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Mortgage Rate Predictions

Jul 31, 2014 10:25AM PDT

Rate Update 7/31/2014 : Mortgage bonds sank after the strong Q2 GDP reading was released yesterday (pushing rates up), but have since bounced back. The Fed statement did little to combat the effect of the GDP reading. Weaker than expected Chicago PMI data and some common month's-end market activity are helping bring bonds back to unchanged levels. Watch for static or falling mortgage rates.For the cherry on top of this packed week, look out for the big July Jobs Report tomorrow.  Yesterday: Mortgage bonds were lower in the morning, thanks to the expected strong Q2 GDP reading (though the first of three, and subject to revision), led by increased commercial investment and consumer spending, and stronger than expected ADP payroll data. Bookmark this page for daily mortgage interest rates and... More

Displaying rates for Mortgage Refinance in NJ for $200,000

4.262%

APR
30 Year Fixed
4.125% Rate $969/mo
  • From the lender: Billions Funded. Direct Lender. Close in 10 days.

3.787%

APR
30 Year Fixed
3.500% Rate $898/mo
  • From the lender: Garden State Home Loans, Inc. is an industry customer service leader!
Prospect Financial Group, Inc.
There has been a recent crackdown on companies that have been taking advantage of struggling homeowners. These companies promise false help in avoiding foreclosure or lowering mortgage payments as they siphon millions of dollars in illegal fees. The law suits were filed by federal and state officials, seeking to punish and get rid of the scams. Operation Mis-Modification led the actions and targeted law firms and counseling services who offered...
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Richard Airey
Here is today's Mortgage Market Update for Thursday, July 31 from my blog: The Maine Mortgage Expert. http://mainemortgageexpert.com/2014/08/01/mortgage-market-update-for-thursday-july-31-2014/
Joe Shamie
Thursday - July 31, 2014, 2:15pm ET Current Trend Direction: Sideways and at the bottom of the trading range Float/Lock Bias: Floating into Jobs Report - but read on Current Price of FNMA 4.0% Bond: $105.16, +3bp A hint of wage based inflation is pushing the Bond markets lower this morning, but have rallied back to near unchanged levels. However, the Bond selloff is being tempered by a decline in Stocks, due to Argentina defaulting on its debt...
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Justin Fitzhugh
Last month, New York Department of Financial Services finalized and enacted Banking Law Article 6-f, which permits banks and mortgage servicers to exchange a reduction in outstanding principal for a share of the future increase of homes value.[1] Wha-wha-what? Yes! Lenders licensed to make residential mortgage loans in the state of New York are permitted to receive a share in the future appreciation of the property serving as a security for the...
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Richard Airey
Here is today's Mortgage Market Update from my blog: The Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/31/mortgage-market-update-for-wednesday-july-30th-2014
Justin Fitzhugh
Earlier this month, the city of Miami suffered a blow by the U.S. District Court for the Southern District of Florida. The Court dismissed three suits filed the city against mortgage lenders Bank of America, Wells Fargo, and Citigroup.[1] The City alleged loss of tax revenue and increased costs of providing services stemming from predatory lending to minority communities. Until recently, courts permitted anyone to file a lawsuit under the Fair...
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Joe Shamie
Wednesday - July 30, 2014, 10:15am ET Current Trend Direction: Sideways Float/Lock Bias: Carefully floating Current Price of FNMA 4.0% Bond: $105.34, -25bp A very big uptick in 2nd Quarter economic growth is pushing Stocks higher and Bond prices lower this morning. The government reported that the first reading on 2nd quarter Gross Domestic Product (GDP) surged by 4%, above the 3.2% expected and up from the -2.1% in the 1st Quarter, which was...
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Richard Airey
Here is today's Mortgage Market Update from my blog: http://mainemortgageexpert.com/2014/07/30/mortgage-market-update-for-tuesday-july-29th-2014-4
Prospect Financial Group, Inc.
The Federal Home Finance Agency comes out with a monthly FHFA Home Price Index. This program tracks the change in a given home's value between subsequent sales; it does this by using data that is supplied to Fannie Mae and Freddie Mac. The benchmark of the index is 100, which represents the U.S. housing market as it existed in 1991. In May of 2014, the index moved up to 212.4. This is the highest reading since April of 2018. This is...
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Justin Fitzhugh
Earlier this month, the Office of the Inspector General issued a report on the audit of the FHFAs control over nonbank special mortgage servicers.[1] The Agency has not established a process to handle risks resulting from the growing participation of these market players. Today more than ever, the Fannie Mae and Freddie MAc rely on non bank servicer to reduce and service their loans. However, the growth of this service providers has been...
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Prospect Financial Group, Inc.
