Mortgage Rates Hit 4.0% For First Time Since May 2019
There are many different ways to track mortgage rates and several different sources quoted in the news. For decades, the most prevalently-quoted source has been Freddie Mac’s weekly primary mortgage market survey. It consists of a questionnaire sent out to loan officers at the beginning of every week. They can respond as late as Wednesday, but the…
The Whole Truth and Nothing but the Truth
I just saw an ‘ad’ that came from the Royal Palm Association of Realtors that called mortgage brokers “middlemen” which I took as a dig against mortgage brokers, while the person in the ad stated: versus a “traditional bank or mortgage banker like himself” making it sound like that is better. That is very interesting…
Mortgage Rates Hitting Even Higher Highs
Mortgage rates had been drifting modestly higher in general in the past 2 weeks, but the pace is accelerating in the new year. For some lenders, this occurred yesterday in response to heavy selling in the bond market (mortgage rates are based primarily on bonds). Those lenders were forced to raise rates just a bit more today…
HECM for Purchase (H4P) and Bankruptcy Qualification
Did you know that a Chapter 7 or 13 Bankruptcy does not exclude a borrower for using a HECM for Purchase (H4P), a form of Reverse Mortgage, from purchasing a home? Chapter 7 A Chapter 7 liquidation does not disqualify a borrower for a HECM for Purchase if, at the time of case number assignment,…
Mortgage Rates: Higher Highs, and Higher Lows
By Mark E. Ary The average for a 30-year, fixed-rate mortgage continues to move notably higher over the last several weeks. Most noted factors are inflationary fears, global supply chain woes, and how the pandemic will continue to affect the economy today, and moving forward. Florida – The 30-year fixed-rate mortgage (FRM) averaged over 3.05%,…