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The New York TimesTaking advantage of low rates
Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now.
Mortgage rates continue to set new record lows, leaving many home buyers and refinancers wondering how low rates can go and how to capture the best rates now.
Making sense of the story
- Many economists are forecasting that mortgage rates will rise again later this year as the American economy gradually improves and as more global investors turn to the U.S. as a safe haven for money.
- The average rate on a 30-year fixed-rate mortgage averaged 3.71 percent the week of June 14.
The rate had averaged 3.9 percent three months earlier and 4.5 percent a year earlier.
- According to one economist, rates could possibly fall further, perhaps as much as a quarter of a percentage point, but it is more likely that they would start a “slow drift” upward.
- Those planning to refinance or buy a home in the next two or three months might want to consider locking in a mortgage rate now.
- Borrowers with rate locks, with a built-in deadline, often receive priority treatment from lenders, because the borrower is telling the lender that he or she is serious about closing soon.
- Lock-in costs and policies vary widely, and are based partly on the time frame the borrower wants covered. Most borrowers will need a 60- to 90-day lock.
- If interest rates continue to fall during the lock period, borrowers can ask the lender to rewrite the rate lock at an additional cost, or obtain a “float-down” provision in the original agreement. A lock with a float-down agreement allows the borrower to change the rate, often only once, before closing on the mortgage. This option is generally more expensive than a standard lock.
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direct assignment short sales. Learn how to become a Lender
Preferred Short Sale Agent. Grab your spot and register now!
Warning: Limited space available for this FREE event.
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In other news ...
CNNMoneyCheap homes lure foreign buyers
Lured by bargain home prices, foreign buyers stepped up their purchases of U.S. homes by 24 percent over the past year, according to the NATIONAL ASSOCIATION OF REALTORS®.
Lured by bargain home prices, foreign buyers stepped up their purchases of U.S. homes by 24 percent over the past year, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Wall Street JournalWhat aren’t there more homes for sale?
It’s no secret to anyone who has watched the real estate market over the past year that the number of homes for sale has dropped sharply.
It’s no secret to anyone who has watched the real estate market over the past year that the number of homes for sale has dropped sharply.
The Los Angeles TimesUCLA forecasts California housing recovery next year
Despite quickening home sales and rising prices in some parts of California, the state’s housing market won’t begin a full-fledged recovery until next year, economists at UCLA predict.
Despite quickening home sales and rising prices in some parts of California, the state’s housing market won’t begin a full-fledged recovery until next year, economists at UCLA predict.
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CNNMoneyForeclosures spike 9 percent in May
Foreclosure filings in May spiked 9 percent compared with a month earlier, according to RealtyTrac.
Foreclosure filings in May spiked 9 percent compared with a month earlier, according to RealtyTrac.
Bloomberg NewsAmericans see biggest home equity jump in 60 years
Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.
Home equity in the first quarter rose to $6.7 trillion, the highest level since 2008, as homeowners taking advantage of record-low borrowing costs to refinance their loans brought cash to the table to pay down principal. The 7.3 percent gain was the biggest jump in more than 60 years, according to an analysis by Bloomberg of Federal Reserve data.
The Wall Street JournalWhy mortgage rates are so low
Glimmers of hope in the housing market suggest a turnaround is near, with statistics showing stabilizing home prices and an increasing number of home sales.
Glimmers of hope in the housing market suggest a turnaround is near, with statistics showing stabilizing home prices and an increasing number of home sales.
I hope all readers enjoy this post and find this information interesting and useful.
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