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Mortgage Rate Predictions

Sep 21, 2016 4:56PM PDT

Rate Update 9/21/2016 : Today the bond markets reacted to some statements made from the Fed indicating that rates are to remain lower for a longer period of time.  This change in the Fed's positioning was expected to some degree across market participants, but the news incited a mini-rally in the markets.  Some data to consider.  In June, one member of the Fed commitee saw rates under 1.25% by end of year (2017).  Now, there are nine with the same position.  The reaction to this news was that the 10-year yields dropped lower, but failed to break beyond the 1.65% range, which means that they are still within the range set last Tuesday.  We had hoped for a more convincing move, but today didn't quite manage to attain that reaction.  Check back tomorrow for more up to date news... More

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

3.216%

APR
30 Year Fixed
3.125% Rate $856/mo
  • Updated September 27, 2016
  • From the lender: Certified Upfront Lender! Online Good Faith Est! Apply & Lock Rate 24/7!

3.387%

APR
30 Year Fixed
3.375% Rate $884/mo
  • Updated September 27, 2016
  • From the lender: Learn how we transformed home lending into an enjoyable experience.

3.375%

APR
30 Year Fixed
3.375% Rate $884/mo
  • Updated September 27, 2016
  • From the lender: Save when you borrow from PenFed!

3.698%

APR
30 Year Fixed
3.625% Rate $912/mo
  • Updated September 27, 2016
  • From the lender: A+ Rating with the Better Business Bureau

