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Mortgage Rate Predictions

Feb 27, 2015 1:49PM PST

Rate Update 2/27/2015 : Mortgage bonds were stronger this morning, aided in part by a veritably weak Chicago PMI reading. Hitting its lowest levels since February 2009, Chicago PMI came in at 45.8, far below the expected 58 and a grim fall from January's 59.4. Keep in mind that any reading over 50 marks upturn and expansion; readings below 50 point to decline. GDP data was mixed, but considering its alignment with expectations did little to boost MBS buying. This fourth-quarter 2014 reading showed 2.2 percent expansion and 2014 as a whole averaged 2.4 percent, at least higher than the previous three years' average of 2.2 percent. For now, watch for falling mortgage interest rates. Thursday: Mortgage bonds are in weaker territory today, despite a stronger morning. Durable goods... More

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

3.595%

APR
30 Year Fixed
3.375% Rate $884/mo
  • Updated February 28, 2015
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3.847%

APR
30 Year Fixed
3.625% Rate $912/mo
  • Updated February 28, 2015
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3.944%

APR
30 Year Fixed
3.875% Rate $940/mo
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Jason Vondrak
When buying a loan, it's important to understand your options and choose a program that's best for your unique situation. Today, homeowners have two main options: the fixed-rate mortgage (FRM) and the adjustable-rate mortgage (ARM). So what's the difference between the two? The names pretty much say it all. For the FRM, your interest rate is fixed for the life of the loan. With the ARM, your interest can change over time. Fixed...
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Bart Castelli
Mortgage rates were a bit higher this afternoon after the three reports this morning showed mix results. The market ignored the data that was released, but started to retreat after the poor showing of the 7yr note auction ended. This is the second day in a row where the demand was weak as shown with the 5yr the previous day. This morning the bellwether 10yr traded as low as 1.94% but after the 7yr auction and with GDP in the morning the rate...
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Bart Castelli
Very quiet today compared to the intraday volatility last week. The MBS market price changed very little since the open this morning as I gather the roller coaster was not out today. From my report this morning, the 10yr did decrease to 2.06%, another 3BPS. Today's only data point, January existing home sales were softer than expected. It cannot be blamed on the harsh weather in the East and Mid-west, most of the decline in sales came from...
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Conrad Ellestad
There has been some great news lately if you have financed a FHA loan within the past couple years. I am sure you are tired of paying that high premium every month that will be staying on your loan for the entire life of the loan. As of January 26th, 2015 the Government finally did home owners a favor and assisted in helping them instead of gouging them with fees. Mortgage Insurance has gone from 1.35% of your loan size loan down to.85% of the...
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Christine Schindel
When searching for a new home, most people's primary monetary concern is their mortgage payment. But the cost of your new walls and roof aren't all you'll be paying for. The next biggest house expense after your mortgage is paying for the things that help run it: utilities. In some places you could be paying over $500 a month for combined utilities. Before you decide on how much house you can afford, make sure to add up all the...
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Jason Vondrak
Defined simply, escrow is a financial instrument (i.e., funds, deeds, bonds, documents, etc.) held by a third party until certain conditions of a transaction are met. In the housing industry, escrow companies hold funds for a home sale until both the buyer and seller have fulfilled their respective conditions and responsibilities. Escrow typically opens once the purchase agreement is signed and the buyer pays their deposit. The escrow company...
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Steven Ceceri
I'm sure you've all dealt with many individuals who seem to want to have phone conversations rather than reply to your email with an email of their own. In some cases, it is just due to the fact that the person you are communicating with finds it easier to talk things over by phone and that is certainly fine, but you need to figure out when the phone calls are a means to avoid putting things in writing as that is critical to realize...
