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Posts from the ‘Rate Update’ Category

29
Oct

Mortgage Rate Update (October 29)

Mortgage rates have moved up slightly for the second straight week. Rates have almost completely erased the unexpected price improvements from two weeks ago, but are still near 18-month lows. Learn more about the drop and subsequent increases here.

This low rate environment offers a window for existing owners to refinance and drop their monthly payment / eliminate mortgage insurance, and for potential buyers to increase their purchasing power and afford more home.

Give us a call at 805.543.LOAN with any questions.

Read more »

22
Oct

Mortgage Rate Update (October 22)

Mortgage rates have moved up slightly, but maintain the one 1+ point price improvements over the past month. This low rate environment offers a window for existing owners to refinance and drop their monthly payment / eliminate mortgage insurance, and for potential buyers to increase their purchasing power and afford more home.

Click here to learn why mortgage rates have dropped to such a notable extent.

Give us a call at 805.543.LOAN with any questions.

Read more »

15
Oct

Mortgage Rate Update (October 15)

Mortgage rates continue to plummet. Over the past three weeks, check out these massive price improvements:

  • Jumbo: -7/8 of a point
  • 30-year Fixed (Conforming and High Balance): -1 and 1/2 points
  • 15-year Fixed: -1 and 1/8 points
  • Manufactured (Conventional and FHA): -2 and 1/2 points
  • USDA, FHA, FHA 203k, VA: -2 and 3/4 points

As an example, the cost for a 4.000% 30-year fixed rate was 1.750 percent (1 and 3/4 points) on September 24. Today, that cost is just 0.250 percent (1/4 of a point). Lower rate costs help borrowers obtain lower mortgage rates for a lower cost, thus making home financing more affordable. Now is a great time to lock in a rate for purchase or refinance.

Rates have dropped for the following reasons:

  1. Concern that the European economy may be slipping back into recession.
  2. Concern about the geopolitical situation (Russia/Ukraine, Syria/Isis/Middle East).
  3. Concern about China’s slowing growth.
  4. Concern about the ebola outbreak (abroad and closer to home).

As of today, markets can add:

5. Concern over a drop in United States retail sales (lower GDP?). The Dow dropped 350 points in response.

Last Wednesday, the Federal Reserve released the minutes from their September meeting. Members displayed enough concern about the economy to lead to speculation that the Fed could hold interest rates low into 2016.

Concern, volatility, low interest rates, low inflation… these are all ingredients for low mortgage rates. When the future feels uncertain, investors look for safety, and the U.S. bond market is a prime place to find it. Demand for bonds helps put downward pressure on rates.

Give us a call at 805.543.LOAN with any questions.

Read more »

9
Oct

Mortgage Rate Update (October 9)

Mortgage pricing continues to drop. Over the past two weeks, pricing is down by about 1.0 points in some cases. Buyers can now pay less for better mortgage rates. Now would be a good time to lock in a rate for purchase or refinance!

  • Conventional Rates: 30-year fixed (-1/2 of a point), 15-year fixed (-1/8 of a point), and 30-year high balance (-1/2 of a point) all have cheaper pricing.
  • Government Rates (FHA, USDA, VA): Down between 3/8 of a point and 1/2 of a point.
  • Manufactured Rates: Down over 1/2 of a point.

Wondering if you should lock your rate? Every situation is different. Give us a call at 805.543.LOAN and we would be happy to talk it over.

 

Conventional Loan Programs 

30-year fixed, 15-year fixed, 30-year high balance

October Conventional Mortgage Rates copy

Specialty Loan Programs

FHA, FHA 203k, USDA, VA

October FHA, VA, USDA, FHA 203k Mortgage Rates copy

Manufactured Home Loan Programs

FHA Manufactured, Conventional Manufactured

October Manufactured Home Mortgage Rates copy

Jumbo Loan Program

Jumbo ($700,000 loan amount)

October Jumbo Mortgage Rates copy

Rates Directly to Your Inbox!

If you would like to receive a more detailed Mortgage Rate report, you can subscribe to our “CCL Rate Tracker.” The CCL Rate Tracker follows 10 loan programs and publishes three rate options closest to 1 point, par, and 1 rebate for each program every two weeks and delivers the results in an email. To sign up, please email [email protected] with the text “Rate Tracker.”

Apply Online Today!

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely. Your account also enables you to easily modify your loan application and view the status of your loan. Any questions? Call us at 805.543.LOAN or email us here.

