Will mortgage rates fall again after this week’s Fed meeting?
Editor’s note: This article was originally published on June 10, 2020, and updated on July 28, 2020, with the latest Fed forecasts Don’t wait on the Fed for lower mortgage […]
Editor’s note: This article was originally published on June 10, 2020, and updated on July 28, 2020, with the latest Fed forecasts Don’t wait on the Fed for lower mortgage […]
It was easy to get lulled into complacency by the second half of 2020 when it came to mortgage rates. Even as other indicators said rates should be rising, they continued on a calm journey to multiple record lows. 2021 has been very different so far! Covid and its impacts on the economy remain the driving forces behind market trends. That’s generally been great for rates, but it also means that rates should gradually rise as we battle back against covid. If the onset of the pandemic pushed rates to all-time lows, it’s only fair that progress against the pandemic would result in rates moving up from all-time lows. If you ask 10yr Treasury yields, that’s been the case for quite a while. And while the stock market has been singing a similar tune, the mortgage market has been in its own glorious
Posted To: MND NewsWire
Freddie Mac’s first quarter 2021 economic forecast is unusually short, and, unlike recent forecasts from either of the GSEs, has relatively few revisions. The company’s economists say that nearly a year after the first cases of COVID-19 were diagnosed in the U.S., economic growth remains uncertain, with answers largely hinging on the roll-out of the new vaccines. The labor market remains weak with close to 20 million collecting unemployment insurance. December’s job losses, the first since last April, didn’t change the unemployment rate from 6.7 percent because labor participation also declined. Record low mortgage rates continued to carry the housing market during the turmoil of the pandemic. At the end of the first week of 2021, the 30-year rate hit 2.65 percent, a new low. Freddie Mac expects…(read more)
Question: What do home mortgage loans (including second mortgage loans), retail installment loans, automobile loans, home improvement loans, and mobile home loans, have in common — aside from being loans to consumers?
Answer: The interest charge sometimes is calculated monthly and sometimes daily. With a monthly interest rate the borrower is charged for each month, whereas with a daily interest rate the borrower is charged for each day.
Why is this distinction important? Because daily rates are a potential trap for unwary borrowers, countless numbers of whom have found themselves permanently, usually with no understanding of how it happened. The problem has been entirely overlooked by regulators, including the Consumer Financial Protection Bureau.
Mortgage applications decreased 1.9% for the week ending Jan. 15 from one week earlier, per data from the Mortgage Bankers Associationâs weekly survey. The drop comes after a robust 16.7% jump in applications the prior week.
The post Mortgage applications decrease as rates move higher appeared first on HousingWire.
US long-term mortgage rates rise; 30-year at 2.79% Manhattan Mercury
Today weâll analyze NBKC Bank, formerly known as National Bank of Kansas City, which a depository thatâs also big on home loans, funding billions in mortgages annually. They refer to themselves as an âaward-winning national mortgage companyâ thanks to their many accolades and numerous 5-star customer reviews. Additionally, NBKC is a top-15 VA loan lender [&hellip
The post NBKC Mortgage Review: An Award-Winning Online Lender first appeared on The Truth About Mortgage.
The loan purpose type specifies the purpose for which the loan proceeds will be used. The loan purpose may be to purchase a home or to refinance an existing mortgage to obtain a lower interest rate or to get cash. Mortgage industry investors track and report the distribution of loan purpose types in their portfolio in order to mitigate the risk associated with various loan purpose types. In general, buying a home represents less of a risk than refinancing an existing mortgage. Refinance transactions in which the borrower takes out little or no equity (cash) represents less risk than ……
Everyone knows you can buy a foreclosed home below market value, but what about a preforeclosed home? This article explains what a foreclosure is, how the process works, and tips for buying one. Check Rates: Check Today’s Rates What is Preforeclosure? Preforeclosure refers to the status of a home. This means the owner(s) are falling […]
The post 6 Steps to Buying a Preforeclosure Property appeared first on The Lenders Network.
If you need a quick cash injection and own sizeable equity in your home, equity loans can help. Home equity loans and home equity lines of credit are low-interest rate loans taken out against your home. Also known as second mortgages, they allow homeowners to tap into their equity, and offer a plethora of benefits, as well as a few downsides. But […]
Home Equity Loan vs Line of Credit is a post from Pocket Your Dollars.