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Blake Kleckner
Well, it's about time! The Department of Housing and Urban Development (HUD) finally got some smarts and made a decision that was not only great for all homebuyers and homeowners, but also for the preservation of the FHA. After 4 mortgage insurance (MI) increases from .55% to 1.35% annually in just 2-1/2 years, the streak finally ended on 1-26-15 with a significant MI decline! There were, essentially, 2 reasons for this decision. First, Fannie...
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Bart Castelli
Mortgage rates held steady even though the morning started off a bit rough. Good news for the job markets and economic outlook - but today's report is not data that is included in the January employment data out tomorrow. The Q4 productivity decline and the increase in Q4 unit labor costs is not the end all, however with the Fed on the lookout for any increase in inflation the data is a slight bright spot for possible increase in wages that...
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Prospect Financial Group, Inc.
Mortgage rates have continued to drop this week, with the national average for the 30-year fixed rate mortgage down to 3.83% from 3.96% one week ago. The national average rate for the 5/1 adjustable-rate mortgage comes in at 3.12%. Rates are lower than expected, and continue to drop again predictions of early 2015 predictions made in 2014. Part of the reason for today's low mortgage rates has to do with bond yields. Due to investor concerns...
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Bart Castelli
Mortgage rates rode the roller coaster today after seeing big improvement from the negative economic news this morning, and then doing a complete flip back to equality by the end of the day. This seems to be the new norm as my stomach again went into knots on the reasons why this roller coaster headed north after the gains seen in the morning. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers remained at 3.75% with no...
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Bart Castelli
Mortgage rates essentially did not move much today as the volatility in the market is thick enough that one could sense the anxiety in the air - and I am not talking about the 1-3 feet of snow that is attacking the Northeast. Apart from the overnight drama in Europe, there was not much going on domestically today. The net effect was an increased prevalence of 3.75% among conforming 30yr fixed rate quotes for top tier scenarios. 3.625% is still...
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Bart Castelli
Mortgage rates were all over the board today as I mentioned last week that this was going to be a volatile week. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was still at 3.75%, and 3.625%was still there with its additional fees. The bond and mortgage markets opened nicely this morning but by late morning prices started a slow drift lower.The 10yr this morning traded at 1.79% down 4 bps from last Friday. US...
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Justin Fitzhugh
We have entered 2015 with a nice running start with volumes, and plenty of Nations Lending originators and their clients are wondering what will happen to interest rates. No smart lender, or CEO, bases their companys fortunes on interest rate projections, and plenty of experts were wrong about 2014. But what is going on with borrowing costs now that Quantitative Easing (QE) is done? The United States does not operate in a vacuum and now Europes...
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Bart Castelli
Mortgage rates pulled back to slightly higher levels today as broader markets underwent a correction from relatively frenzied movement over the past few days. Unfortunately, the most prevalently quoted conforming 30yr fixed rates for top tier borrowers are now at 3.75% with some asking for 3.625% with extra fees. What the market giveth, the market can take away.... and it did today in the bond and mortgage markets. If you doubted my concern about...
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Chris Neuswanger
Is it time to refinance again? Believe it or not, it might be time to check your mortgage rate and see if it's time to refinance. The recent plunge in gas prices and the resulting economic uncertainty for oil producing nations along with a few other garden variety economic meltdowns in various stages of progression have drive investors dollars into the good ole US of A. Like it or not, love it or at least wish you could leave it, the rest of...
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Bart Castelli
Mortgage rates are heading to all-time lows that were last seen in September 2012, but we are premature in stating that we might get close to that as there is still a lot of room between those rates and today's rates. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was at 3.75% with no fees, but 3.625%did not have as much fees than what was quoted yesterday. Standing back from markets what you would see is a...
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Larry Gray
President Obama announced the reduction in the annual MIP rates by 50 BPS and the subsequent temporary case cancellation authority, affecting primarily 30 year Fixed rate FHA insured loans that are currently in the loan process and not closed. That authority enables lenders to cancel current FHA assigned case numbers so that those borrowers may take advantage of the reduction in their MIP (mortgage insurance) rates. A reduction from a factor of...
