Good afternoon,
Rates are shifting slightly higher this week, much of this is a sit and wait game on Greece. There hasn’t been any major financial news this week.
On the personal front, the family has been doing great although as an avid tennis fan, I’m still in withdrawal from the Australian Open being over with. I loved coming home each night, putting our daughter to bed and putting on days matches from the prior night with my wife. We even got our daughter into it on the weekends yelling ‘dig dee dal!’ (Dig Deep Nadal)…as she’s finally old enough to copy everything we do, it’s been a hilarious time to find out what habits we have that we hadn’t realized prior. Gotta love a toddler to keep you on your toes.
Have a great week!
Rates: 30 year fixed at 3.75% (APR 3.89) and the 15 year at 3.125% (APR 3.37), FHA: 3.625% (APR 4.298): As always rates change with individual credit scenarios and programs, APRs are estimated based off of a $250,000 purchase price with 20% down and a 740 credit score, if you want an exact quote, call. These are not quotes, merely a baseline measure to gauge how rates change from week to week.
Matt
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
612-232-7646 c
651-770-0637 o
651-294-1001 f
www.MattRoyer.com
mroyer@homesmortgage.net
Good afternoon,
The market for Mortgage Backed Securities (MBS) this week has been absolutely stellar. From the Federal Reserve’s announcement last week coupled with continuing worries about the Greece Debt problem and poor economic reports all coming within days of each other. This is a week where we should see rates drop even lower. So why aren’t they any lower than last week?
Here’s where my market update from two weeks back comes into play. If the Guarantee Fee had not changed, interest rate pricing with all banks would not have changed from their prior pattern, which means we could have reasonably seen interest rates lower another .25% or so from here. When the MBS market retreats to the levels we saw at this point last week, you can expect to see higher rates than we are seeing now and saw at this time last week.
Have a great week!
Rates: 30 year fixed at 3.625% and the 15 year at 3.00%, FHA: 3.625%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing. These are not quotes, merely a guideline for comparison.
Matt
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
612-232-7646 c
651-770-0637 o
651-294-1001 f
www.MattRoyer.com
mroyer@homesmortgage.net
Good afternoon,
The market has been unusually volatile this past week, seeing interest rates getting up above 4% as of yesterday and then the Federal Reserve released their statement on key interest rates. Here’s the nitty gritty: They have stated that they are looking to keep the key interest rate low through 2014 even though they are seeing mild economic improvement. This lead investors quickly into long term investments which ends up being very good for mortgage backed securities.
Good for Mortgage Backed Securities = Good for Mortgage Interest Rates.
With items like this statement it's important to remember that yes, they can be very good for interest rates in times like these but that it is also a one time gut reaction from the market which could just as easily reverse tomorrow. This statement doesn't change the market or the economy, just investors current opinion on where to put their money.
Have a great week!
Rates: 30 year fixed at 3.625% and the 15 year at 3.00%, FHA: 3.625%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.
Matt
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
612-232-7646 c
651-770-0637 o
651-294-1001 f
www.MattRoyer.com
mroyer@homesmortgage.net
Good morning,
So I was reading this article and putting all political skews aside, I wanted to touch on an important topic for homeowners struggling to refinance. Specifically the HARP refinance program which was touted to be able to help near 5 million homeowners and has yet to help 1 million after being available for years. What happened?
In my opinion, it comes down to a few key points:
Firstly, logistics. It’s impossible for a homeowner to call up the president and refinance. So these programs were put in place for Banks to execute on both the wholesale and retail side of finance. Based on their cost structure and the time and effort it takes to implement everything not every lender will be able to offer the exact same program that was intended. Interest rates might not be as low and the scope of the program that each bank offers can differ.
Secondly, lack of knowledge. 2-3 years after these loan options are implemented I still come across homeowners with a 5% interest rate or much worse thinking that they cannot refinance because of their home value. In fact, if you check with Fannie Mae or Freddie Mac’s loan lookup tools and find that your home is owned by one of them you will have a good chance of refinancing even if you owe much more than your home is worth. Part of people not knowing is that they have never heard about the programs or they make an assumption that if they make their mortgage payments to a bank, such as Wells Fargo or US Bank, then they would not qualify. Wells Fargo and US Bank act as servicers, they process your monthly payments. Your home could still be owned by Fannie Mae or Freddie Mac. It is always worth checking and takes five minutes. If it is, then you can contact a mortgage broker, such as myself or your local loan officer and they should be able to give you options to see if refinancing makes sense.
Have a great week!
Rates: 30 year fixed at 3.625% and the 15 year at 3.00%, FHA: 3.625%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.
Matt
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
612-232-7646 c
651-770-0637 o
651-294-1001 f
www.MattRoyer.com
mroyer@homesmortgage.net
Good morning!
I always like to take this time of year to Thank each and every one of you that continue to read my updates and have referred business to me or benefitted from my advice over the year. Have a safe and happy holiday, enjoy every second you have with your friends and family because the only thing each of us can guarantee is the current moment. It’s a time for reflection, kindness, patience and foregiveness in our families and I hope the same for yours….even if it takes a LOT of patience ;-)
Rates are below, have a great week and Happy Holidays!!!
Rates: 30 year fixed at 3.75% and the 15 year at 3.25%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.
Matt
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
612-232-7646 c
651-770-0637 o
651-294-1001 f
www.MattRoyer.com
mroyer@homesmortgage.net
Mortgage Planner of 10 years, specifying in ensuring that home buyers both understand and enjoy the mortgage process, not worrying about last minute changes and closings not happening.
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