Not to be outdone by its competitor Bank of America, which announced a 3% down payment mortgage program earlier this year, Wells Fargo recently stated that it too would offer fixed-rate mortgages for first-time buyers with down payments as low as 3%. This is significant for two reasons: (1) Wells Fargo is the largest mortgage […]
At the end of 2015, we reported that many economists and housing analysts were predicting a gradual rise in mortgage rates during 2016. This was partly because of the Federal Reserve’s decision to raise the short-term federal funds rate, after holding it near zero for years (along with other factors). But so far in 2016, […]
Cash-strapped home buyers rejoice. Bank of America, one of the largest mortgage lenders in the U.S. based on loan volume, recently announced it would offer a 3% down payment home loan without charging borrowers for private mortgage insurance. It’s a safe bet this product will be wildly popular with borrowers. For many years, home buyers […]
Home buyers rejoice! The average rate for a 30-year fixed mortgage dropped again this week, for the third week in a row. This flies in the face of many experts’ predictions, which had called for a rise in loan rates at the start of 2016. The latest Freddie Mac chart says it all, and you’ll find it inside.
In 2016, Seattle mortgage shoppers will have an additional $23,000 of price range before they hit any loan limits. At the end of 2015, the Federal Housing Finance Agency (FHFA) announced it would increase the conforming loan limit for Seattle. In 2016, the new loan limit for single-family homes is $540,500. This applies to FHA […]
The average rate for a 30-year fixed mortgage rose to 4.01% this week, according to the weekly survey conducted by Freddie Mac. That’s the highest it has been since the week of July 23, and economists are suggesting that it could rise even higher in 2016.
Freddie Mac and the Mortgage Bankers Association have both made similar predictions that home loan rates will rise gradually in 2016. They recently got some new ammunition to support their views, courtesy of the Federal Reserve. Fed officials announced they will increase the short-term funds rate for the first time in years.
Home prices in San Diego County rose significantly in 2015, enough to prompt the Federal Housing Finance Agency (FHFA) to increase the county’s conforming loan limits. In 2016, mortgage borrowers will be able to finance up to $580,750 without crossing into “jumbo” loan territory. San Diego Conforming Loan Limits for 2016 A conforming loan limit […]
Mortgage shoppers in 39 counties across the U.S. will enjoy higher conforming loan limits in 2016, while the rest of the country will have to get by with the same caps. According to the Federal Housing Finance Agency, the maximum loan amount for Freddie Mac / Fannie Mae acquisition will remain the same for most areas.