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News And Mortgage Reports

Zillow Mortgages: 30-Year Rates Dip Slightly

2014-09-30 15:01:00

Filed under: News, Buying, Financing, Refinancing Zillow*The weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals. By Lauren Braun Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 4.08 percent, down from 4.13 percent at this same time last week. The 30-year fixed mortgage rate hovered around 4.13 percent for most of the week, falling to 4.04 percent on Monday before rising to the current rate. "After holding steady for much of the week, rates dropped to three-week lows on Monday, driven down by political unrest in Hong Kong," said Erin Lantz, vice president of mortgages at Zillow. "We expect rates to remain volatile this week as the European Central Bank will make an economic policy announcement on Thursday, and U.S. employment data will be released on Friday." Additionally, the 15-year fixed mortgage rate this morning was 3.18 percent, and for 5/1 ARMs, the rate was 2.95 percent. Purchase Mortgage Application Activity: Zillow predicts tomorrow's seasonally adjusted Mortgage Bankers Association Weekly Application Index will show purchase loan activity decreased by 5 percent from the week prior. To learn more about this Zillow analysis, click here. What are the interest rates right now? Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state.  Read | Permalink | Email this | Comments


Home Insurance Loopholes Can Leave You Howling on Halloween

2014-09-30 11:53:00

Filed under: News, Home Improvement ShutterstockAre you covered if a trick-or-treater trips over a Halloween decoration in your walkway or is singed by a jack o'lantern. The following post is by BrightNest: In one month, ghouls, goblins and The Little Mermaid will be at your front door. Are you prepared? We aren't talking candy-bought, decorations-up prepared. We mean, what happens if Glenda the Good Witch breaks her arm or your house is egged? Are you covered for that? Or will a night of tricks and treats become an expensive horror? Note: Not all insurance policies are created equal! The following guidelines are standard, but there are exceptions. It's important to get to know your insurance policy before you have to file a claim. Here are three possible Halloween problems, and the skinny on what is and isn't covered by a typical policy. Trick-or-Treater Slips and Falls: Trick-or-treating can be really exciting! So exciting that little kids run and trip. And fall. Fortunately, most homeowner policies provide liability coverage if someone is injured If you had a bonfire in your living room, that's negligence. If you're planning an ambitious flame display this year, check with your insurance company to determine how they define "negligence." on your property. The standard amount per occurrence is $100,000, but you may be able to increase this amount depending on your policy. Tip: To prevent this from happening, it's important to prepare your house for Halloween! Plenty of lights and a clear walkway will decrease the likelihood of an accident. The Potential Loophole: If you're sued because of the accident, your policy may also pay to defend you in court. But keep in mind that you're typically only covered for negligence. You aren't covered for intentional injuries -- meaning if little Glenda the Good Witch hurts little Kevin the cowboy, you won't be covered! Jack-o-Lantern Catches Fire: Do you light your jack-o-lantern with a candle? If so, you're not alone. Over the last three years, an average of 15,500 fires per year were caused by an open-flamed jack-o-lantern, according to the U.S. Fire Administration. Fortunately, most homeowner policies cover fire from a lit candle or a string of decorative electrical lights. If the fire displaces your family, insurance will typically cover the cost of additional living expenses. The Potential Loophole: Coverage may be limited due to "negligence" depending on the origin of the fire -- for example, if you had a bonfire in your living room, that's negligence. If you're planning an ambitious flame display this year, check with your insurance company to determine how they define "negligence." "Tricks" Dent Your Siding: For the most part, "trick-or-treat" is heavy on the treat part. But, not always. Sometimes, tricks happen, too. And next thing you know, your house is egged (or worse), and there's damage to your siding! If this happens to you, it's considered vandalism under most standard insurance policies, which means you will be protected. If the repair cost exceeds your deductible for vandalism, the insurance company will cover the repairs. If you're concerned about any mischief on Halloween, double-check your homeowners insurance policy to make sure vandalism is covered. The Potential Loophole: Many policies don't cover vandalism if a property has been vacant for 30 days or more. If you're planning an extended trip or have a second home, speak with an agent about the vandalism portion of your policy. Permalink | Email this | Comments


