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Mortgage Rate Predictions

May 27, 2016 2:58PM PDT

Rate Update 5/27/2016 : Today was a half day for the financial markets.  These days leading into a holiday weekend don't generally produce much impact.  Bonds rounded out the day a couple of ticks higher than yesterday.  The only significant news coming out of the day was the speech from Fed spokesperson Yellen.  She kept with the sentiment that a June or July hike would be a probability, and then, in the last few minutes of the day, a few bonds were sold by those still working.  Any weakness in the bond market stemming from Yellen's confirmation of Fed positioning will likely not be felt into next week.  Check back on Tuesday for the most up to date mortgage rates and financial news. Bookmark this page for daily mortgage updates: • 30 year (FRM) rates at 3.72%... More

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

3.534%

APR
30 Year Fixed
3.375% Rate $884/mo
  • Updated May 28, 2016
  • We close our loans FAST - many in 30 days or less!
  • Rates are still incredibly low! Lock in a low rate and payment today.
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3.454%

APR
30 Year Fixed
3.375% Rate $884/mo
  • Updated May 28, 2016
  • From the lender: Certified Upfront Lender! Online Good Faith Est! Apply & Lock Rate 24/7!
Prospect Financial Group
What is it?A rate lock is the agreed upon time period that a mortgage lender will honor an agreed upon rate. This is important because it allows you to take the necessary time to close your loan without being subject to market fluctuations. What does it mean for me? It's important to keep complete all the necessary steps to close your loan in the agreed upon time period, otherwise your loan officer does not have to honor your existing rate....
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Bart Castelli
Mortgage rates were basically steady all day as it seems like everyone is still licking their wounds over the blast that was seen after the FOMC had their minutes released on Wednesday. If you talk to various lenders as I have in the past few days, we all have seen an increase in rates resulting about an eighth of a point higher. With that, the damage seen on Wednesday is still very much intact. In terms of the outlook, two straight days of...
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Prospect Financial Group
Lending standards have toughened up since the Great Recession. Because of new lending standards and laws, namely the Qualified Mortgage (QM) Law, it is harder to get a mortgage now than it was ten years ago. This is a good thing. Less reckless lending means a safer economy. It's a good idea to be able to answer these questions before shopping for a mortgage, with the documentation to back up your answers. Questions will include things about...
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James Brooks
By James Brooks The bond market is unchanged, which should keep today's mortgage rates. There were three pieces of economic data posted this morning. The first was April's Consumer Price Index (CPI) at 8:30 AM ET. It showed a 0.4% increase in the overall reading a 0.2% rise in the more important core data. The increase in the overall reading slightly exceeded forecasts but the core reading pegged expectations. Therefore, we can consider...
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Bart Castelli
Mortgage rates moved higher today as investors sold assets ahead of tomorrow's Fed Minutes. This was most evident towards the end of the afternoon as we saw the lower Treasury notes (2yr) rise faster than the movement we have seen on the 10yr. Today's increases were so minor, that I tend to worry when this all could be a delayed reaction to what might be happening tomorrow? Asset prices move lower when sellers outweigh buyers, and when...
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Prospect Financial Group
What Is It? A home inspection is a top-to-bottom look at your home. The home inspector you hire to look at the property should look at the following areas of a home: exterior, structural, roof/attic, plumbing, appliances, garage, electrical, HVAC, ventilation/insulation, and fireplaces. What Is It Used For? A home inspection is used to make sure that the property in question is fit to be bought at the price decided upon. It costs money to fix...
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Bart Castelli
Mortgage rates held surprisingly steady today, even though underlying bond markets were in noticeably weaker territory. As bonds weaken, rates normally move higher, but there's been a bit of a disconnect recently. In light of our discussion last week, perhaps it is not so surprising. Pressure all day in the bond and mortgage markets driven by a nice increase in stock indexes that was led by the rise in crude that was triggered somewhat by...