The economy has shown continual improvement from the first quarter, which was the worst quarter economically in the last five years. Though growth within the last couple months has been present, it is only moderate. The slow strengthening of the economy and housing market show promise for the future, but not reconcile from the past. Even with more growth expected throughout the year, Fannie Mae predicts that it will not be enough to save the...
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Richard Airey
Here is today's Mortgage Market Update from my blog: The Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/29/mortgage-market-update-for-monday-july-28-2014/
Justin Fitzhugh
On July 16th, 2014, the Consumer Financial Protection Bureau, CFPB, announced a proposal to disclose the narrative of borrower complainants to the public. Currently, consumer complaints are available through the Bureaus database, but information is limited to categorical information about the complaint (i.e. complaint id, etc. ).[1] If enacted, consumers could elect whether their complaints include their description of the problem. While in a...
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Joe Shamie
Monday - July 28, 2014, 10:50 am ET Current Trend Direction: Sideways Float/Lock Bias: Carefully floating Current Price of FNMA 4.0% Bond:$105.53, Unchanged Mortgage Bonds begin, what will be a very big news week, near unchanged. Wednesday brings the Fed Statement and GDP and Friday is the Jobs Reportwhew! And if that were not enough, the Treasury will auction off $93B in securities beginning today with $29B in 2-Year Notes. On Friday, the Labor Department
Justin Fitzhugh
In the last couple of months, HUD reached agreement with a couple of lenders that discriminated pregnant women when they applied for a mortgage during maternity leave. Last month, HUD required Mountain America Credit Union, headquartered in Utah, to pay $25K to resolve allegations of discrimination against pregnant women who applied during maternity leave. Earlier this month, the Department reached a conciliation agreement with Greenlight...
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Richard Airey
Here is today's Mortgage Market Update from my blog: The Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/26/mortgage-market-update-for-friday-july-25-2014/
Justin Fitzhugh
The CFPB issued guidance intended to give us an idea of the criteria it will use as a supervisor and enforcer of RESPA, Regulation X, TILA, and Regulation Z when reviewing mini-correspondent lenders.[1] The guidance is titled Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders.[2] The fact that many mortgage brokers are converting to correspondent lenders through...
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Joe Shamie
Thursday - July 24, 2014, 11:20 am ET Current Trend Direction: Sideways to higher Float/Lock Bias: Locking short-term, Floating longer-term but read on. Current Price of FNMA 4.0% Bond:$105.41, -19bp Mortgage Bonds are lower and drifting down towards the lower end of sideways trading range. Stock prices opened higher, but took a hit this morning after June New Home Sales fell 8.1% from May to an annual rate of 406K, below the 475K expected. The...
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Richard Airey
Here is today's Mortgage Market Update from my blog: The Maine Mortgage Expert http://mainemortgageexpert.com/2014/07/24/mortgage-market-update-for-wednesday-july-23rd-2014/
Prospect Financial Group, Inc.
Fannie Mae's June National Housing Survey has come out and shows a clear public opinion on the housing market. Each month Fannie Mae gathers data from a representative 1,000 households, asking questions about the state of the housing market. June's report showed that 87% of consumers believe home prices will rise by 2015. The most telling data from the report was that 70% of consumers believe that now is a good time to buy a home. This...
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Justin Fitzhugh
July 6th, 2014, Federal Housing Finance Agencys (FHFA) Director Mel Watt called for public input on the requirements of private mortgage insurance companies that insure loans owned by Fannie Mae and Freddie Mac.[1] Current law requires mortgage insurance for mortgages with loan-to-value ratio (LTV) of more than 80%. This insurance shifts the the first-loss exposure from taxpayers to the private market. The proposed requirements, drafted through a...
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Joe Shamie
Wednesday - July 23, 2014, 10:15am ET Current Trend Direction: Sideways to higher Float/Lock Bias: Carefully Floating Current Price of FNMA 4.0% Bond: $105.81, +9bp Mortgage Bonds are inching higher in response to mixed earnings from Apple and Microsoft, increased tensions in the Mideast and reports that two Ukrainian fighter jets were shot down early today. There are no economic reports scheduled for release. In mortgage news, the Mortgage Bankers Associat
Prospect Financial Group, Inc.
Housing recovery is slow, and there are no signs of a quick recovery on the way. There is quite a bit of uncertainty when it comes to the future of the mortgage market. What we do know is that the Federal Reserve's quantitative easing program QE3 will be ending in October. Though effects of the end of QE3 aren't predicted to be felt until summer of 2015, they are no doubt on their way. In a midyear analysis by HSH.com, 30-year fixed...
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Joe Shamie
