There’s a lot of hype about refinancing mortgages. You’ll hear, “Rates have never been lower!” or, “Refinance now to lock in your savings!” There are even special products like “streamlined” refinancing.
Like anything else, you need to determine if a refinance is right for you based on the specifics of your mortgage. Here are some guidelines to get you started:
Find out what Dave Ramsey says about refinancing your mortgage at daveramsey.com
WASHINGTON—Rates on fixed-rate home mortgages dropped this week, according to Freddie Mac's weekly survey— of conforming mortgage ratesthe ninth week in a row that fixed-rate mortgages have met or set a record low, according to Freddie Mac's deputy chief economist.
The 30-year fixed-rate mortgage averaged 4.42% for the week ended Aug. 19, the lowest since .... read the full article by AMY HOAK and published in the Wall Street Journal
The Federal Reserve Board ruled today that for mortgage applications received from Jan. 30, 2011, mortgage lenders must disclose all potential costs a borrower will face over the lifetime of the loan. However, the Fed suggests it may be better to start implementing the rule now.
It comes as part of a wave of mortgage disclosure requirements the Fed published today.
Under the new rule for adjustable-rate loans, as well as any where terms may change greatly, lenders must disclose the maximum interest rate and payment that can occur during the first five years and a "worst case" example showing the maximum rate and payment possible over the life of the loan.
This includes any . . . read "Mortgage Lenders Must Tell Borrower 'Worse Case' Payment" by JACOB GAFFNEY published in HousingWire.com
Loans are the cheapest they've been in decades, and even rates on jumbo loans are dropping.
By JIM BUCHTA, Star Tribune
Last update: August 12, 2010 - 9:16 PM
Mortgage interest rates dipped again this week to their lowest level in more than 50 years, and even upper-bracket borrowers are getting better rates than they've seen in years.
The average 30-year fixed-rate mortgage fell to 4.44 percent, down from 5.29 percent last year at this time . .
read the entire article published in the Minneapolis Star Tribune
Last week, Federal Housing Administration (FHA) commissioner David Stevens announced plans for implementing FHA's new mortgage insurance premium structure. Based on industry feedback to the announcement, the FHA postponed the premium fee changes on all new case numbers for one month, and will now implement them on Oct. 4, 2010
Read the full article by DIANA GOLOBAY published in HousingWire.com
That's changing.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or Safe Act, is aimed at increasing consumer protection and reducing fraud. It sets minimum standards for state licensing and registration of mortgage-loan originators, including education requirements, and mandates criminal background checks for those who originate mortgages.
the Safe Act requires . . . by By Amy Hoak, published in MarketWatch
That's changing.
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, or Safe Act, is aimed at increasing consumer protection and reducing fraud. It sets minimum standards for state licensing and registration of mortgage-loan originators, including education requirements, and mandates criminal background checks for those who originate mortgages.
Read how the Safe Act affects you by Amy Hoak's Home Economics published in WSJ MarketWatch
The Senate approved its versions of HR 5872 and HR 5981, which would respectively raise the Federal Housing Administration's (FHA) multifamily commitment authority and allow it to hike its annual premiums for its single-family program.
Both bills now travel to the desk of President Barack Obama to be signed into law.
HR 5981, which also passed the House of Representatives last week, would allow the FHA to raise its annual premiums for the single-family program, raising the statutory cap rate to 1.55% from 0.55% — a flexibility that could ultimately reduce the cost of credit insured by the FHA, according to the Mortgage Bankers Association (MBA)
Read the full article by DIANA GOLOBAY published in HousingWire
The rate on the 30-year mortgage averaged 4.54 percent this week, down from last week’s 4.56 percent.
The rate on the 15-year mortgage averaged 4.00 percent, compared to last week’s 4.03 percent.
Both marks set new lows for Freddie Mac’s survey. It began tracking the 30-year rate in 1971; the 15-year rate in 1991.
“For the sixth week in a row, interest rates on fixed-rate mortgages eased to all-time record lows
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