About the Loan Programs:

 

NOTE:

  • Mortgage rates assume purchase of a singe-family, detached, owner-occupied, residential property.
  • Mortgage rates assume borrower credit score of 760 and a Debt-to-Income ratio of 35%. Rates for conventional loan programs assume a loan-to-value of 80%.
  • Loan amount is $417,000 for all programs (appraised value of $522,000), except for the high balance ($561,200 loan and $722,000 value), and Jumbo ($700,000 loan and $1,000,000 value)
  • Mortgage rates and APR subject to change.
2
Oct

Mortgage Rate Update (October 2)

Mortgage pricing has dropped significantly week-over-week, and now would be a good time to lock in a low interest rate!

  • Conventional Rates: 30-year fixed, 15-year fixed, and 30-year high balance are down over 3/4 of a point,
  • Government Rates (FHA, USDA, VA): Down between 1/2 of a point and 3/4 of a point.
  • Manufactured Rates: Down over 5/8 of a point.

Wondering if you should lock your rate? Every situation is different. Give us a call at 805.543.LOAN and we would be happy to talk it over.

 

Conventional Loan Programs 

30-year fixed, 15-year fixed, 30-year high balance

October Conforming Mortgage Rates copy

Specialty Loan Programs

FHA, FHA 203k, USDA, VA

October FHA, USDA, VA Mortgage Rates copy

Manufactured Home Loan Programs

FHA Manufactured, Conventional Manufactured

October Manufactured Home Mortgage Rate copy

Jumbo Loan Program

Jumbo ($700,000 loan amount)

October Jumbo Mortgage Rate  copy

Rates Directly to Your Inbox!

If you would like to receive a more detailed Mortgage Rate report, you can subscribe to our “CCL Rate Tracker.” The CCL Rate Tracker follows 10 loan programs and publishes three rate options closest to 1 point, par, and 1 rebate for each program every two weeks and delivers the results in an email. To sign up, please email [email protected] with the text “Rate Tracker.”

Apply Online Today!

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely. Your account also enables you to easily modify your loan application and view the status of your loan. Any questions? Call us at 805.543.LOAN or email us here.

About the Loan Programs:

 

NOTE:

  • Mortgage rates assume purchase of a singe-family, detached, owner-occupied, residential property.
  • Mortgage rates assume borrower credit score of 760 and a Debt-to-Income ratio of 35%. Rates for conventional loan programs assume a loan-to-value of 80%.
  • Loan amount is $417,000 for all programs (appraised value of $522,000), except for the high balance ($561,200 loan and $722,000 value), and Jumbo ($700,000 loan and $1,000,000 value)
  • Mortgage rates and APR subject to change.
24
Sep

Mortgage Rate Update (September 24)

Wondering if you should lock your rate? Every situation is different. Give us a call at 805.543.LOAN and we would be happy to talk it over. Below, see mortgage rates for the week of September 15 – 19. Read more »

17
Sep

Mortgage Rate Update (September 17)

Mortgage rates inched higher last week. These days “no big news” tends to mean “slightly higher rates.” Recent volatility abroad has helped push rates down to an 18 month low, but a quiet week tends to release some of that downward pressure. We cover this and more in this week’s Market Update Blog.

Wondering if you should lock your rate? Every situation is different. Give us a call at 805.543.LOAN and we would be happy to talk it over. Below, see mortgage rates for the week of September 15 – 19.

Read more »

10
Sep

Mortgage Rate Update (September 10)

Employers added 142,000 jobs in August, according to the Bureau of Labor’s widely followed monthly report. This is the first month since January 2014 that payrolls failed to add over 200,000 positions.

The report came in below expectations, but in general, investors, analysts, and economists don’t seem too worried. Markets took the news in stride (our weekly Market Update blog provides full analysis).

The factors effecting mortgage rates right now seem to be a combination of U.S. economic data (down employment report, positive Q2 GDP), Federal Reserve tapering (phasing out quantitative easing), and turmoil abroad (Ukraine-Russia, European economic struggles, etc). Despite some good news on the home front, investors remain cautious – which means mortgage rates continue to come at a bargain.

Rates stood mostly still last week (September 2 – 6), but have since risen in the new week (September 8 – 12). Even with the increase, rates sit near the lowest levels of 2014.

  • Conventional Rates: 30-year fixed, 15-year fixed, and 30-year high balance are up 1/2 of a point,
  • Government Rates (FHA, USDA, VA): Up between 1/2 of a point and 5/8 of a point.
  • Manufactured Rates: Up over 3/4 of a point.

Wondering if you should lock your rate? Every situation is different. Give us a call at 805.543.LOAN and we would be happy to talk it over.