U.S. Home Prices Rise at Slowest Pace in 20 Months

2014-09-30 09:14:00

Filed under: News, Buying, Economy, Selling Ken Blevins/Wilmington Star-News via AP By CHRISTOPHER S. RUGABER WASHINGTON -- U.S. home prices in July increased at the slowest pace in 20 months, reflecting sluggish sales and a greater supply of houses for sale. The Standard & Poor's/Case-Shiller 20-city home price index rose 6.7 percent in July from 12 months earlier. That's down from an 8.1 percent gain in June and the smallest increase since November 2012. Sales of existing homes have been weak for most of this year. They picked up over the summer but then fell in August and are 5.3 percent lower than a year ago. The slowdown has occurred partly because investors are pulling back from the housing market. Meanwhile, many would-be buyers are unable to obtain a mortgage, particularly first-time buyers. Nineteen of the 20 cities in the index reported lower annual gains than in June. And a new broader index of nationwide home prices compiled by S&P rose just 5.6 percent. The Case-Shiller 20-city index covers roughly half of U.S. homes. The index measures prices compared with those in January 2000 and creates a three-month moving average. The July figures are the latest available. Even cities that have seen the biggest price gains are cooling off. Las Vegas' 12.8 percent price increase from a year ago was the highest of the 20 cities tracked by Case-Shiller. But that's down from a nearly 30 percent jump last year. The second-largest increase was in Miami, where home prices rose 11 percent from a year earlier, and the third-largest was in San Francisco, with a 10.3 percent climb. Nineteen of the 20 cities reported higher prices in July from June. Costs fell 0.4 percent in San Francisco that month. A larger number of homes for sale is helping slow price gains. Last fall, bidding wars emerged in many cities as buyers chased after an unusually low housing inventory. There are 2.3 million homes on the market nationwide, according to the National Association of Realtors. That's about 4.5 percent higher than a year ago. In many states, the supply growth has been bigger. And unlike earlier in the recovery, they aren't dependent on foreclosures. More homes are being listed for sale by regular homeowners, many of whom were likely drawn into the market by last year's big price increases. The number of homes for sale has jumped 46 percent in Nevada, according to Michelle Meyer, an economist at Bank of America Merrill Lynch. It has risen 38 percent in California and 33 percent in Arizona. That has helped slow price gains in those markets. Meyer forecasts annual price increases will decelerate to 3.9 percent by the end of the year.  Permalink | Email this | Comments


What $350,000 Buys in Major Housing Markets Across America

2014-09-30 05:01:00

Filed under: News, Buying, SellingBy Sharona Ott Among other factors, median home values can vary drastically depending on the state, city, and neighborhood. According to the Zillow Home Value Index, or ZHVI, the median home value in California, for example, is $430,700 -- the highest median home value out of all 50 states. If that sounds massive, try the median home value in San Francisco, which currently sits at an astronomical $993,100. Hop across the bay to neighboring Oakland, and that drops down to $493,400. The median home value in the United States is currently $175,600. Have you ever wondered what you could get for twice that amount? We rounded up homes in well-known cities across the nation, all valued at roughly $350,000.  Read | Permalink | Email this | Comments


Bank Allegedly Stonewalled 2,000 Homeowners Into Foreclosure

2014-09-29 14:57:00

Filed under: News, Financing, Foreclosures pasa47/FlickrFlagstar Bank, based in Michigan, is one of the nation's top 10 largest savings banks. By Bob Sullivan At-risk homeowners trying save their homes from foreclosure during the mortgage meltdown complained for years that banks were systematically stonewalling them. On Monday, federal regulators accused a financial institution of doing just that, alleging that Michigan-based Flagstar Bank (FBC) intentionally frustrated homeowners and pushed some into foreclosure. The Consumer Financial Protection Bureau said Flagstar "failed ... at every step in the foreclosure relief process." At one point, the bank had 13,000 active loss-mitigation applications but only assigned 25 full-time employees and a third-party vendor in India to review them. In some cases, it took nine The bank must ... engage in active loss-mitigation efforts for current loans, including "a door knocking campaign and translation services," months to review applications, and the backlog of loss-mitigation applications numbered well over 1,000, the CFPB said. The firm's website says that it has assets of $9.9 billion and is one of the nation's top 10 largest savings banks. "This resolution is in the bank's best interest," said Alessandro DiNello, president and chief executive officer for Flagstar. "The dedicated employees of Flagstar Bank have completed thousands of successful loan modifications and work incredibly hard to meet and exceed the needs of our customers. With this matter now behind us, everyone at Flagstar Bank is committed to building on the significant progress we have achieved while continuing to operate with integrity, responsiveness and a commitment to our core values." The CFPB said Flagstar must return $27.5 million to 6,500 consumers, including 2,000 who suffered foreclosure as a result of Flagstar's actions. The bank must also engage in active loss-mitigation efforts for current loans, including "a door knocking campaign and translation services," and it will pay a $10 million civil penalty. Foreclosure relief delays saddled several efforts to ease the pain of the Great Recession, such as the Treasury Department's Home Affordable Modification Program. Other allegations in the CFPB consent order claim: Flagstar would close applications because of missed deadlines and stale documentation, even though "documents had expired because of Flagstar's delay." The bank misled borrowers about their appeal rights. Under the CFPB's rules, banks must provide certain borrowers the right to appeal the denial of a loan modification. But Flagstar failed to provide this notice, and it wrongly stated that borrowers have an appeal right only if they reside in certain states. Flagstar put borrowers in "trial period purgatory." The bank needlessly prolonged trial periods for loan modifications. This caused some borrowers' loan amount under the modified note to increase and, in some cases, jeopardized borrowers' permanent loan modification. Bob Sullivan is author of the New York Times best-sellers Gotcha Capitalism and Stop Getting Ripped Off. His stories have appeared in The New York Times, the Wall Street Journal, and hundreds of other publications. He has appeared as a consumer advocate and technology expert numerous times on NBC's TODAY show, NBC Nightly News, CNBC, NPR's Marketplace, Terry Gross' Fresh Air, and various other radio and TV outlets. He helped start and wrote there for nearly 20 years, most of it penning the consumer advocacy column The Red Tape Chronicles. See more at Follow Bob Sullivan on Facebook or Twitter.  Permalink | Email this | Comments


