There is good news for mortgage shoppers. The new FHA loan limits were released in December 2017 by The Department Housing and Urban Development (HUD) showing that in 2018 they have raised limits in many metro areas across the nation. (more…)
Today’s mortgage rates at some of the nation’s top lenders are on the rise from yesterday’s report. The current national average for the 30 year fixed mortgage is 3.99% and the 15-year mortgage is 3.44%. (more…)
PHH Mortgage Corp. settled with 49 state attorneys general and the District of Columbia today for $45 million over claims that the mortgage servicer did not properly apply borrowers’ payments and other loan servicing abuses during a four-year period. (more…)
The Mortgage Bankers Association (MBA) said today that mortgage applications decreased over the past two weeks. Applications were down by 2.8% for the week ending December 29, 2017, which include adjustments for the Christmas holiday. (more…)
Current mortgage rates at some of the nation’s top lenders for this Tuesday afternoon are mostly mixed with rates staying the same or slightly on the rise. The national average for the 30 year fixed mortgage rate is 3.99% and the 15-year mortgage is 3.44%. (more…)
On December 20, 2017, Congress passed the Tax Reform Act (formerly known as the Tax Cuts and Jobs Act or the “Act”). With new reform comes new changes to the way we do business in real estate and how we are taxed on mortgages. In this article, I would like to list these changes in the most simple way possible so that you do not need to be a certified accountant to understand them.
The new bill reduces the limit on deductible mortgage debt to $750,000 for new mortgages taken out after December 14, 2017, on primary and second homes. Current jumbo loans up to $1 million are grandfathered in and are not subject to the new $750,000 cap. (more…)
The 30 year fixed mortgage is slowly on the rise, according to the latest report from Freddie Mac for the week ending December 28, 2017.
Freddie said that the 30 year fixed mortgage rate averaged 3.99% with an average 0.5 point, an increase from last week’s report when the 30 year was 3.94%. It was at a 4.32% average for the same time period last year.
Average rates for the 15-year mortgage was at 3.44%, higher than the previous week’s average of 3.38%. Last year’s average for the same time period was 3.55%.
5-year adjustable-rate mortgage (ARM) average rates were 3.47%, with an average 0.5 point, down from last week’s average 3.39%. A year ago, the 5-year ARM averaged 3.30%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“As we expected, mortgage rates felt the effect of last week’s surge in long-term interest rates in the final, shortened week of 2017. The 30-year fixed mortgage rate increased 5 basis points to 3.99 percent in this week’s survey. Although this week’s survey rate represents a five-month high, 30-year fixed mortgage rates are still below the levels we saw at the end of last year and early part of 2017. Mortgage rates have remained relatively low all year.”
Here are the rates from some of the nation’s top lenders.
Bank of America’s 30-year fixed is 4.00% and the 15-year mortgage is 3.50%. The 10/1 ARM is 3.625% and the 5/1 ARM is 3.375%.
Today at Wells Fargo, the 30-year fixed mortgage purchase rate is 4.00% and the 15-year fixed is 3.625%. The 30-year refinance rate is 4.25% and the 15-year mortgage is 3.75%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 3.75% and the 15 year is 3.375%. 30-year fixed mortgage refinance rates are at 3.875% and the 15-year fixed is at 3.375%.
The rates quoted above are reported directly from the lender’s website. They can change at any time and are not guaranteed. If you would like a live rate quote and/or to lock in a mortgage rate, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.
Both new and existing single-family home sales went up in November. The National Association of Home Builders (NAHB) said this week that sales of new homes increased 17.5% to a seasonally adjusted annual rate of 733,000 units and the existing home sales rose just .2% according to newly released data from the National Association of Realtors® (NAR) (more…)
Current mortgage rates at the nation’s top lenders for this Wednesday morning are mixed with rates going both up and down from yesterday’s report. The national average for the 30 year fixed mortgage rate is 3.90% and the average rate for the 15-year mortgage is 3.24%. (more…)
(Source: NAR) WASHINGTON — With less than a month left before the National Flood Insurance Program expires, the National Association of Realtors® is applauding the House of Representatives for passing what NAR believes is smart, much-needed support for the program.
“Realtors® know first-hand what happens when the NFIP expires, and it isn’t good for consumers, businesses or our communities,” said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. “We appreciate the leadership that members of Congress have shown passing sound reforms, which will strengthen the program, protect property owners and deliver good results for taxpayers.” (more…)
REALTORS®, Home Builders and Affordable Housing Advocates Rally Together to Denounce Federal Tax Reform Plan That Would Hurt Middle-Class Californians
Groups Unveil Full Page Open Letter to President Trump and the California Congressional Delegation Urging Them to Protect Homeownership
(Source: CAR) – SACRAMENTO — The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.), together with members of California’s homebuilding and housing community, including the California Building Industry Association and the California Housing Consortium, this week sent an open letter to President Trump and the California Congressional Delegation stating that Californians would be hurt significantly by the current tax reform plan. (more…)
(Source: NAR) WASHINGTON, DC — As a vote on tax reform in the House of Representatives draws near, National Association of Realtors® President Elizabeth Mendenhall will outline how the House and Senate tax proposals are an attack on homeownership and middle-class Americans. Mendenhall will take questions from the media alongside senior NAR Government Affairs staff. (more…)
(Source: Value Insured) DALLAS – It’s a seller’s market thanks to low inventory, but according to ValueInsured’s latest quarterly Modern Homebuyer Survey, many would-be sellers are hesitating to sell because of the high price they’d have to pay for their next home.
The survey, released today, found that 79 percent of homeowners believe now is a good time to sell a home. Two-thirds of homeowners are interested in actually selling their home “in the near future,” up 8 percentage points from last quarter. (more…)
(Source: MBA) – WASHINGTON, D.C. – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2017 shows mortgage applications for new home purchases increased 16.1 percent compared to October 2016. Compared to September 2017, applications increased by 23 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. (more…)
Current mortgage rates for this Tuesday afternoon are mostly holding steady from yesterday’s report. The national average for the 30 year fixed mortgage is 3.90% and the average rate for the 15-year mortgage is 3.24%. (more…)