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Bart Castelli
Mortgage rates are just off their three-year lows, but are stuck in a holding pattern as both the bond and mortgage markets have had very little movement the last week. The bond market ignores weak economic data of which we have had so far this week. Today weekly claims increased 20K on expectations of a decline, last Friday April job gains less than expected, overall Q1 earnings and forward guidance weak. Last week both April ISM indexes were...
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Prospect Financial Group
Deciding on a home improvement project can be tough. There are many factors for which to consider. One of these factors is return on investment (ROI). It is important to make smart investments in your home, and all home improvement projects are investments. When you sell your home, it is possible to recoup sometimes over 100% of the costs associated with a project; you just have to pick the right ones. Here are five projects with the highest ROI....
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James Brooks
By James Brooks The bond market is up 1/32 (1.78%), which should keep today's mortgage rates the same as Friday's rates. There is nothing of importance scheduled for release today or tomorrow. The rest of the week brings us the release of three economic reports that have the potential to influence mortgage rates. Two of the reports are considered to be of elevated importance to the bond market and, therefore mortgage rates. This raises...
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Bart Castelli
Mortgage rates moved lower today, following after the labor department reported lower-than-expected job creation in the month of April. However, what was very interesting was the reaction by the MBSs and 10yr reacted to this news - two areas that are key elements that seem to direct the future where the mortgage rates tend to move. Part of the reason is the uncertainty and potential volatility associated with today's employment data. There...
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James Brooks
By James Brooks The bond market is unchanged from yesterday's close (1.78%), which should keep today's mortgage rates the as at yesterday's rates. The first of today's three economic releases was ADP's April Employment report at 8:15 AM ET. It showed that 156,000 new private sector jobs were added last month, falling well short of the 196,000 that was expected. It was also a sizable decline from March's 194,000...
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Mortgages for America
Often times soldiers and their families don't get an opportunity to take a vacation. Between deployments, shorter leave times and economic difficulties, plans just don't pan out. This is especially true for wounded or ill veterans. But a nonprofit in Long Beach, N.Y., is changing that. The Long Beach Waterfront Warriors bring veterans a
Bart Castelli
Mortgage rates moved a bit lower today, even though the market was telling us that it should have increased. Both Treasuries and MBSs lost ground today, which usually results in higher rates and/or fees to those rates, but it was not the case today. There was a number of reports this morning that had a mix bag of results, mostly though on the negative side. AS one economist stated, even though the data was disappointing, it was marginal as some...
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MEL SMITH--LENDER OF THE MONTH
If you have recently faced foreclosure, you may be speculating as to when you'll be able to purchase a new home again.There's a good chance you'll want to get back on track and purchase a new home once you do so.If you are looking to get another mortgage, you'll be subject to various "foreclosure seasoning requirements," which range from as little as one day to seven years, depending on the type of loan and the circumstances....
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Bart Castelli
Rate markets started quietly this morning, as US stock indexes up a little at the open. Unfortunately, the 10yr is also going up as I write this report at 10:00AM. Thus far it is at 1.86% from an open of 1.83%. This week is full of key data with the big report on Friday, the April employment data. During the week, we will have both April ISM indexes (manufacturing and services), March construction spending, March factory orders and a number of...
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Bart Castelli
The FOMC left interest rates unchanged, which was no surprise, as that was not even in the discussion. The policy statement as usual caused a lot of initial debate of which I see the statement as somewhat positive for interest rates in the near term. As I have hinted for several days, the 10yr was hitting another support level. It held today, tested it on the knee jerk reaction to the FOMC, and then settled down under 1.90% to 1.85%. I would not...
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Bart Castelli
Mortgage rates remained in line with their highest levels in a month for the third straight day. This morning I talked about how most all economic releases over the past few weeks have been weaker than forecasts yet interest rates have been increasing. Normally that should not be the case even with the FOMC policy statement tomorrow and markets 100% convinced the Fed will not increase rates. Traders in the FF markets do not presently anticipate...