Meryl Streep's Daughters Buy NYC Apartments Near Mama

2014-09-29 13:41:00

Filed under: News, Buying, Celebrity Homes, Selling, Inside Look TruliaLouisa Gummer recently purchased this 1,571 square-foot condo in the Williamsburg section of Brooklyn. APMeryl Streep and daughter Louisa Gummer Meryl Streep surely is happy that two of her little (and also famous) girls recently bought apartments within a stone's throw of Mama Streep's penthouse in New York's Tribeca neighborhood. Louisa Gummer (Streep's youngest daughter with husband, artist Donald Gummer) recently purchased a 1,571 square-foot condo in the Williamsburg section of Brooklyn for $1.5 million. The 23-year-old model is now the proud owner of a three-bedroom, corner loft apartment at 180 S. 4th Street, which overlooks Continental Army Plaza. In June, 31-year-old actress Mary Willa "Mamie" Gummer purchased a two-bedroom apartment with three exposures at 315 West 23rd Street in the Chelsea section of Manhattan. Mamie is best known for her role as Emily Owens on the TV series "Emily Owens, M.D." The girls are within a few subway hops of Streep's penthouse in River Lofts at 92 Laight Street in the hotter-than-hot Tribeca section of Manhattan. Permalink | Email this | Comments


Fewer Americans Buy Homes in August

2014-09-29 11:55:00

Filed under: News, Buying, Economy, Selling Getty Images By JOSH BOAK WASHINGTON -- Fewer Americans signed contracts to buy homes in August, suggesting that real estate sales will remain sluggish over the next few months. The National Association of Realtors said Monday that its seasonally adjusted pending home sales index fell 1 percent during the past month to 104.7. Higher prices and weak wage growth has limited buying, as the index is 2.2 percent below its level from a year ago. The five-year recovery from the Great Recession has been uneven, such that historically low mortgage rates have failed to propel buying back to usual levels. Price increases going back to 2013 have led to fewer homebuyers, while many families have lacked the income to save for down payments. Investors making all-cash offers on homes have also begun to retreat, reducing the total number of sales. Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale. The Realtors project that 4.94 million existing homes will be sold this year, down 3 percent from 5.09 million in 2013. Analysts generally associate sales of roughly 5.5 million existing homes with a healthy market. August contracts fell in all four geographical regions -- Northeast, Midwest, South and West -- compared to the prior month. The index had registered overall gains in four of the previous five months. Combined with homebuilders catering to higher-income buyers instead of the mass market, the contracts index points to trivial improvements in home sales in September. "We hope this lost ground will be recovered gradually, but with investors disappearing from the market and homebuilders gaining market share from private sellers, it will take time," said Ian Shepherdson, chief economist at Pantheon Macroeconomics. The housing rebound started to struggle in the middle of 2013. Mortgage rates started to rise from historic lows, even though they remain below their historic averages. Fierce winter storms delayed construction and slowed foot traffic at open houses at the beginning of 2014. Sales, however, never quite showed much strength during the summer buying season because wage growth has been so modest coming out of the downturn. Purchases of existing homes fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August, the Realtors said last week. Sales fell from a July rate of 5.14 million, a figure that was revised slightly downward. New-home sales did show greater strength in August, but they continue to be below the 1990s pace of more than 700,000 sales a year. Sales of new homes climbed 18 percent last month to a seasonally adjusted annual rate of 504,000, although much of the gains were concentrated in the West. More importantly, 28 percent of the new homes sold in August cost more than $400,000, compared to just 18 percent a year earlier.  Permalink | Email this | Comments