Tuesday - July 22, 2014, 10:25am ET Current Trend Direction: Sideways, stalling at resistance Float/Lock Bias: Carefully Floating Current Price of FNMA 4.0% Bond: $105.59, -6bp Bonds are just slightly higher after dealing with a tame consumer inflation reading and some fading of the geo-political, flight-to-safety trade. The Labor Department reported that the June Consumer Price Index (CPI) rose by 0.3%, which was inline with expectations and...
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Bart Castelli
Mortgage rates were mainly steady today as there were no significant economic reports and markets generally moved in unison based on geopolitical headlines (i.e. stock prices and rates moved higher and lower together). With the limited movement, 4.25% remains the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios with 4.125% pushing the envelope. While further improvement can't ever be ruled out, the last few times...
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Tim Carroll
The upheaval in global financial markets over the past few years may have been unnerving for almost everyone, but among the hardest-hit group was first time home buyers, in Sonoma County and across the country. Many had to deal with the stress caused by an uncertain economy, the fallout on business and job security, and, more directly, a pronounced increase in the difficulty of securing mortgages. The good news for Santa Rosa, Ca. first time home...
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Joe Shamie
Monday - July 21, 2014, 10:45am ET Current Trend Direction: Sideways to higher Float/Lock Bias: Carefully FloatingCurrent Price of FNMA 4.0% Bond: $105.75, +16bp Mortgage Bonds begin the week near unchanged levels in the absence of any economic data. Stock futures are declining as continued sanctions against Russia will be considered this week in Europe, due to the downing of Malaysian FL 17 last week and its continued military presence in...
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Justin Fitzhugh
Last month the Consumer Financial Protection Bureau, CFPB, through a staff memo issued guidance on treatment for legally-married same-sex couples.[1] The Bureau will recognize all marriages valid from the moment the marriage is official within a jurisdiction, and a person who is married in any jurisdiction will be regarded as married nationwide regardless of the persons place of residency. Persons in a domestic partnership, civil union or other...
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Richard Airey
Here is today's Mortgage Market Update from my blog: The Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/19/mortgage-market-update-for-friday-july-18th-2014/
Richard Airey
Here is today's Mortgage Market Update from my blog: The Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/18/mortgage-market-update-for-thursday-july-17th-2014/
Joe Shamie
Thursday - July 17, 2014, 11:05am ET Current Trend Direction: Sideways, stabilizing Float/Lock Bias: Carefully Floating Current Price of FNMA 3.5% Bond: $102.25, +16bp Weak housing data is boosting the Bond markets this morning. Also hurting Stocks and helping Bonds is word on increased sanctions on Russian business over the problems in Ukraine. The Commerce Department reported that June Housing Starts declined by 9.3% from May to an annual rate...
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Bart Castelli
Mortgage rates held steady today after several days of it creeping higher. The range has been narrow enough to keep the most prevalently quoted top-tier rate between 4.125% and 4.25% for conforming, 30yr fixed loans. The market is currently fairly well split between the two depending on the program, fees, and scenario. Janet Yellen finished her semi-annual congressional testimony this afternoon. Most of the significant news came out yesterday at...
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Richard Airey
Here is today's Mortgage Market Update from my blog, the Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/17/mortgage-market-update-for-wednesday-july-16th-2014
Prospect Financial Group, Inc.
A common misconception about buying a home is that qualifying for a mortgage requires a 20% down payment. This idea stems from earlier mortgage requirements when rates were higher and restrictions stricter. Now is a time when the government realizes the importance of healthy stimulus to the mortgage market as a way to keep the economy stable. With this knowledge, there is a push to make homeownership available to as many people as possible....
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Joe Shamie
Wednesday - July 16, 2014, 12:50 pm ET Current Trend Direction: Sideways to lower Float/Lock Bias: Carefully Floating Current Price of FNMA 3.5% Bond: $102.03, -6bp Positive economic news out of China, better than expected earnings from tech giant Intel, hotter than expected wholesale inflation coupled with big merger news is pressuring Bonds modestly lower in the early going. Reports out of China showed that its Gross Domestic Product rose by...
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Justin Fitzhugh
The CFPB issued an interpretive rule that establishes a lenders acknowledgement of a successor-in-interest of an existing mortgage is not subject to the Ability to Repay Rule (ATR Rule). Last year, in Bulletin 2013-12, the CFPB communicated servicers were required to have policies and procedures that would allow the continued payment of a mortgage, evaluation of an heir, or implementation of loss mitigation measures in cases where the legal...
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Prospect Financial Group, Inc.