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Michael Zuren
One of the biggest obstacles in homeownership is the down payment. First-time homebuyers typically do not have the advantages of second-time buyers. Second-time buyers often have equity from the sale of their homes or investments to draw from for down payments. There are various down payment assistance programs available but they often have income, sales price, and repayment requirements. The Federal Housing Administration (FHA), Veterans...
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Derick Condron
One of the best products that not many people know about is a rehabilitation loan. The program code is 203k so that is what I will refer to it as in this post. The loan is a FHA loan. The process of qualifying for this loan is just like that of a regular FHA loan, you will need to have the income, credit and assets to qualify. You can use it as a refinance loan to do some updates on your current home or use it on a house you are purchasing to...
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David Bailey
The FHA flipping waiver was not extended at the end of the year and expired December 31, 2014, so if you are looking at purchasing a home that the current owner has owned for 90 days or less, the property is not eligible for FHA financing. Buyers, Realtors and investors need to keep this in mind when considering putting in an offer on a property or listing a property that was recently purchased. What this means is that a buyer who wishes to use...
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Stevie Duffin
President Obama and the Housing and Urban Development (HUD) office announced Thursday that new FHA borrowers whose loans are cased on or after January 26, 2015 will no longer have to pay the Federal Housing Administration's manda
Justin Fitzhugh
Later this month, Fannie Mae will release Collateral Underwriter, UCDP, to help us manage appraisal quality. The Webinars will: Equip us to user UCDPGo over new CU Scores, Flags, and Messages available in the new systemReview severity level modifications to 21 Fannie Mae proprietary messages that require lender actionDiscuss process considerations for lenders and their lender agentsGive suggestions about how we can implement the user of the new s
James Brooks
By James Brooks Today's reports send mixed signals to the bond market. The bond market is currently up 15/32 (1.96%), which should improve today's mortgage rates by approximately .250 of a discount point from Thursday's mortgage rates. Today's big news came from the Labor Department, who gave us a lot of information that has left many people scratching their heads and unable to decide if it is good or bad news. In...
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Justin Fitzhugh
Earlier today, the Mortgage Bankers Association released its Weekly Mortgage Application Survey. Despite the increase in activity for the week ending in January 2nd, together, activity took a dive in the last couple of weeks, those ending in December 26th and January 2nd. The numbers calculated by the MBA were adjusted to account for Christmas and New Years eve holidays. Thus, for the two previous weeks, in an adjusted basis, mortgage loan...
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Justin Fitzhugh
Nations Lending is carefully watching the changes in lending in 2015 some good and some not. Good or bad, it is important to know the events and trends that shape lending it is an ever-changing landscape. Starting January 1 the maximum VA loan limit will be reduced to the high balance conforming limit. Until December 31, 2014 a veteran could purchase a home in several counties in the United States for $1,050,000 with no money down. That amount...
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Chris Neuswanger
What does it take to buy a home? Buying a home anyplace is a challenge for most people and sorting out the myths from reality as to what is required can be a challenge. One of the questions I hear most often is :how much do I have to put down". The answer is "it depends:. The type of property, your financial situation, you intention for occupying the property, your credit and income all are factors particularly if you don't have or...
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Linda Miller
It could be a very happy 2015... Freddie Mac's U.S. Economic and Housing Market Outlook predicts the home-purchase market to strengthen along with the economy in 2015. Falling gas prices will likely boost consumer confidence and rents are rising faster than home prices. As the demographic wave of Millennials ages another year, more of them will start families and look to buy homes of their own. We end last year with the stock markets...
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Bart Castelli
Mortgage rates headed a little higher today, but nothing to be noticeable with the rates/fees. All in all, rates had a great year in 2014. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was still at 4.00% with no fees, but 3.875%with extra fees did seem to attract again those folks who wanted that number. Today's movement did little to change the picture. At the beginning of the year, I along with many others...