Reasons to Become a Real Estate Agent Now

2014-09-29 09:47:00

Filed under: News, Investing Shutterstock One of the advantages of being a real estate agent is that you get to work with people, but you need to have the skills. By AJ Smith Do you find yourself surfing homebuying websites while at work? Or gazing out the window wishing for a better work/life balance? A career in professional real estate might be more satisfying for you. According to the Bureau of Labor Statistics, the job outlook for real estate agents is on par with job growth in the U.S. and the education barrier is relatively low for entry-level agents. Check out some reasons to make the jump and become a real estate agent. 1. You Make Your Own Schedule: Perhaps the best-known advantage of working in real estate is that you are essentially self-employed. Most agents work as independent contractors. You are essentially your own boss, ideal for an entrepreneurial spirit. You set your own hours and can work them as flexibly as you like. As an agent, you will likely have unlimited earning potential -- a salary with no cap. However, this does mean you may not be able to vacation at a moment's notice. Athough the field is time-sensitive and clients like constant updates, you will enjoy more wiggle room in your schedule than other professionals. While you can set your own hours, weekends are popular for showing homes and open houses. Also, there are certain times of the year that are busier than others. 2. You Get to Work With People: The job of a real estate agent is very people-centric. You have the ability to interact and help others. Building valuable relationships with clients and co-workers can be a good way to help you sell more and find a more emotionally rewarding experience. If you are watching a lot of real estate shows and looking at homes online, this can be a way to put that passion to work. Of course, in addition to communication and people skills, it's a good idea for real estate agents to be up on industry trends, know the numbers behind the transactions and understand real estate laws. Since real estate agents usually work on commission, you may work for weeks or months with someone and never make any money for that time if they never buy or sell a home. 3. Reduced Fees on Investments: If you are thinking about going into real estate as a business, either flipping homes or owning rental units, becoming a real estate agent can save some money. This way you don't have to pay the fee to someone else when you buy a home. A typical real estate agent fee is 6 percent of the price of the house. This is then split between the buyer's and the seller's agents. If you remove the buyer agent fee, you can reduce the cost of purchasing a home by about 3%. Over the cost of several purchases, this can add up to a significant savings. Permalink | Email this | Comments


