Need a mortgage rate prediction? I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey may help you. I predict mortgage rates to fall in the next 7 days.
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The Mortgage Rate Prediction For The Next 7 Days (March 18, 2010)
The Federal Reserve doesn’t set mortgage rates. Mortgage markets do.
Continued here:
Correlating Mortgage Rates To The Fed Funds Rate
Foreclosure-related filings topped 300,000 last month, according to foreclosure-tracking firm RealtyTrac. Nationwide, 1 in every 418 households was served some form of foreclosure notice but — as always — foreclosures are more common in some areas than others. In February 2010, 4 states accounted for more than half of the country’s foreclosure-related activity
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February 2010 : 4 States Account For More Than 50% Of Foreclosure Activity
Credit scoring is a huge part of the mortgage world. A given credit score can mean the difference between a 5 percent rate and a 6 percent rate; a conventional mortgage and an FHA mortgage; an underwriting approval and an underwriting denial. And yet, there’s a persistent belief among Americans that “having your credit checked” is a bad thing. In some instances, yes. In most instances, though, no.
Read more from the original source:
How To Shop For Mortgages And Keep Your Credit Scores High
Need a mortgage rate prediction? I am a regular participant in the Bankrate.com Mortgage Rate Trend survey and this week’s survey may help you.
The rest is here:
The Official Mortgage Rate Prediction For The Next 7 Days (March 4, 2010)
February’s mortgage market could be categorized as “on edge”. For the most part, rates didn’t change intra-day. It was common for lenders to issue rate sheets in the morning and stick to their pricing through market close. However, there were two days on which 3 rate sheets were issued, and 1 day on which 4 were issued.
Life as an FHA borrower is getting tougher. In an effort to shore up its flailing balance sheet and dwindling capital reserves, the Federal Housing Authority is rolling out sweeping financial changes. FHA borrowers have to look better on paper and be better credit risks. Mortgage insurance premiums are rising, too.
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Spring 2010 FHA Changes : Higher Fees, Bigger Downpayments, And More Mortgage Insurance
Homeowners filing for the home buyer tax credit are not allowed to use electronic filing and must file hard copies due to special documentation requirements.
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Taxpayers Seeking Homebuyer Tax Credits, Refunds Must File Paper
According to Freddie Mac, Primary Mortgage Market Survey results are collected Monday through Wednesday, then published to the public Thursday. By design, therefore, the survey lumps mortgage market activity spread across 3 days into 1 single point of data. Survey results are skewed, therefore, based on the when survey responders get back to Freddie Mac. Last week, this point was painfully clear.
Mortgage Rates Change Faster Than Freddie Mac Can Report It
Thursday, shortly after the markets closed, the Federal Reserve announced a 25 basis point increase to the Discount Rate. The Discount Rate is now 0.750%. Mortgage markets are selling off on the news. The Era of Low Mortgage Rates may be officially over.
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Mortgage Markets Pass The Tipping Point; Mortgage Rates Up For Good?
In total, there are literally hundreds of influences on the day-to-day mortgage rates you and I see from our banks. It’s part of what makes predicting mortgage rates so challenging. You never know which of the hundreds are influences are about to come into play. The obvious influences are inflation data, housing stats, and job markets. It’s less-than-obvious factors, though, that really screw things up.
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The Official Mortgage Rate Prediction For The Next 7 Days (February 18, 2010)
ARM-holding homeowners tend to panic when their mortgage gets set to adjust; the feeling of “I better do something fast!”. If that’s you right now — if you have a conventional ARM getting set to adjust — just relax. Math is on your side. The smart move may be to let it adjust. Your mortgage rate could fall to as low as 3.125 percent.
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That Upcoming ARM Adjustment Might Lower Your Rate To 3.125 Percent
Small banks and investment vehicles re-opened the market for non-warrantable and condotel mortgages. Rates run about a half-percent higher than a comparable conventional mortgages and the minimum downpayment starts at 25 percent.
Read more:
How To Get A Mortgage For A Condotel Or Non-Warrantable Condo (Updated February 2010)