3.906%

APR
30 Year Fixed
3.625% Rate $912/mo
  • Updated September 27, 2016
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Bart Castelli
Mortgage rates made more substantial gains today, after financial markets had more time to react to yesterday's announcement from the Federal Reserve. Although the Fed held its policy rate steady, the bigger story was a sharp downgrade in the longer term rate outlook. In short, the Fed sees interest rates remaining "lower for longer." They increasingly confirm this stance with their updated forecasts. The vibes in markets over the Fed's...
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James Brooks
By James Brooks The bond market is up 8/32 (1.63%), which should improve today's mortgage rates by .125 of a discount point. The first of today's three pieces of economic data was last week's unemployment figures. They showed that 252,000 new claims for unemployment benefits were filed last week, down from the previous week's 260,000 initial filings. Analysts were expecting to see a small increase, not a decline. The lower...
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Bart Castelli
Mortgage rates were unchanged again today. If you slept through the week and woke up this afternoon you would believe it was a quiet week. MBS prices and rates unchanged, and the 10yr yield hardly changed. This week was volatile, last week also volatile both the first since mid-July. It started a week ago yesterday with the ECB saying it was satisfied with its QE, according to Draghi the EU is improving and the stimuli is working. Then both...
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MEL SMITH--LENDER OF THE MONTH
Hybrid ARMs: This type of ARM (adjustable rate mortgage) comes with an initial fixed-rate period with the interest rate changing annually afterwards. The fixed-interest stage can be anywhere from three to ten years. The interest rate tends to drop on the shorter periods. For example, a 3/1 Hybrid ARM would have a fixed-rate for the first three years, then adjust annually. Interest-only ARMs: Interest-only ARMs signifies that you will pay only the...
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Mortgages for Veterans
Buying from Veteran-owned businesses is one of the best ways to say, "thank you" to the men and women who have served our country. That's why we take the time to highlight veteran-owned businesses on this blog from time to time. Today, we're looking at Ignore No More, a mobile app
Bart Castelli
Mortgage Rates continued sharply higher today, as financial markets quickly adjust their outlook for global monetary policy. Two and a half months and no changes in stocks and bonds. Today that ended when the 10yr broke out of its range and stock indexes followed. I have been letting everyone know here over the last few weeks that when the trading range on the 10yr was violated the move would be swift and deep. The 10yr yield increased 6BPS...
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MEL SMITH--LENDER OF THE MONTH
Myth 1: Carrying a credit balance can make good credit scores even better Fact: Actually, credit scores are a consideration of the manner in which you handle your credit rather than the amount you carry. Merely having an ever-present balance will not do anything to aid your score. However, responsibly paying off your debt will. Myth 2: If you handle your finances dependably, you'll always preserve your good credit Fact: Attaining and keeping a...
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Mortgages for Veterans
It's Back to School time and while you're readying your kids for that all-so-important first day of school, now's a good time to consider going back to school yourself. Especially with all the benefits available to military veterans, setting your sights on higher education has never been easier. Here are 5
Laura Bromhead
The federal Reserve decides interest rates in the U.S. Meetings occur eight times a year, where they discuss the economy and set short-term interest rate targets. The Fed takes inflation into consideration whilst discussing rates. Mortgages are denominated in U.S. dollars, so long term values of owning a mortgage can be linked to long-term values of the dollar. When the U.S dollar gains value compared to other currencies, the relative value of...
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Bart Castelli
Today was the day everyone was waiting for - and it came in like a THUD. Mortgage rates are moving sideways once again today. Here are the key points that the news outlets are reporting on a continuous loop: Unemployment Rate 4.9%. This is unchanged from July. The market was expecting 4.8%. August Non-Farm Payrolls 151K, the market was expecting 180K. Average Hourly Wages increased by 0.1%, the market was expecting 0.2%. The Participation Rate...
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Bart Castelli
Mortgage rates have had a wild a crazy two days as rates went up past the ceiling early on Friday after the comments from the Fed's at the Jackson Hole symposium. Markets interpreted those comments as the Fed being more likely to hike rates in 2016 - possibly even twice! While mortgage rates are based on MBSs, as opposed to the Fed Funds Rate (the thing the Fed is talking about hiking), if investors think the Fed is more likely to hike, MBS...
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MEL SMITH--LENDER OF THE MONTH
Borrowing funds against your equity can help you finance something big or a handful of smaller undertakings. You are also able to deduct the interest, making it even more affordable. Before making the decision to apply for a HELOC versus a home equity loan, deliberate on how much money you really need and how you plan to utilize it. Consider interest rates, appraisal and closing fees, monthly payments and tax advantages as you evaluate your...
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Mortgages for Veterans