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Justin Fitzhugh
What are top Nations Lending loan officers telling their clients about the appraisal process? Some have created a table of helpful information that those refinancing can provide that will make things go more smoothly. Recent regulations have prohibited lenders & borrowers from trying to influence their appraiser, but it is important for the borrower to provide information that is important for the appraiser to consider in valuing the home....
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Bart Castelli
Mortgage rates bounced back a little bit today, erasing some of the losses we had on Wednesday, but nothing compared to what we lost on Tuesday. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was at 4.00%,but some folks still wanted the lower rate and opted for 3.875%with extra fees. Generally markets were quiet today but the stock indexes keep on climbing. The 10yr settled up at 2.26% after climbing to 2.30%...
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Prospect Financial Group, Inc.
During the course of 2014, mortgage rates continued to shock industry expects while they steadily declined. At the beginning of the year, 30-year fixed-rate mortgage were at 4.50% and by the end of the year they fell to 3.75%. The rate declines that we experienced in 2014 were the second-best since 2003. However, the main difference between the two is that interest rates were not expected to fall this year. With the Federal Reserve tapering QE3...
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Bert Carpenter
One of the things that drive me crazy in our industry is the concept of Lender paid Mortgage Insurance. Lenders don't pay for the Mortgage Insurance, the borrower does. The fact is Lenders, including Mortgage Brokers, Mortgage Bankers and even the big Commercial Banks really don't pay for anything. You, the consumer pay for it all. The question is how. Simply stated, when a borrower agrees to accept a higher rate than the current...
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Bart Castelli
Mortgage rates were not really expected to do anything this week, but it looks like a few traders made a name for themselves as they sent the market into a tizzy. In other words, mortgage rates got hammered! The most prevalently quoted conforming 30yr fixed rates for top tier borrowers by the end of the day moved quickly from 3.875% to 4.00%, but if you wanted to pay some fees, you could get yesterday's rate if it made sense. We were looking...
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James Brooks
By James Brooks The bond market is currently down 16/32 (2.21%), which should push today's mortgage rates higher by approximately .125 of a discount point. The first of today's five reports came from the Commerce Department, who said that November's Durable Goods Orders fell 0.7%, falling short of expectations of a 2.9% rise. A secondary reading that tracks new orders excluding transportation-related products such as airplanes also...
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Justin Fitzhugh
Fannie Mae reported despite the easing of credit standards across the board, lenders expect a decrease in the demand for mortgage applications for the first quarter of 2015. Recent updates to guidelines by Fannie Mae and Freddie Mac, which provide a more concrete picture of representations and warranties, may have contributed to this easing. Doug Duncan, VP at Fannie Mae said: Overall, lenders growing concerns with purchase mortgage demand is...
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Bart Castelli
Mortgage rates jumped again today even though Freddie came out stating that the rates are at 18 months lows - which they were as they are a little behind with their news. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was still at 3.875%,but 4.00% came back into the picture today. Even though the session in the bond and mortgage markets was a bit quiet compared to yesterday, we saw the same as well in the key stock...
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Chris Neuswanger
The latest scam: ID theft of your tax return. When traveling cyber space it is impossible not to leave a trail of breadcrumbs along the way, and if you are not careful you might just leave your pin codes, social security number and passwords out there as well. Identity thieves used to be content with getting their jolly's off of ordering a couple of $500 pairs of shoes and a new TV and charging it to your credit card, or cleaning out your...
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Justin Fitzhugh
The U.S. House and Senate approved a series of tax extensions which include the Mortgage Forgiveness Tax Relief Act. If enacted, the extension of this act would allow taxpayers to exclude gross income attributable to the forgiveness of a principal residence mortgage when reporting 2014 income taxes. The Mortgage Forgiveness Debt Relief Act of 2007 created an excemption for the reporting of this attributable income which expired on December 2013,...