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Prospect Financial Group
What is it? The Annual Percentage Rate (APR) is your mortgage rate plus all other costs that you must pay to your lender. This can include discount points, private mortgage insurance, and other fees. It is a more comprehensive measurement of how much your loan will cost you in the long run. Is it always the best measure? No, it is not. Time will have to play a big part in whether or not you shop by comparing APR's. If you plan on paying for...
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Bart Castelli
Mortgage rates picked right up where they left off yesterday: pushing into the highest levels of the month. This week has seen the fastest rise in rates since early March. If we lose any more ground tomorrow, it could end up being the worst week since early November 2015. Of course with the average rate still near three year lows, it is hard to draw any overly-dire conclusions about rates in general, but borrowers who were rate shopping as...
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Prospect Financial Group
The FHA Mortgage Insurance Premiums (MIP) aren't as confusing as they may seem. There are two parts to FHA MIP: upfront and annual. The upfront mortgage cost is equal 1.75 of your loan size and is added to the loan and repaid in your monthly mortgage payments just like regular interest. Annual mortgage insurance is paid in 12 installments per year and is also included in the monthly mortgage payments. You'll only need to keep your FHA...
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Bart Castelli
Mortgage rates held steady again today, despite some weakness in underlying bond markets. Bonds are currently pointing to slightly higher rates, yet the average lender is unchanged compared to yesterday's latest levels. This has to do with today's trading momentum in bonds. They pointed to higher rates in the early morning, recovered a bit, but when I was writing my morning report, the trend of MBSs started to go lower again. March...
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MEL SMITH--LENDER OF THE MONTH
Interest rates can be a complicated subject to fully comprehend. Taking the time to differentiate between "locking" and "floating" a rate could save you time and money. A rate lock is when a lender guarantees an interest rate for an established period of time, generally between loan application and closing. Throughout this period, usually 15-90 days, you're safeguarded against rate fluctuations. Lenders have to pay to "reserve" your rate,...
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MEL SMITH--LENDER OF THE MONTH
When you've selected your loan, you'll decide whether you want a fixed or an adjustable rate. Your choice defines the interest you'll be charged.The interest rate on a fixed-rate loan never varies. If you're established in your career, or have an expanding family and are ready to settle down, a 15- or 30-year fixed-rate loan might be your best bet, because you'll always know what your monthly mortgage payment will be....
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Mark Hemingway
The National Association of Home Builders reported on Monday that its Housing Market Index remained steady at 58 in April, matching the March reading. The report measures builder confidence for newly-built single-family homes. Within the report it showed that sales expectations in the next six months rose one point to 62, and the index gauging buyer traffic also increased a single point to 44. Meanwhile, the component charting current sales...
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James Brooks
By James Brooks The bond market is currently up 10/32 (1.75%), which should improve today's mortgage rates by approximately .125 of a discount point. Yesterday's 30-year Bond auction followed suit of Wednesday's 10-year sale by drawing a strong level of investor interest. However, yesterday's auction results did not have the positive impact on the bond market that Wednesday's sale did. Despite most of the benchmarks we...
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Bart Castelli
Mortgage rates change every day, and unfortunately, they do not move in the direction we want them to move. Today, they moved higher for the 2nd time this week, albeit just slightly. I keep track of rates every day, based on what the banks are offering and a few others in my markets that help me hone in on what the average loan officer is quoting in the market. Even though it was quiet today, and that there was very little movement in stocks or...
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Prospect Financial Group
What is it?The FHA Back to Work Program is a loan program offered through the FHA. It is for borrowers who have gone through an "economic event" that keeps them from obtaining a conventional loan. These events include: short sales, pre-foreclosure sales, chapter 7 and 13 bankruptcies, deed-in-lieus, loan modifications, forbearance agreements, and foreclosures. If you've gone through any of these derogatory credit events and are at least 12...
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Bart Castelli
Mortgage rates pulled up slightly today after spending the past few days near 3-year lows. The weakness in rates is in line with my discussion yesterday regarding the fact that bond markets were already suggesting a small move higher, but that quite a few banks held off until today to make those moves. The underlying assumption was that all things being equal we were due a bit of a move higher today, simply because we avoided it yesterday largely...
