Tag Archives: Mortgages

Renters are Looking Older these Days

Rental applicants tend to conjure up images of recent college grads looking to start their life in the real world. But Millennials are facing increased competition from people who have already spent decades in adulthood, and may have better credit and higher income. Since 2005, there has been an uptick in renters, with people in […]

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Why new slow-it-down mortgage rules may be a good thing…

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Catherine Reagor, The Republic | azcentral.com 1:28 p.m. MST October 8, 2015 If you are looking for a house now, it’s likely going to take a little longer to get a mortgage to buy it. The expected delay is due to a new federal rule that’s supposed to give consumers more protection when they are making one of their […]

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TRID: Into the Great Unknown

Amid all the consternation about the looming TILA-RESPA Integrated Disclosure (TRID) Rule effective date of October 3, one analyst believes that the biggest unknown about TRID is just that—unknown. Until October 3, buyers will use the HUD-1 Settlement Statement containing a good faith estimate for closing the loan that has been in use for 40 years; […]

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FHA to lower cost of mortgage insurance

In an effort to make owning a home more affordable, the Federal Housing Administration will dramatically cut the costs associated with the mortgages it backs. Premiums for FHA mortgage insurance, which is designed to protect the agency in case a borrower defaults on a loan, will be cut from 1.35% of a loan’s value to […]

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Improving Economy Bumps Up Mortgage Rates

Signs of an improving economy boosted fixed mortgage rates this week, market reports show.According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage was 4.20 percent (0.6 point) for the week ending June 12, an increase of 6 basis points from last week’s report. Last year, the 30-year fixed-rate hovered just below 4.0 […]

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3 reasons right now is the best time to buy a home.

  The advantage is on the buyer side!!! There has never been a better time to buy a home this year.  And yet despite three major advantages for homebuyers, sales so far have been slow. Buying is cheaper than renting in most markets. And with mortgage activity down, originators, one would think, would be bending […]

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Mortgage Rates Pull Back Further

Freddie Mac’s weekly Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage falling to an average rate of 4.41% for the week ending January 16, down from 4.51% the previous week. A year ago, the 30-year fixed average sat at 3.38%.  The 15 year fixed-rate mortgage averaged 3.45%, down from 3.56% previously. Adjustable rates were […]

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Are we still heading towards 5% mortgages? Lyn Trayte 602-739-0095

A CNN Money article posted recently had some possible good news for buyers who have been hesitating due to rising interest rates.  Last Wednesday, the Federal Reserve announced that it would NOT start tapering it’s purchases of mortgage-backed securities & Treasury bonds.  With prior concerns over reduced bond buying programs, rates on 30 year fixed […]

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Closing Costs Rise 6% Over Last Year

According to a report by BankRate.com, closing costs have risen about 6% over the past year.  The average closing cost (exclusing taxes, title fees, insurance & JOA fees and other prepaid items) across the US rose about $2,402.  Origination fees increased 8% to $1,730, accounting for the bulk of the increase overall.  Third party fees […]

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Hope for Homeowners

We all have seen interest rates rising in the past weeks with 30-year fixed mortgages going up almost a full percentage point from the all time lows recorded about 6 months ago. Consumers (and REALTORS(R) are understandably concerned about how these rising interest rates are going to affect the real estate market. While there is […]

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