Conventional Loan Programs 

30-year fixed, 15-year fixed, 30-year high balance

Conventional Mortgage Rates (September 8, 9, 10, 11, 12)

Specialty Loan Programs

FHA, FHA 203k, USDA, VA

FHA, USDA, VA Mortgage Rates (September 8, 9, 10, 11, 12 )

Manufactured Home Loan Programs

FHA Manufactured, Conventional Manufactured

Manufactured Home Mortgage Rates (September 8, 9, 10, 11, 12)

Jumbo Loan Program

Jumbo ($700,000 loan amount)

Jumbo Mortgage Rates (September 8, 9, 10, 11, 12)

Rates Directly to Your Inbox!

If you would like to receive a more detailed Mortgage Rate report, you can subscribe to our “CCL Rate Tracker.” The CCL Rate Tracker follows 10 loan programs and publishes three rate options closest to 1 point, par, and 1 rebate for each program every two weeks and delivers the results in an email. To sign up, please email [email protected] with the text “Rate Tracker.”

Apply Online Today!

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely. Your account also enables you to easily modify your loan application and view the status of your loan. Any questions? Call us at 805.543.LOAN or email us here.

About the Loan Programs:

 

NOTE:

  • Mortgage rates assume purchase of a singe-family, detached, owner-occupied, residential property.
  • Mortgage rates assume borrower credit score of 760 and a Debt-to-Income ratio of 35%. Rates for conventional loan programs assume a loan-to-value of 80%.
  • Loan amount is $417,000 for all programs (appraised value of $522,000), except for the high balance ($561,200 loan and $722,000 value), and Jumbo ($700,000 loan and $1,000,000 value)
  • Mortgage rates and APR subject to change.
3
Sep

Mortgage Rate Update (September 3, 2014)

Conventional mortgage rates (30-year fixed, 15-year fixed) are unchanged from last week’s reading, and at the lowest level in 18 months. The government programs (FHA, USDA, VA) inched up by about 1/4 of a point, but are still very close to 2014′s lowest record.

Read our Market Update column for more on why mortgage rates are so much lower than expected in 2014:

 

Conventional Loan Programs 

30-year fixed, 15-year fixed, 30-year high balance

Conventional Mortgage Rates (September 3)

 

Specialty Loan Programs

FHA, FHA 203k, USDA, VA

FHA, USDA, VA Mortgage Rates (September 3)

 

Manufactured Home Loan Programs

FHA Manufactured, Conventional Manufactured

Manufactured Home Mortgage Rates (September 3)

 

Jumbo Loan Program

Jumbo ($700,000 loan amount)

Jumbo Mortgage Rates (September 3)

Rates Directly to Your Inbox!

If you would like to receive a more detailed Mortgage Rate report, you can subscribe to our “CCL Rate Tracker.” The CCL Rate Tracker follows 10 loan programs and publishes three rate options closest to 1 point, par, and 1 rebate for each program every two weeks and delivers the results in an email. To sign up, please email [email protected] with the text “Rate Tracker.”

Apply Online Today!

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely. Your account also enables you to easily modify your loan application and view the status of your loan. Any questions? Call us at 805.543.LOAN or email us here.

About the Loan Programs:

 

NOTE:

  • Mortgage rates assume purchase of a singe-family, detached, owner-occupied, residential property.
  • Mortgage rates assume borrower credit score of 760 and a Debt-to-Income ratio of 35%. Rates for conventional loan programs assume a loan-to-value of 80%.
  • Loan amount is $417,000 for all programs (appraised value of $522,000), except for the high balance ($561,200 loan and $722,000 value), and Jumbo ($700,000 loan and $1,000,000 value)
  • Mortgage rates and APR subject to change.
27
Aug

Mortgage Rate Update (August 27, 2014)

To open August 27th, the 30-year fixed has dropped by 1/4 point in price, and is now listed at 4.000% (4.109% APR). More updates:

  • The day’s biggest winner: the FHA and FHA 203k loans and other government programs (USDA, VA). FHA pricing fell over 3/8 of a point, and is now down 7/8 of a point over the past month. This is the lowest we have listed the FHA, USDA, and VA loan programs in 2014.
  • The 15-year fixed was unchanged at 3.000% (3.195% APR). This is the lowest reading on our rate tracker in about 8 weeks.
  • The 30-year high balance dipped to its lowest level in 3 months – 4.125% (4.216% APR) – after dipping another 1/8 of a point in cost.

Read our Market Update column for more on why mortgage rates are so much lower than expected in 2014:

Read more »