Equity is the value of your home at current market value after deducting the outstanding mortgage on your home. Explained another way, equity is what you would have left over in the event that you sold your property at market value and repaid your outstanding mortgage. Home equity is built over time; as equity builds, you create a pool of money which you can utilize later on. A smart way of using your equity is to use it where it will bring you a...
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Richard Airey
Here is today's Mortgage Market Update from the Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/16/mortgage-market-update-for-tuesday-july-15-2014/
Justin Fitzhugh
July 6th, 2014, Federal Housing Finance Agencys (FHFA) Director Mel Watt called for public input on the requirements of private mortgage insurance companies that insure loan owned by Fannie Mae and Freddie Mac. Current law requires mortgage insurance for mortgages with loan-to-value ratio (LTV) of more than 80%. This insurance shifts the the first-loss exposure from taxpayers to the private market. The proposed requirements, drafted through a...
read more...
Joe Shamie
Tuesday - July 15, 2014, 11:20am ET Current Trend Direction: Sideways, just below support Float/Lock Bias: Carefully Floating Current Price of FNMA 3.5% Bond: $102.03, -9bp Mortgage Bonds are just a tad lower despite better than expected earnings reports from JPMorgan and Goldman Sachs and a surge in New York manufacturing data. Bond Traders are likely waiting to see what Fed Chair Yellen has to say while testifying on Capitol Hill at 10am ET....
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Bart Castelli
Mortgage rates rose modestly today, ending last week's streak of 5 days without an increase. 4.25% was the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios, but 4.125% was still in play with a little more money for closing costs. With no direct news markets today (stocks) are being defined as going higher because Q2 earnings are expected to be better than thought last week. Got to have a reason, even if it has little...
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Tim Carroll
Many people assume that when the kids leave home, their newly empty nest automatically signals that downsizing into a smaller house or condo is the next step. In truth, for such families living in Sonoma County, downsizing is a common option--one that could very well be the best choice. But, as the old Gershwin tune says, "it ain't necessarily so..." For many of us, once we establish a firm direction in life, a lot of decisions are more or...
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Richard Airey
Here is today's Mortgage Market Update from the Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/15/mortgage-market-update-for-monday-july-14-2014/
Justin Fitzhugh
Last Month, Freddie Mac reminded us it will no longer purchase mortgages with a lookback period of less than 45 days starting October 20th, 2014. A month earlier, the FHA issued a proposed rule to require all FHA guaranteed mortgages to the same lookback and notification periods. Will consumers handle higher monthly payments better because they receive a notification 60 days before the due date? Like everything else, I think, some will and some...
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Joe Shamie
Monday - July 14, 2014, 11:30am ET Current Trend Direction: Sideways along support Float/Lock Bias: Carefully FloatingCurrent Price of FNMA 3.5% Bond: $102.28, -12bp Better than expected earnings from Citigroup is lifting Stock futures and pressuring the Bond markets lower. There are no economic reports due for release today, but the rest of the week's calendar is full of reports that will cover a broad base of the US economy. There are no...
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Bart Castelli
Mortgage rates moved again lower today, bringing them in lines with the lowest levels of the month. The most prevalently quoted conforming 30yr fixed rate for top tier borrowers still remains at 4.25%, but with additional closing costs, 4.125% is now in play. With today's gains, rates have strung together a full week without moving higher at all. After a three and a half day weekend and after the better July employment report markets this...
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Richard Airey
Here is today's Mortgage Market Update from the Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/12/mortgage-market-update-for-friday-july-11th-2014/
Justin Fitzhugh
This is the second installment of the summary of the Interagency Guidance for Home Equity Lines of Credit (HELOCs) that near the end-of-draw period.[1]Part one, listed a summary of the risk management principles Federal Financial Regulatory Agencies require as the foundation of the drafting, development and implementation of our policies. Part two,
Bart Castelli
Mortgage rates continued lower today, helped along this time by European markets. Although mortgage rates are most directly influenced by prices of Mortgage Backed Securities (MBS), MBS themselves are influenced by broader bond market movements. The most direct influence comes from US Treasuries, but Treasuries in turn are affected by European bond markets. 4.125% is now back in the spotlight but 4.25% is still the most prevalently quoted...
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Richard Airey
Here is today's Mortgage Market Update from the Maine Mortgage Expert: http://mainemortgageexpert.com/2014/07/11/mortgage-market-update-for-thursday-july-10-2014/
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