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Bart Castelli
Yesterday Russia increased interest rates 6.5%, this morning it did not help - the ruble is in a free fall. The battered ruble fell to a new record low against the dollar, just hours after the Russian central bank's surprise move overnight to increase interest rates to 17%. Shockwaves from collapsing oil prices hit stocks and currencies closely linked to commodity prices. Emerging-markets selloff rattled Asia for a second day, sending stocks...
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Bart Castelli
Mortgage rates kept on improving today after a wild week that saw a little bit of everything. Unfortunately, as much as the Mortgage Backed Securities (MBS) improved, the actual rates from lenders did not correlate as much. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was somewhere again between 3.875% and 4.000%, depending on what fees made the most sense with each rate. 3.75% did make its way however into the picture. More
Bart Castelli
Mortgage rates keep heading to recent lows again today as the US Treasuries and Mortgage Backed Securities (MBS) continue taking cues from European bond markets. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was still at 4.0%,but 3.875%was being sought after even with the fees attached to that rate. The stock market led bond and MBS's higher this morning when the DJIA was off over 170 points. However, the...
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Bart Castelli
The bond and mortgage markets opened nicely early this morning on a very weak open in the US stock market. The 10yr is at 2.21% at 10:30AM this morning after dropping .05% yesterday. Mortgage Backed Securities are also up nicely as well. The US equity market following the decline in all global markets that was kicked off last night with China; its stock market had its largest loss in five years when the government announced it would end the...
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Bart Castelli
Mortgage rates improved nicely today to begin the new week after the turbulence we had last week. There was some resistance after the strong Jobs Report last week, but after all was said and done, the most prevalently quoted conforming 30yr fixed rates for top tier borrowers was still at 4.0%, but 3.875%came back into the picture by the end of the day. US stocks saw selling through the day; the 10yr and MBSs rallied. The stock decline in the...
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MelissaStutes
Receiving money to cover the costs and down payment for a new home is extremely helpful. It can especially come in handy for newlyweds or those graduating from college and soon starting a career. These two milestones are when cash is generally gifted...and what better way to use someone else's money to leverage your future. It's the gift that keeps on giving and in good return. There are steps to take to source the funds in your bank...
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Bart Castelli
Mortgage rates improved following the ECB press conference with President Draghi. Even though there is no direct correlation between the mortgage rates and this announcement, somehow a connection was made and stock prices and bond yields sank - which prove beneficial for Mortgage Bond Securities (MBS). The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was still at 4.0%, but 3.875%came into the picture again today....
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Bart Castelli
Mortgage rates are moving higher but not as much as yesterday. Even though the roller coaster ride today was a bit bumpy, the most prevalently quoted conforming 30yr fixed rates for top tier borrowers came back to 4.0%. Even though the movement was small, it was there as expected. The November employment on Friday is all we are looking at now. It is the same we do every month, markets adjust and wait. The report based on estimates will be...
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Bart Castelli
Mortgage rates retreated higher after heading south for the last seven days. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers started out with 3.875% but 4.0%became more favorable as the day wore on. More selling today in the bond market that strongly implies the rally last Friday was a one-time event on knee jerk reactions in thin markets when OPEC did not cut production. There has been no follow through from the...
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Prospect Financial Group, Inc.
Christmas again! How it makes the heart flutter. Twinkling lights, glistening white snowscapes, sleigh bells jingling, carolers singing, the innocence of it all. How magical, how mystical, what marvelous memories. So little time and so much to do. Hold on a minute! What about the hype, the commercialism, the over-indulgence, the cost? You know some kids think they can have everything they put on their Christmas list. Whatever happened to fairy...
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Bart Castelli
Mortgage rates started off low this morning, but became jumpy amid volatility this afternoon. The most prevalently quoted conforming 30yr fixed rates for top tier borrowers was favoring more with 3.875% but 4.0%was still out there for some borrowers with no fees. The rate markets have been rallying for the last week and a half, but today it finally ran out of gas with oil increasing. Media sources saying it was the ISM manufacturing index that...
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