Everyone loves a bargain. And now a veteran-run resource is making it easier for veterans and active-duty military to find out exactly what discounts are available to them at hundreds of thousands of business all across the United States. Many business offer discounts to veterans and active-duty military, but their policies are not always well known by either their customers or their employees. That was a problem Terrence Thomas, a veteran of the...
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Bart Castelli
Mortgage Rates continued along the same path - like a rattle snake in the desert, coiling before it strikes. The bond and stock markets are wound tight in narrow ranges, especially in the bond market. No movement for five weeks and likely not going to move much now until next Friday when Yellen finally speaks. We have not heard from her in weeks. Meanwhile Fed officials are all over with conflicting comments clearly showing how unsettled the Fed...
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Bart Castelli
Mortgage rates were again flat as it stayed in the range it has been for over a month. Today we had another FOMC minutes release, which by all accounts was another nonevent. The minutes can be twisted anyway one wants to but the bottom line is no increase in rates in September regardless of what Wm. Dudley commented on Monday. That is not only what I believe but more importantly what the markets believe. On the release media went semi-postal as...
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Mortgages for Veterans
The 2016 Summer Olympics are in full swing and of the 555 members of Team USA participating this year in Rio de Janerio, Brazil, 16 of them are currently
Bart Castelli
Mortgage rates continued a little higher today that started with the early morning news from Friday in regards to the Employment numbers, but it was not as bad as it was once feared when the markets were not yet opened this morning. As the day went on, overall, it was quiet. The bellwether 10yr note yield increased this morning to 1.61% but by mid-morning it held the support I have been talking about for weeks at 1.60% (close enough to say it...
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Mark Hemingway
The closely watched S&P 500 Stock Index closed at a record high of 2,182 on Friday. The robust July Jobs Report boosted investor optimism about economic growth here in the U.S. and pushed investors into risky assets, such as Stocks. The strong Jobs Report also spurred on thoughts of higher interest rates by the Federal Reserve Bank of the U.S., but many analysts feel that the central bank will wait for additional incoming economic data before...
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Mortgages for Veterans
While there's no doubt this country is proud of the troops that fight our freedoms every day, we don't always show that appreciation well. That's mostly because other than celebrations on major holidays, such as Memorial Day and Veterans Day, we don't really know the right way to show our appreciation. That's where organizations like
Bart Castelli
Mortgage rates enjoyed another strong day, falling to the best levels in nearly two weeks. Once again the Fed has gotten it wrong, so too have the markets and those green eye-shaded economists. The GDP figures were so far off, that it took a while for the report to sink in.I started to change my tune a little yesterday as I have been too conservative - as this market has me jittery, and I have a high risk tolerance. Those who floated all week...
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bcahoone
Outside a Muffler Shop: "No appointment necessary. We hear you coming." In a Veterinarian's waiting room: "Be back in 5 minutes. Sit! Stay!" At the Electric Company: "We would be delighted if you send in your payment on time. However, if you don't, YOU will be de-lighted." In a Restaurant window: "Don't stand there and be hungry; come on in and get fed up." In the front yard of a Funeral Home: "Drive carefully. We'll wait." At...
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bcahoone
On their wedding night, the young bride approached her new husband and asked for $20.00 for their first lovemaking encounter. Her husband readily agreed. This scenario was repeated each time they made love, for more than 40 years, with him thinking that it was a cute way for her to afford new clothes and other incidentals that she needed. Arriving home around noon one day, she was surprised to find her husband in a very drunken state. During the...
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Prospect Financial Group
What is prequalification? Prequalification is figuring out how much loan you qualify for before shopping for a home. This is a good idea because it allows you to set realistic limits and goals before you get your hopes up about a specific property. There's nothing worse than falling in love with a home and then realizing that you do not qualify for a loan for the amount being sold. How do I get prequalified? The best way to get prequalified...
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Bart Castelli
Mortgage rates have been steady for the past several weeks, but in all reality, have inched their way up to the highest levels this month. Do not get me wrong, we are still very attractive with these rates, as the movement has been extremely small, but we are not at the levels seen on July 6th. Somehow, as busy as I have been with the influx of business, I sometimes feel like I have not done my job as it has been one of the quietest weeks I have...
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Bart Castelli
Mortgage rates are steady this morning, but was anticipating some positive movement after yesterday's rally. The MBS market improved by +5BPS yesterday, but was not enough to improve mortgage rates or fees. Existing-home sales rose 1.1% to a seasonally adjusted annual rate of 5.57 million in June, the National Association of Realtors said Thursday. That was 3% higher than a year ago and the strongest since February 2007. First-timers made up...
