance and VA Streamline Refinance (IRRRL) programs. The Home Affordable Refinance Program (HARP) is also a rate-and-term refinance program.
At today's mortgage rates, the typical refinancing homeowner can reduce monthly payments by one-fourth.
Banks are making it easier to get approved for a mortgage today, which is great news for US. home buyers. Low- and no-downpayment mortgages are more abundant than during any period in the last 10 years; and, mortgage rates today are lower than they've been in history.
For buyers with a budget and a plan, buying a home has never been easier.
Home shoppers who want to make the smallest downpayment possible have access to the VA loan and the USDA loan -- both of which allow for 100% financing. Backed by the Department of Veterans Affairs and the U.S. Department of Agriculture, respectively, these programs require no downpayment whatsoever and provide flexible approval standards for eligible buyers.
Today's buyers also have access the FHA mortgage which requires just 3.5% down. The FHA is the world's largest insurer of mortgage loans and mortgage rates for FHA mortgages rival the mortgage rates offered on conventional loans backed by Fannie Mae or Freddie Mac.
Meanwhile, for buyers making a downpayment of twenty percent or more, mortgage options are plentiful, including access to construction loans for financing home improvements.
First-time buyers, repeat buyers, and real estate investors are benefiting from today's low mortgage rates and access to a wide array of products.
Most Popular Posts
July 17, 2015There are plenty of low- and zero-downpayment mortgages for today's home buyers. Analysis of the available programs, updated for 2015; plus, complimentary qualifying rate quotes.
June 3, 2015Are you FHA Streamline Refinance eligible? Use this easy-to-follow format. Updated for changes to FHA MIP in 2015. Complimentary rate quotes available.
July 28, 2015How FHA mortgage insurance premiums work, and how to cancel your monthly MIP. With the right steps, eliminate FHA MIP in 30 days or fewer.
July 12, 2015Easy-to-read HARP 2.0 mortgage guidelines with HARP mortgage rates attached. The latest news, plus live mortgage rates. Safe and secure.
July 16, 2015Credit score requirements are dropping for the FHA mortgage. Analysis and effect on U.S. home buyers, plus today's live FHA mortgage rates.
June 1, 2015Full details about the VA mortgage loan program including comprehensive Q&A, the VA Streamline Refinance (IRRRL), and today's VA mortgage rates which are near their lowest of all-time.
November 28, 2014The USDA home loan program offers 100% financing, low mortgage rates, and a minuscule annual MIP payment. Check your USDA eligibility here.
April 1, 2015The FHA 203k loan is a "home construction" loan available in all 50 states. Find out if you qualify, and get today's live mortgage rates.