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Bart Castelli
Mortgage rates managed to hold steady today despite weakness in the underlying bond markets. That means even though the rates seemed to mirror the previous day's rates, they did have some push by the trading of the MBSs today that would tend to believe that they might be going up in the next few days. It is beginning to look like the run might be over for a while in the bond and mortgage markets. Many indicators pointed for me to call a...
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Bart Castelli
US stocks were better right before the open and after the bell continued until the last hour where we have seen a little bit of a retreat. Why do I mention this right off is that it seems like the stock market's direction has been coinciding with the direction of where the bond and mortgage securities have gone. Each started off weak, but have now come back in line where we have the 10yr at 1.72% from the open of 1.74%, and MBS are flat at...
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MEL SMITH--LENDER OF THE MONTH
Are you considering purchasing a foreclosed home?Local communities benefit when foreclosed homes are sold and occupied.Here are some things to be aware of if you chose to do so.Myth:Foreclosed properties can only be acquired with cash.Reality:On average, approximately 60% of foreclosed homes purchased are financed. If you're considering the purchase of a foreclosure property, you may want to gauge whether you should purchase the property...
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Bart Castelli
Mortgage rates moved higher today, pulling away from yesterday's long-term lows. Today's move was not extreme, by any means - it simply brings rates back in line with those seen on Friday and Monday for most of us. This was the third consecutive day that the MBS prices set in the morning stayed generally there through the closing. This afternoon's FOMC minutes from the March meeting were released, and as we thought, there was...
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Bart Castelli
Mortgage rates stayed steady today, beginning the first full week of April right in line with the lowest levels in roughly 6 weeks. There were no significant economic events today and very little movement in the bond markets as it was a quiet session with not much news. This week is lacking economic data or anything scheduled that could be a market mover - however there are always issues and news that hits unexpectedly. Just looking at calendars...
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Bart Castelli
The bond and mortgage markets opened generally unchanged this morning with little news. There is not much data that will be out this week as the two key scheduled news will be the March ISM services sector index tomorrow and Wednesday the release of the March 16th FOMC minutes. February factory orders today came in at the lowest since March 2014. The data is soft and should help support the bond and mortgage markets this morning. Interest rates...
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Bart Castelli
Mortgage rates continued lower today, despite a fairly strong showing in the Employment Situation report. The so-called 'jobs report' is the most important piece of economic data on any given month and it always has the potential to cause big moves in rates. This time around, with all the various other issues in the world, the market stayed calm today. It has been a good week for the bond market, a confusing week for investors. Janet...
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James Brooks
By James Brooks The bond market is down 1/32 (1.83%), which should keep today's mortgage rates close to yesterday's rates. Yesterday's 7-year Treasury Note auction went pretty well, helping to boost bond prices during afternoon trading. Several benchmarks used to gauge investor demand for the securities showed strong levels of interest. This was better than Tuesday's 5-year auction and helped the broader bond market to move...
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James Brooks
By James Brooks The bond market is down 10/32 (1.83%), which should move today's rates higher by approximately .125 discount point. Yesterday's late rally in bonds was fueled by comments from Fed Chair Janet Yellen, who made a lunchtime speech to the Economic Club of New York. These type of speeches often yield no surprises and little reaction in the markets. However, yesterday's speech was different. She gave some direct insight...
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Mortgages for America
Our Veterans made some hard sacrifices during their times in the military. That freedom we take so much for granted didn't come free. So we have duty to provide for the veterans who put their lives on the line day in and day to keep America great. In honor of those who have fought for this country, we have compiled a list of the 5 best cities for veterans to live using four key metrics - percentage of jobs requiring military skill, access to...
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Mark Hemingway
Federal Reserve Chair Janet Yellen spoke at the Economic Club of New York yesterday regarding on monetary policy here in the U.S. Ms. Yellen said that given the weak global economy and low inflation in the U.S., the Fed will take a cautious approach to raising interest rates in 2016. Ms. Yellen did say that if economic activity strengthens, the central bank "could readily raise rates to stabilize the economy." Her remarks sparked a rally in...