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James Brooks
By James Brooks The bond market is down 6/32 (1.59%), we will see only a slight increase in today's mortgage rates. The first of today's three economic releases was last week's unemployment figures at 8:30 AM ET. They showed that 253,000 new claims for unemployment benefits were filed last week, down slightly from the previous week's 254,000. Analysts were expecting to see an increase to 265,000 initial filings, meaning the...
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Mortgages for Veterans
On April 10, 2011, Army Staff Sgt. Jamie Jarboe was shot in the neck by a sniper while on foot patrol in the Zhari district of Afghanistan. His unit had finished securing a southern Afghanistan village when he stood up to check for signs of danger and was shot. Paralyzed from the chest dow
Bart Castelli
Mortgage rates were slightly higher again today, and this time, it is personal! OK, so it is not really "personal," but it is now more of a concern for those following my blog on my web site and check under the "Rates & Trends" tab - and hoping they will stay near all-time lows. We actually get more help from US Treasuries in arriving at this conclusion than we do from mortgage rates themselves. That's not because Treasuries are directly...
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Prospect Financial Group
What are closing costs? Closing costs are made up of fees paid to the lender, third party charges (title insurance, escrow services, and appraisals), and property taxes and homeowners insurance. All of your closing costs will usually equate to around 2-5% of your total loan value. This can end up being pretty expensive Do I have to pay my closing costs? No, you don't! Most lenders will give you the option of paying a slightly higher rate in...
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Prospect Financial Group
Many people believe that opening up a new credit card is the only way to access money. However, this is not the case. There are two other options when it comes to personal financing, which both carry lower interest rates. These are the personal line of credit and the personal loan. A personal loan is an appropriate tool to use when securing an item. Say you're buying a camera, a personal loan is the best way to go. However, if you're...
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James Brooks
By James Brooks The bond market is down 1/32 (1.38%), which should keep today's mortgage rates unchanged. today's key economic data gave us surprising results, although you wouldn't know it by the bond market reaction. June's Employment report showed that 287,000 new jobs were added to the economy last month, greatly exceeding expectations of 175,000. A number like that usually has a significant impact on the markets and...
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Mortgages for America
Whenever you're considering giving to a charity, no matter what the cause, it's important to investigate how much of the donated money actually goes to the cause and how much is earmarked for administrative expenses, such as salaries. Several services break down the expenses of nonprofits, providing information on functions, finances and management. While you can always look up the information yourself on these three free services:
Bart Castelli
Do you recall I stated that we might be looking for 1.25% for the 10yr note? It may get there a lot quicker than I thought. The British currency falling, Italy's banks may be in trouble with 17% of the banks' loans in default. Most of the Italian bank debt is held by mom and pops, the next country to have a serious problem? The pound fell to its weakest level since 2013 against the euro and the yen rose against all of its 31 major...
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Prospect Financial Group
What is the VA Home Loan? The VA Home Loan is a loan option that is insured by the Department of Veteran's Affairs. This means that the US Government gives incentive to lenders to lend to military borrowers. This insurance is funded by the funding fee that is included with each loan, though disabled veteran's are not required to pay this. What makes it different? The VA Home Loan is different from other loans because of it's...
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Bart Castelli
Mortgage rates trickled slightly lower today. I thought the bond and mortgage markets would settle down with some minor increases in rates - that was yesterday. I also believed there would be some settling in the UK leave vote - that was yesterday. While I said I expected interest rates would eventually move lower I was expecting some consolidation - that was yesterday. This morning the bond market began improving and MBS prices started better,...
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Mortgages for America
This weekend, as we celebrate our nation's independence with barbecues, parades and extravagant firework displays, let's remember to take a moment and remember how we got here. Independence Day is the celebration of the day our forefathers signed the Declaration of Independence freeing
James Brooks
By James Brooks The bond market is currently up 22/32 (1.47%), which should improve today's mortgage rates by approximately .250 of a discount point. There is nothing scheduled for release today that is relevant to mortgage rates. We are seeing the markets trade based almost exclusively on last week's vote in Britain to break away from the European Union. Over the weekend theories developed that have some people believing other...
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Bart Castelli