The Surprising Safety of a Zero-Down Mortgage

2014-09-29 07:33:00

Filed under: News, Buying, Financing, Credit ShutterstockThe zero-down loans offered by the Veterans Administration might provide lessons for the lending industry. The safest mortgage on the market since the housing crash is one where most buyers put $0 down. Wait, huh? Welcome to the surprising world of VA home loans. About 9 in 10 buyers using this historic benefit program purchase without making a down payment. Despite that, these government-backed mortgages have had the lowest foreclosure rate of any loan type for 19 of the last 26 quarters, according to figures from the Mortgage Bankers Association. The safety and stability of the VA loan program remains one of the more under-reported trends in all of housing. An Urban Institute study released this past summer highlighted the VA's foreclosure track Since 2008, the VA has helped more than 320,000 homeowners avoid foreclosure, saving an estimated $11 billion in potential foreclosure claim payments. record, but it's a mostly under-the-radar success story. That's not to say the lending industry needs some seismic shift away from "skin in the game." There's clearly a benefit to and place for down payments. VA loans are also a hard-earned benefit reserved for those who serve our country. It's a special program, and it should stay that way. But these zero-down loans do offer some lessons worth a closer look. Big Benefits: VA loan volume has soared 372 percent since the crash, driven mostly by a tighter lending climate, a tough economy and bottom-barrel interest rates. VA loans feature more flexible and forgiving requirements than conventional loans, including lower credit score benchmarks, no mortgage insurance and closing costs limits. But the single-biggest benefit is the ability to purchase with $0 down. Qualified borrowers in most parts of the country can purchase up to $417,000 before needing to factor in a down payment. Since 2008, nearly 90 percent of VA buyers have purchased without a down payment. Yet, for almost five full years, these loans had a lower foreclosure inventory rate than all others, including prime loans. The reasons why have a lot to do with common-sense underwriting and a commitment to helping veterans not just get into homes but keep them. Residual Income: One is VA's unique requirement for discretionary income. This standard, known as residual income, requires borrowers to have a minimum amount of money left over each month after paying their mortgage and other major expenses. How much varies based on geography and family size. For example, a family of four in the Midwest would need at least $1,003 in residual income each month. Buyers with a debt-to-income ratio above 41 percent must meet an even higher benchmark and exceed the guideline by at least 20 percent. Debt-to-income ratio is still the major focus in mortgage lending. But residual income can offer a more realistic look at affordability and a borrower's ability to keep up with their mortgage payments if emergencies occur. Closing out its look at why VA loans outperform FHA in terms of default, the Urban Institute encouraged other loan programs to consider adopting a residual income standard. "We believe this test can be a powerful indication that the borrower will find the mortgage payments sustainable," the authors noted. "We believe the residual income test can have applicability beyond the VA market." In addition, unlike with FHA financing, the VA guaranties only a portion of the loan in case of default. Lenders pay a steeper price when loans go sour, which has historically encouraged flexible-but-prudent underwriting. Helping hands: The VA doesn't actually make or directly service home loans, but it has the authority to intercede on behalf of borrowers on the edge. More than 150 loan program employees focus solely on homeowners facing default. These foreclosure specialists receive a notification whenever a VA-backed loan is more than 60 days past due. They follow up directly with the veteran and often push lenders to offer alternatives to foreclosure, like loan modifications, repayment plans or forbearance. Since 2008, the VA has helped more than 320,000 homeowners avoid foreclosure, saving an estimated $11 billion in potential foreclosure claim payments. Veteran Makeup: VA borrowers themselves deserve a lot of credit for the program's success. You didn't see a lot of military members walking away from their homes during the peak of the foreclosure crisis. This is a group that takes seriously the idea of duty and obligation, even when it comes to a mortgage payment. That sense of commitment is also applicable beyond the VA market. But it's much tougher to instill. Permalink | Email this | Comments


Why Autumn Is a Prime Home-Selling Season

2014-09-29 06:13:00

Filed under: News, Selling ShutterstockAutumn and the holidays are no longer a real estate dead zone, for several reasons. By Brendon DeSimone Fall officially began Sept. 23, but that doesn't mean you should scrap plans for selling your home this year. In fact, October, November and December can actually be good months to sell. Now is the time to plan for it if you've even considered putting your home on the market. For decades, the conventional thinking was that if you missed the spring selling season, you missed the boat. Once summer rolls around and school starts shortly after that, families are more settled, the thinking went, and therefore less inclined to pick up and move (unless a job change or other Spring is still the busiest time overall. But there's plenty of action happening after Labor Day through Christmas.... circumstance forced them). Also, Thanksgiving, Christmas, New Year's and the January cold snaps follow the start of school. In the past, no one wanted to take time to drive around looking at homes when all of this was happening. Things have changed. Today's buyers aren't necessarily timing a home purchase or sale around school schedules because people tend to settle down later in life and live longer. The result is urban expansion; more single, first-time and millennial buyers as well as baby boomers looking to buy (and sell). Also, a lot of home-shopping, at least initially, happens online and via apps. Buyers don't have to take time out of their busy schedules to drive around -- they can just sit down with a tablet on the couch. As a result of the Internet, our hectic schedules and mobile lifestyles, the fall months are no longer a real estate dead zone. True, spring is still the busiest time overall. But there's plenty of action happening after Labor Day through Christmas, enough to make it worth your while to put up the 'For Sale' sign. Here's why. Buyers are still out there: As mentioned, buyers never stop looking. A serious buyer is looking at new homes online 24/7, even through the holidays. If the right home appears, they're ready to move. In fact, it could be that buyers in the early winter months are even more motivated than buyers in warmer months because there is less going on. They have fewer distractions and are laser focused on finding a home. There's less competition: A lot of people still buy into the old thinking that real estate slows to a crawl by October and virtually stops from Thanksgiving until, say, Valentine's Day. As a consequence, many potential sellers figure there's no reason to go on the market during these months. So they wait for spring. And that's good news for you, because less inventory on the market = less competition for you. Even January can be a good time to sell: By now you're probably thinking about all the disruptions to your life that selling a home during the holidays might cause. For instance, you're in the middle of wrapping Christmas gifts when your agent calls. She wants you to leave the house right away so she can bring a motivated buyer by for another look. If the potential for disruptions concerns you, put your home on the market in January. Inventory will still be very tight, and there will still be buyers out there looking. In fact, with the holidays over, there may even be more buyers out in January than in December. Also, January buyers may be more motivated. They've started doing their taxes and realize they need to buy. Or they've set a New Year's resolution to buy a home within the next 12 months. Ultimately, as we enter the final quarter of 2014, there will no doubt be plenty of motivated buyers in the market, searching for just the right home at a time when there's less inventory. Doesn't that sound like a good time to sell? Brendon DeSimone is the author of Next Generation Real Estate: New Rules for Smarter Home Buying & Faster Selling, the go-to insider's guide for navigating and better understanding the complex and ever-evolving world of buying and selling a home. DeSimone is the founder and principal of DeSimone & Co, an independent NYC real estate brokerage providing individualized services and a fresh, hands-on approach. Bringing more than a decade of residential real estate experience, DeSimone is a recognized national real estate expert and has appeared on top media outlets including CNBC, Good Morning America, HGTV, FOX News, Bloomberg and FOX Business. Consumers often call on Brendon for advice and to help them find a real estate agent. You can follow him on Twitter or Google Plus. Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow or AOL. Read | Permalink | Email this | Comments

