Archive for Mortgage Refinance Rates
FHA Mortgage Refinance Applications Jump
Posted by: | CommentsThe Mortgage Bankers Association released their Weekly Mortgage Rate Report that indicated that FHA mortgage refinance applications rose again last week. This came as a surprise to many brokers and loan officers who anticipated a slower influx of internet mortgage leads because the previous week saw a significant jump in refinance applications.
Jerry Mlinar,a senior mortgage consultant for Woodfield Planning Corporation said, “The rate of applications for FHA refinancing has risen dramatically over the last few weeks and we have attributed it to simple supply and demand. Millions of homeowners are burdened by an adjustable interest mortgage and so naturally they want to reap the rewards of record low fixed rates.”
FHA mortgage refinance rates averaged 4.875% on fixed 30-year terms last week. Even though FHA home loans are more forgiving with equity and credit requirements, many borrowers are still challenged because FHA requires income documentation with all of their refinancing products. Many borrowers have grown accustomed to “stated income” loan programs and that explains why so many applications are turned down.
Do Low Rates Always Translate to Mortgage Refinancing?
Posted by: | CommentsThere is no question that 2010 has opened up some great mortgage refinancing opportunities for many homeowners to save money. Home refinancing is not always the answer though, because some borrowers already have low rates and some borrowers simply do not meet the refinance requirements. We recommend considering your mortgage refinance options carefully. Home mortgage rates fell this week to their lowest point on records that mortgage company Freddie Mac has kept since 1971. Today’s mortgage refinance rates when averaged around 4.625%. These rates are for 30-year fixed rate terms. The previous record of 4.71 % was set in December. 15-year mortgage rates average at 4.375% and the 5-year hybrid ARM average 3.875%.
Here are some answers to common questions that come with home refinancing.
Question: How much are the mortgage refinance costs?
Answer: In most cases, a refinance loan will cost $2 -$3,000 in closing cost. The common lending fees are underwriting, processing, escrow, title and appraisal. Many lenders will also charge origination fees, also known as “points.”
Question: Do I qualify for a no cost refinance?
Answer: It depends… Many lenders are offering no cost mortgage refinance loans, but the credit score minimums typically range from 720-740.
Compare Mortgage Refinance Rates
Posted by: | CommentsMortgage rates fell to a record-low last week, with the rate of a 30-year fixed loan dipping to 4.69 %. Borrowers who have been waiting for the best time to refinance their home find themselves in a good position.
Is Your Home Mortgage Rate Higher than 5%?
Some economists anticipate that mortgage refinance rates will remain low for at least another six months. However, if you are considering mortgage refinancing and you qualify under the 2010 refinance guidelines then you should not wait.
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The current mortgage refinance rates are the lowest they have been since 1971 so the chances of them getting lower are slim. The chances of mortgage lenders tightening home refinance guidelines are much greater. If you are eligible to refinance today, take advantage of these record low interest rates and lower your mortgage payment.
Many home finance analysts feared how the mortgage market would once the tax credit for homebuyers expired on April 30th. A recent published report released earlier this week indicated that new home sales plunged nearly 33% last month. Compare lenders so you can get the best mortgage refinance rates online!
Let’s compare mortgage refinance rates: A year ago, the average mortgage refinance rate was 5.22% and 10 years ago, people were refinancing at 8.15%. Today, the average 30-year mortgage rate is 4.675% and the average 10-year mortgage is now at 3.875%. The banks continue to extend low mortgage rates because to the instability in the market and the European debt crisis.
Compare Lenders for the Best Mortgage Refinance Rates Online
Posted by: | CommentsHome mortgage refinancing can be an excellent opportunity to get a lower interest rate and more financial security for your home during these turbulent times. Getting the best mortgage refinance rates is imperative to maximize monthly savings. That is why homeowners should shop for a refinance loan and negotiate the closing costs. Market insiders have been reporting higher loan fees from mortgage lenders today. Since the housing crisis we have seen fewer mortgage lenders and brokers. Loan companies may be in a better position to offer you a no cost refinance option, but your credit must be stellar.
According to Steve Brown, CEO of Pacific Coast Bankers’ Bank, in San Francisco, mortgage lenders are trying to make up for loan default losses by raising revenues in closing costs on new refinances transactions. The era of no income verification loans is long gone amid tightened regulations.
According to Yahoo Finance, the top 5 mortgage lenders today are Bank of America, Wells Fargo, JPMorgan Chase, U.S. Bancorp and Citigroup, “These banks represent the vast majority of all loans in the U.S.,” Brown said. But these banks sell home loans with largely the same set of borrowing requirements, as nearly all mortgage today are backed by the Federal Housing Administration, Fannie Mae and Freddie Mac. But borrowers should still shop for the best mortgage refinance rates and look for the lending deals. Most mortgage bankers say a borrower should plan for a 30 to 60 day process when home refinancing. With dropping property values and stricter appraisal guidelines, getting an appraisal can be an obstacle for mortgage refinancing. “They might have to have the home appraised a couple of times to get a solid valuation.”
A spokesman for the Mortgage Lead Vault, a mortgage lead company recommended “making sure that you are comparing apples to apples. Verify the interest rate, term and of course the closing costs when comparing lender quotes.” According to Zillow the survey indicated that borrowers spend about 5 hours shopping for a home loan online, yet they spend 10 hours shopping for a car. 31% of borrowers spent less than 2 hours researching their refinance loan. About 50% of all borrowers “only got one or two mortgage quotes.” Many loan professionals suggest getting four refinance quotes.
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