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Mortgage Rate Predictions

Apr 29, 2016 5:10PM PDT

Rate Update 4/29/2016 : Bond markets found their footing today, despite some volatility driven by the European markets in the overnight session.  This is a small victory for the bond markets, who, up until yesterday teetered on the edge of dangerous territory.  We won't really know until Monday whether or not this win is attributed to month end bond buying, or if we really are heading in a positive direction.  Domestic data didn't make much of an impact today, and generally was supportive of slowing economy in the longer term.  10 year yields traded around 1.84%, which is the higher end of the recent range.  Check back here on Monday to see what happens with mortgage rates, and to get the most up to date news.  Bookmark this page for daily mortgage updates: • 30... More

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

3.359%

APR
30 Year Fixed
3.250% Rate $870/mo
  • Updated May 02, 2016
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4.404%

APR
30 Year Fixed
4.180% Rate $976/mo
  • Updated May 02, 2016
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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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bcahoone
By rchrisman@robchrisman.com Kevin walks into his boss's office. "Sir, I'll be straight with you. I know the economy isn't great, but I have over three companies after me, and I would like to respectfully ask for a raise." After a few minutes of haggling, the boss finally agrees to a 5% raise, and Kevin happily gets up to leave. "By the way," asks the boss, "which three companies are after you?" "The electri
Jesse Stroup
The National Association of REALTORS(R) (NAR) reported on Monday that Pending Home Sales in January fell 2.5% from December. The NAR said that winter storms in parts of the country coupled with overheated home prices were the reasons for the unexpected declines. Pending Home Sales, an indicator of future closed sales, are just 1.4% higher than January of 2015. "While January's blizzard possibly caused some of the pullback in the Northeast,...
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Bart Castelli
Mortgage rates moved higher today and at a quicker pace - bringing averages up to the highest levels in at least a week. Q4 GDP started everything off today as it was better than expected. January personal spending and income also were better that forecasts. The stronger data hit the bond and mortgage markets hard today. Treasury sold $28B of 7yr notes this morning after delaying it from yesterday. I had expected a good auction after...
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Bart Castelli
Mortgage rates continued slightly higher today and leaving behind the one year lows we had reached last week. The modest amount of movement presents a bit of a curveball in assessing the longer-term trend. When rates fall as quickly as they have over the past 7 weeks, one can increasingly count on these sorts of bounces. On the occasions where the longer-term trend is over, the bounces typically maintain a certain upward momentum for several...
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James Brooks
By James Brooks There are five pieces of economic data for the bond market to digest along with the minutes from the most recent FOMC meeting. Making things a little more interesting is the fact that all of the week's events take place over only three days. There is nothing of relevance scheduled to be posted Tuesday, but there are four things Wednesday that we need to watch. The Labor Department will release their Producer Price Index (PPI)...
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bcahoone
The LO role is as valued as ever in lending, and the mortgage broker is alive and well in many areas of the United States - and wholesale certainly sees a lot of competition with scores of larger companies going after broker business. (Companies such as Wells and Bank of America, of course, withdrew from wholesale due to compliance risk concerns with managing brokers.) When asked about entering the business, some would say that the broker model...
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Mark Hemingway
The Bureau of Labor Statistics reported on Thursday that Q4 2015 worker Productivity fell by 3.0% versus -1.7% expected,reflecting the decline in economic growth during the quarter. Gross Domestic Product rose by just 0.7% in the final three months of 2015. Productivity rose just 0.6% in 2015, less than 1/3 of the post WWII average. Companies earn more profits and can pay employees higher wages when productivity is strong. But there's less...
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Bart Castelli
Mortgage rates pulled off a come-from-behind victory following today's Fed Announcement. This time around, the Fed was not at all likely to make any changes to the Fed Funds rate, but investors were still curious to see how the Fed worded the statement in light of January's market turmoil. As far as Fed statements go, today's ended up being noticeably gloomier and markets reacted accordingly. Stocks and rates both fell in the...
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Bill
Need to expand your business? Want to open in New location? We Help you Finance from $5,000 to $500,000 with No Collateral or PG. Funding in 4 working days. IF If your business has a physical location, there's more than six (6) months left on your lease, you are been in business for at least six (6) months, and you process at least $5,000 per month in debit/credit card sales, then you meet our basic qualifications! Get Funded at:
Bill
Decor Your business wisely with our Loan and Merchant Advance Today. No Collateral or PG required. Get Biz Finance from $5,000 to $500,000 within 4 working days. If your in business for a year and your business processes Visa/MasterCard/Interac then your chances of getting Upto $250,00 per location is 99% !! Visit us at:
Bill
Make your business look beautiful with our affordable Merchant Advance and Business loan. We Can Fund from $5,000 to $500,000 If your business has a physical location, there's more than six (6) months left on your lease, you are been in business for at least six (6) months, and you process at least $5,000 per month in debit/credit card sales, then you meet our basic qualifications! Apply at:
Bart Castelli
Mortgage rates are uneasy today as we see this morning stock indexes were lower early, crude oil was lower but no improvement in interest rates. A complete opposite trend from yesterday. The 10yr note still has resistance at 2.00%, closing yesterday at 2.01% after trading down to 1.98% at one point yesterday, and is currently at 2.03% at 11:00AM. MBSs are hampering along in negative territory at a minus 10BPS. In earlier trading crude oil was...
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MEL SMITH--LENDER OF THE MONTH
Purchasing a home can be a complicated business; especially when you are entering the housing market for the very first time. Many first-time homebuyers fail to do enough research and fall into a lot of the same oversights. Here are some of the most common errors. Poor Budgeting Many homebuyers fall into the snare of not looking past the initial down payment. As a result they have virtually no funds left to cover other home buying expenses. If...
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Bart Castelli
Just as I stated in my evening blog yesterday, both US and Europe stock indexes opened better this morning, but the surprising factor is that US interest rates opened lower. Nothing significant about the stock markets being better, just starting the day taking a breath. Stocks will continue lower in this very bearish run, still expecting the DJIA to drop 20% at least from the recent highs last year. Economic news this morning showed Weekly...
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