Mortgage rates move lower again today following last week's U.K.'s vote to leave the European Union. Indeed it is hard to turn on the TV, computer, or radio without hearing about Brexit. Global stocks continue to reverberate. There's no telling how long this "initial reaction" period will continue and what the longer term effects will be, but for now, the short term effects have been strongly positive for rates. Tomorrow the EU...
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Michael Ivanov
Vacation home sales are booming, particularly in beach and boating locations in the South and West. If you've always dreamed of a home away from home, be sure to ask yourself the following questions. How will
Chris Arco
As you move from the age of 20 into your 30s, 40s, 50s, and so on, a person's credit score will let lenders find out numerous things about you.In particular, it lets lenders find out the type of borrower you are. It will show them if you pay your bills on time the number of credit cards you have, and how much you charge on your cards. They'll see if you may charge close to the maximum limit, charge half or charge less than 30% of the...
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Prospect Financial Group
In the beginning It's important to get an idea of what the loan process is going to look like from the lender's side. Here is a list of questions that should help you paint the best picture of what your home financing process will look like. How long will it take for your loan to close?What documents will you need to provide?Will you need to pay for anything upfront?Will there be any fees associated with your loan/lender?Is the lo
Bart Castelli
By now, if you have not heard or seen the news, the British citizens ignored the political push to keep the UK in the EU, defying the betters and the markets that yesterday were convinced the vote would be to stay. OK, this is old news, but everywhere I am seeing or reading is trying to comprehend how this happened when the markets were leaning heavily the other way. Yesterday we heard a number of pundits saying, the markets are always right, and...
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Bart Castelli
Mortgage rates moved higher again as financial markets prepare for the results of the U.K. referendum on its European Union membership (aka "Brexit"). In general, rates are expected to rise if the U.K. remains in the EU, and rates could fall back toward recent lows if the U.K. votes to leave the EU. Current betting in the UK betting parlors - 5 to 1 to stay - 1 to 5 to leave. Here and in the currency markets the betting is to stay. US stock...
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Prospect Financial Group
Create a new repayment plan If you are in a financial position where forbearance is an option, go this route. It may take awhile and seem like a lot of paperwork, but it is the least complicated option. This is a short term option where you sit down with your lender and agree upon a new payment plan. Avoiding foreclosure is beneficial to both parties, so your lender will most likely be willing to work with you. Restructure your loan This is a...
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Ivan Diaz
Are you more comfortable out in the country, listening to the birds chirp and sing, with plenty of space to call your own? If so, then a USDA mortgage loan may be the perfect option to get you and your family into your own home today! What is a USDA mortgage loan? A USDA home loan is also known as a USDA Rural Development Guaranteed Housing Loan Program mortgage loan is a mortgage loan offered by the US Department of Agriculture to prospective...
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Bart Castelli
Mortgage rates remained under pressure today, moving up to the highest levels in two weeks. Financial markets are in the process of undoing some of their defensive maneuvers ahead of this week's referendum vote on the U.K. exiting the European Union. Last week we had all the moves that resulted in rates moving lower. But, there has been a shift as of late yesterday that has shifted regarding the probable outcome of the referendum, which has...
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Michael Ivanov
It can be hard to relax on vacation if you're worried about what's going on back home. But a few simple measures can help properly secure your house and give you the peace of mind you need to enjoy your time away. Hold mail and deliveries. -- The U.S. Postal Service makes it easy to put a temporary hold on your mail. And don't
Bart Castelli
Mortgage rates continued to climb today, and towards the end of the day, at a faster pace than we have seen in a long time. The question now is "Will they, or want they?" This is what in now dominating US and global markets. Over the weekend a new poll indicating the vote would be to stay but the polls released in the past two weeks have been like a shotgun pattern, all over the target. Today Europe's markets rallied strongly, it carried...
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Prospect Financial Group
What is it? Title insurance is insurance that protects you against claims made against your home. In the case that your home is not properly recorded with the city or county, the seller's loan was not properly paid off, an undisclosed prior mortgage was not paid at closing, or for any other reason: you're covered. It is required that the borrower buy title insurance for the lender, though it is not required that the borrower by title...
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Bart Castelli
Mortgage rates moved lower today, but it was not because of what happened today but to catch up on what transpired yesterday. Today after what started to look like record low days were approaching, right after my report this morning when I reported the 10yr had gotten to 1.52% that turned out to be the low for the day as it closed today at 1.58. The stock indexes though opened lower but crawled back and ended better. The data this morning had...
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