Mortgage Reports
Mortgage Rates Near 3-Week Lows 29 Sep 2014 19:19:00
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Mortgage rates fell at a healthy pace today, bringing them to the lowest levels since September 9th.  Gains in bond markets help rates move lower and bond markets were stronger right from the outset today on a combination of factors.  Determining the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers is more of a toss up at current levels with 4.25% and 4.125% sharing roughly equal territory. Loan Originator Perspective "As long as we remain under 2.5% yield on the 10 yr treasury, I'm suggesting floating....for now. With a yield under that level, we've just reentered the long term downward trend channel. We'll need to see a few days worth of confirmation for me to be confident rates will continue lower, because this could just be a test and rates move right back up. Float cautiously, and as always, be ready to lock." -Brent Borcherding, "If you have been floating for the past week or so, you have been fairly well rewarded. I have favored floating as month/quarter end tends to favor rates. With tomorrow marking end of month, we are on to looking at economic data. We have non farm payrolls at the end of the week which could spark a movement one way or the other. My advice would be to lock all loans by end of day tomorrow. It is way to risky to float through the payroll report on Friday. I think starting Wednesday, we give back some of the gains we have enjoyed over the last few days as the market prepares for the coming data. Then the direction of rates will be dictated by the payrolls report and revisions to prior month. If jobs are better than expected with positive revisions, rates will be pressured higher but if worse than expected we should see rates continue to move lower. I think the best day to lock this week will be tomorrow. This could all change if we get some kind of tape bomb due to the geopolitical risk floating around the world." -Victor Burek, Open Mortgage   Today's Best-Execution Rates 30YR FIXED - 4.25 FHA/VA - 3.75-4.0% 15 YEAR FIXED -  3.375-3.5 5 YEAR ARMS -  3.0-3.50% depending on the lender Ongoing Lock/Float Considerations The hallmark of 2014 so far has been a disconcertingly narrow range in rates.  Too many market participants bet on rates going higher in 2014, and markets have punished that imbalance with a paradoxical move lower. As of June, rates are now lower year-over-year, but that's mostly due to rates' path higher in 2013.  The current path in 2014 remains sideways, though it has recently approached (but not broken) the lows set in late May European markets continue to play a prominent role, generally helping rates in the US remain lower than they otherwise might be.  From a wider point of view, we're in limbo, waiting for the first significant move away from the narrow range.  While top tier rates moved up an eighth of a point in early September, to truly move out of the "narrow range," we'd need to see another .125% higher (best-execution at 4.375%) As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution' (that is, the most frequently quoted, conforming, 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method).  ...(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Contact Info
Charles Bianco

Licensed Real Estate Salesperson

Operating Out Of:

Home Office: Oceanside/RVC Agency Office: Massapequa

Business Cell: 516-444-5341 Contact: 516-515-7255 NASSAU / QUEENS / SUFFOLK

Contact Info
Monica Duarte

Licensed Real Estate Salesperson

Operating Out Of:

Home Office: Oceanside Agency Office: Massapequa

Business Cell: 516-444-1221 Contact: 516-515-7255 NASSAU / QUEENS / SUFFOLK

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EXIT Realty Premier

4900 Merrick Road
Massapequa Park  NY 11762

Office: 516-795-1000

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Last updated on Sep 30, 2014.