In the market for a home loan? Here’s the good news. The average rate for a 30-year home loan has been hovering below 4% all year. Here’s the better news. This trend may continue until later this year. That’s the forecast issued by Freddie Mac’s market outlook team.
Two new mortgage documents are coming on August 1, 2015. The Loan Estimate form and the Closing Disclosure forms are designed to give consumers a clearer picture of their borrowing costs. Mortgage shoppers should see the full cost of a loan at the time they apply, and have a more detailed breakdown a few days […]
The 2015 conforming loan limit for a single-family home in San Jose, or elsewhere in Santa Clara County, is $626,500. Many home buyers in this area have to use jumbo loans due to the high cost of housing.
What does it take to qualify for the best mortgage rates in the current economy? In short, excellent credit and points. Lenders use something called risk-based pricing when setting interest charges. That’s why your credit situation is important — it’s a numerical indicator of risk. You can also ‘buy down’ your rate by paying discount points at closing.
Summary: Los Angeles mortgage rates are currently averaging 3.63% in the 30-year loan category. Many analysts expect long-term interest rates to rise later in 2015, due to economic gains and actions taken by the Federal Reserve. Conventional wisdom says the best time to buy a house is when mortgage rates are low and home prices […]
A message to home buyers: Don’t be afraid of mortgage standards in 2015. Despite the doom-and-gloom headlines about government regulation of the lending industry, it’s actually easier for borrowers to qualify for a loan today than it was in the wake of the housing crisis. Call it a return to normalcy.
According to a recent policy letter published by the Department of Veterans Affairs, VA loan limits in 2015 will match the maximum amounts used by the Federal Housing Finance Agency for conforming loans. This could bring lower caps for some counties in the U.S.
Home buyers with limited down-payment funds could have an easier time finding 97% mortgage financing in 2015. Two new programs announced recently would fund up to 97% of the purchase price, allowing borrowers to make a down payment of only 3%. Fannie Mae and Freddie Mac, the two mortgage-backing giants that operate in the secondary […]
New government rules have mortgage lenders checking, and double-checking, the income status of borrowers. Now more than ever, lenders want to ensure that home buyers have the ability to repay their loan obligations. It’s a sign of the times. So, how much do you need to earn to buy a house these days? Here’s an […]
A prominent U.S. economist issued a prediction for average mortgage rates today. Frank Nothaft, chief economist for mortgage-buying giant Freddie Mac, recently stated that 30-year mortgage rates could average 4.6% next year. He also said the average rate will likely be higher at the end of 2015 than at the beginning, perhaps reaching 5.0% by […]