The average 30-year fixed mortgage rate fell as the FOMC decided to leave short term rates unchanged, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®).
 
"Investors flocked to the safety of government bonds causing the 10-year Treasury yield to continue its descent following the FOMC's decision to leave rates unchanged,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year fixed-rate mortgage responded by dropping six basis points before landing at 3.42 percent—a 10-week low. The course of the economy is uncertain, yet consumers continue to be a bright spot. The September consumer confidence index is up 3 percent to 104.1, exceeding forecasts and reaching a new cycle high." 

The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending September 29, 2016, down from last week when it averaged 3.48 percent. A year ago at this time, the 30-year FRM averaged 3.85 percent.  
 
Additionally, the 15-year FRM this week averaged 2.72 percent with an average 0.5 point, down from last week when it averaged 2.76 percent. A year ago at this time, the 15-year FRM averaged 3.07 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week with an average 0.4 point, up from last week when it averaged 2.80 percent. A year ago, the 5-year ARM averaged 2.91 ...


When dealing with the prospect of buying a home, assets can be one of the most important pieces of the puzzle. Not only do assets come into play when determining whether you can afford a loan, they also play a large role in determining whether you’ll be able to get the mortgage you need.
 
Mortgage lenders dissect the entire credit history of a potential client, and assets play a big role in the process since they’re a reflection of a borrower’s fiscal strength. Taking this one step further, a borrower’s ability to save and properly budget could be a significant indicator to their future paying habits. Simply put, when mortgage lenders examine your worth, they look at the amount of money needed for the down payment and closing costs, prepaids such as insurance and taxes, escrow and money that would be available in reserve in case of an emergency.
 
Common assets considered in a mortgage loan application include stocks, bonds, mutual funds, 401k and retirement accounts, life insurance, cars, boats, antiques, jewelry and other real estate. When an asset is referred to as being “liquid,” it has cash value, or can easily be converted to cash. Liquidity is important in cases of financial emergency. Liabilities can be listed from the borrower's credit report. Alimony and child support payments also must be disclosed, so the lender can evaluate the borrower's financial obligations.
 
The source of where your assets came from is also ...


After making the costly investment in a new home, the last thing you want to do is spend a penny more than necessary getting all your stuff into it. So, we sought out some expert advice on the subject to help ensure your move goes as economically as possible.

The key to not breaking the bank with you move is proper research and planning.

Here are 5 cost-saving tips.

As you’re preparing to pack and move to a new space, now’s the time to take stock of everything you have and decide if it’s truly necessary to bring to your new home. You shouldn’t go into the process thinking that you need to fill every nook and cranny of your new home with “stuff”. While deciding to get rid of possessions may be overwhelming, taking the time to do it before you move will be worth it in the long-run. Once you’ve decided that it’s time to go through your stuff and get rid of anything you no longer need, the best and easiest way to accomplish this goal is to hold a garage sale. Not only will this allow you to start getting things out of your house while you’re packing, it’ll also help generate a little money in the process. You can then use this money to buy new stuff for your home—or to help offset the cost of the movers you hired to help with the transition.


You might think it's easier and more cost-efficient to have your family and friends help with your next ...


Buying a home for the first time can seem daunting. One way to alleviate the process is to organize your finances before embarking on the house hunt. Unsure how to get yours in order? Remember A + B + C + D + E:

Ask + Budget + Check + Differentiate + Estimate

Before you start searching for a home, there are 2 professionals you should seek out and ask for assistance. First, contact an experienced Loan Originator and “Ask” them to help you get pre-approved. Next, contact a REALTOR for guidance in searching for a new home based on your pre-approval.. He or she will have expertise related not only to amplify your affordability, but also to negotiating a deal in your favor.

Next, set a budget that takes into account your down payment, your anticipated monthly mortgage payment (with interest), and your closing costs. These figures are all important considerations in the home-buying process. Your Loan Originator can help you set your budget as well and evaluate your current debt.

Prior to house-hunting, check your credit report and score. Your credit is a determining factor in a lender’s approval or denial of your mortgage loan application, as well as your mortgage interest rate. Take steps to correct any errors on your report, or improve your score, if necessary.

Review various loan programs with your loan originator to differentiate between loan ...


Average fixed mortgage rates moved slightly lower for the week. helping to spur ongoing refinance activity, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®).

The 30-year fixed-rate mortgage (FRM) averaged 3.44 percent with an average 0.6 point for the week ending September 8, 2016, down from last week when it averaged 3.46 percent. A year ago at this time, the 30-year FRM averaged 3.90 percent.  

The 15-year FRM this week averaged 2.76 percent with an average 0.5 point, down from last week when it averaged 2.77 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.  

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.81 percent this week with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago, the 5-year ARM averaged 2.91 percent.

"The 30-year fixed-rate mortgage fell 2 basis points to 3.44 percent this week,” says Sean Becketti, chief economist, Freddie Mac. “As mortgage rates continue to range between 3.41 and 3.48 percent, many are taking advantage of the historically low rates by refinancing. Since the Brexit vote, the refinance share of mortgage activity has remained above 60 percent."


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