Category: Mortgages, Rates & Credit

Mortgage Rates Remain Near Long Term Lows


Mortgage News Daily, February 1, 2016

Mortgage rates were in line with the best levels in 8 months as of last Friday.  Although they moved slightly higher to begin the new week, today is still the 2nd best day in the past 8 months.  Lenders continue quoting conventional 30yr fixed rates of 3.75% for the most part with 3.625% being the next most prevalent rate.

In general, rates are taking cues from the big picture economic considerations and global financial market turmoil.  Low oil prices and volatile stock markets have been helping.  Most of the more focused economic data has been falling short of its usual potential to move markets.  An exception will certainly be made for this Friday’s Employment Situation report, which is the most important economic report of any given month.  In the bigger picture, the trend toward lower rates continues, but any day that rates bounce slightly higher (like today) can mark the end of that trend.

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30 Year Fixed Rate Mortgage

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15 Year Fixed Rate Mortgage


View the full article at: Mortgage News Daily

You Get a Copy of the Appraisal Whether You Want It or Not


In the past, borrowers could only get a copy of the appraisal report completed for their residential mortgage application only if they requested one. Now the applicant no longer has to request a copy, they are entitled to a copy automatically.

In January 2014, the Consumer Financial Protection Bureau (CFPB) implemented its final rule requiring creditors to provide applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling.

The borrowers will receive a copy even if the mortgage never closed. Here’s a consumer guide for the new requirement.

It should be pointed out that the lender is the one required to provide a report copy to the borrower, not the original appraiser.

“Low” Mortgage Rates Are Relative

Percent Not that long ago, we all considered a 6.5% mortgage interest rate very reasonable. Additionally, we all know how the perception of interest rates impacts the housing market.

After reading this article “Where Will Residential Mortgage Rates be a Year from Now?“, I wonder if buyers will consider a mortgage interest rate of 6.5% high and ultimately slow their appetites for buying homes?