Month: June 2017

Homebuying Tips for the Season

Seasonality is probably something you did not think about when you first decided to get a home. But it’s a big factor in homebuying and could dictate the price options that are available to you. Aside from inventory and demand factors, there are also quite a checklist that every first-time homebuyer should know to make the homebuying experience easier: FIND THE RIGHT MORTGAGE AND LOCK. The mortgage acquisition process takes a while and rates are volatile. If you don’t lock in on a rate, a single percentage shift upwards can take you out of your affordable range. To secure...

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Fed Raises Benchmark Rate Again, How Will This Affect You?

The Federal Reserve (Fed) raised its benchmark rate by a quarter percentage point, from 1% to 1.25%effective June 15, 2017. A reading of the Fed’s policymaking body, Federal Open Market Committee (FOMC)’s statement signals that this won’t be the last rate hike this year. As the benchmark rate goes up, how will it affect your existing debts? What will happen to mortgage rates? Mortgage lenders are a click away. This way.» FED’S JUNE RATE HIKE For the second time this year, the FOMC voted unanimously for a rate hike despite a declining inflation rate that is below its two-percent threshold....

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Cash-out Refinances Pick Up, Plus Other Housing Trends in 1Q17

Refinances, particularly cash-out refinances, picked up during the first quarter of 2017 per Freddie Mac’sHousing Outlook in May. This resilience in refi activity, combined with declining mortgage rates and rising home prices, made Freddie to revise its projections for 2017, placing mortgage originations by over $200 billion and adding $100 billion to its 2018 forecast. This way to mortgage lenders.» 1Q17 CASH-OUT REFINANCES RECORD HIGHEST SHARE SINCE 4Q08 Per Freddie Mac’s 1st quarter 2017 refinance data, 49% of refinance borrowers took a cash out, up from 44% in the fourth quarter of 2016. By cash-out refinance, it means borrowers were...

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Rates Up After Fed Meeting

After weeks of continued decline, mortgage interest rates climbed, following the two-day Fed meeting. The 30-year FRM rate rose by 2 basis points for the week. Get today’s rates. According to Freddie Mac’s weekly rate forecast via the Primary Mortgage Market Survey(PMMS) for the week ending June 15, 2017: The 30-year fixed rate mortgage rate finished at 3.91 percent, slightly up from the 3.89 percent a week prior. At the same time a year ago, the FRM rate recorded 3.54 percent. Meanwhile, 15-year FRM rate concluded with an average of 3.18 percent, also slightly up from the previous week’s 3.16 percent....

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