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bcahoone
By rchrisman@robchrisman.com Something for seniors to do to keep those "aging" grey cells active! (Answers tomorrow.) 1. Johnny's mother had three children. The first child was named April. The second child was named May. ...What was the third child's name? 2. There is a clerk at the butcher shop, he is five feet ten inches tall and he wears size 13 sneakers. ...What does he weigh? 3. Before Mt. Evere
Bart Castelli
Mortgage rates moved decisively lower today, following a speech from Fed Chair Janet Yellen. Janet Yellen slapped down some of the regional Fed presidents that have been making their case that interest rates should be increased soon. She unlike those talking heads is concerned about the economic health of the global economies. "Given the risks to the outlook, I consider it appropriate for the committee to proceed cautiously in adjusting policy."...
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MEL SMITH--LENDER OF THE MONTH
Upon the entering real estate market, the primary challenge may not be getting a mortgage. It may be securing a mortgage that is right for you with the best terms and cost. Pre-approval offers you an additional piece of information when getting ready to make a purchase offer on a residence. You already know what your income and expenses are, with pre-approval you now know what your interest rate and monthly mortgage payments could be as well....
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Bart Castelli
Mortgage rates were decidedly mixed today, as we saw some better pricing today but still unable to break very key technical resistance levels for treasuries and MBSs. This morning February personal income and spending was better than anticipated, but the revisions overshadowed that good news. So far this year January and February spending has been weaker than most economists were forecasting. Two weeks ago February retail sales were soft. Data...
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Bart Castelli
Mortgage rates reversed course today, heading back toward the higher levels seen earlier in the week. It was a volatile day today as MBS prices were positive right from the open and the 10yr was down pushing 1.86%. The data this morning really did not drive the market one way or another, but all of a sudden - BOOM! It is no mystery that rates have been paying attention to stocks and oil prices more than normal and thus not much of a surprise to...
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MEL SMITH--LENDER OF THE MONTH
Purchasing a home can be confusing, especially for first-time buyers who have never been through the process. One normally misinterpreted area is closing costs. Many buyers do not know what to expect or how much they will have to pay. Here are some important pieces of info that can assist you to prepare. What is Included in Closing Costs?Closing costs contain all of the expenses and fees related with buying a home. The lender or other third...
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Bart Castelli
Mortgage rates improved at their quickest pace in several weeks today as banks adjusted wholesale rates to reflect some of the market improvement seen after yesterday's Fed Announcement. Yesterday's gains in MBS suggested bigger improvements in rate sheets, but banks have consistently been cautious about being too quick to match market movements due to recent volatility. As such, it was not a surprise to see them wait for the strong...
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Jesse Stroup
The U.S. Federal Reserve left its benchmark short-term Fed Funds Rate unchanged yesterday at the 0.375% level, which was expected. The Fed did say that it now feels that there will be two interest rate hikes in 2016, down from the four originally projected. In addition, the Fed went on to say that it lowered its numbers for Gross Domestic Product to 2.2% in 2016 from the 2.4% originally projected. The statement also read that global economic and...
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Mark Hemingway
U.S. retail sales dipped in February, and January turned out to be worse than initially reported. Retail sales fell 0.1 percent as automobile purchases fell and cheaper gasoline cut into service station receipts. January retail sales also were revised lower to show a 0.4 percent decline instead of the previously reported 0.2 percent increase. Meanwhile, the Labor Department's Producer Price Index showed a 0.2 percent drop last month, in line...
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Bart Castelli
Mortgage rates were slightly lower today, recovering only some of the weakness seen over the past several days. Apart from last Friday, today's rates are still the highest in a week. There has been little if any changes overall in the rate market. The absence of drama and volatility in the near term past is no guarantee of the same in the next few days. The markets that underlie mortgage rate movement have been trading in a very narrow,...
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