Following is a compilation of interest rate information gathered from different sources. Please consult with a lender or mortgage broker to get the latest information. While rate changes may not be significant, they do change from day to day.
NATIONWIDE MORTGAGE LENDING GROUP: 30 Yr Fixed Mortgage Rates 4.500% APR=4.743 POINTS=1.990 http://erate.com/AZ30.htm (via Twitter), unchanged from last week. (8/30)
DIRECT LENDER: 30 Yr Fixed Mortgage Rates 4.625% POINTS=2.139 http://erate.com/AZ30.htm (via Twitter). Rate is nchanged from last week however points have increased. (8/28)
FHA: 96.5% loan to value, 5.25%, 30 yr Fixed, 96.5% loan to value, 620 Minimum Credit Score, maximum loan $417,000, rate is down 1/8th from last week. (8/28)
CONFORMING MORTGAGES: Primary & 2nd homes: 5.125% 30 year fixed, 4.75% 15 year fixed, down 1/8th from last week. (8/28)
August 30, 2009
Interest Rate Update
August 27, 2009
August 26, 2009
Loan Activity Up
Loan Volume Rises Again, Driven by Refinances
Loan application volume rose again last week, increasing 7.5 percent on a seasonally adjusted basis compared to the previous week, the Mortgage Bankers Association reported.On an unadjusted basis, the index increased 6.3 percent and was up 34.1 percent compared with the same week a year ago. This is the fourth consecutive week mortgage application volume has risen.
The increase was driven by refinances, with the refinance index increasing 12.7 percent from the previous week. The purchase index rose 1 percent with nearly all the increase coming from applications for government loans.
Mortgage rates rose slightly but the increase didn’t seem to deter applicants:
- 30-year fixed-rate mortgages increased to 5.24 percent from 5.15 percent.
- 15-year fixed-rate mortgages increased to 4.58 percent from 4.52 percent.
- 1-year ARMs increased to 6.74 percent from 6.66 percent.
Source: Mortgage Bankers Association (08/26/2009)
Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
Tax Credit Extension?
First-Time Buyer Tax Credit Extension Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.
Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, “It’s something we can get done.”
Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.
Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)
Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
August 25, 2009
Energy Improvements
Encouraging news from The Wall Street Journal.
Bill Encourages Energy Improvements
A bill that helps home buyers afford energy improvements and encourages banks to offer a discount on loans to pay for reducing energy usage passed the U.S. House in June and could pass the Senate in the fall.The American Clean Energy and Security Act of 2009 requires Fannie Mae and Freddie Mac to offer discounts on mortgages that include extra cash for making a home more energy efficient.
These discounts, which are already in effect at some lenders like J.P. Morgan Chase & Co. and Bank of America, include savings on closing costs for homes that have Energy Star appliances.
The Federal Housing Administration is offering a plan through its approved lenders that allows borrowers to add the cost of making efficiency improvements into the mortgage, but the extra money doesn’t count toward determining how much loan a borrower can qualify for. For instance, a borrower who adds $5,000 to a $100,000 loan to afford new Energy Star appliances would only have to qualify for $100,000 – not $105,000.
Source: The Wall Street Journal (08/24/2009)
Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
HUD Lowers Price
HUD has lowered the price of the home at 102 Vista Drive in Bisbee. Old price was $45,000. New price is $40,000. Original blog post on this property can be found here.
August 24, 2009
Interest Rate Update
Following is a compilation of interest rate information gathered from different sources. Please consult with a lender or mortgage broker to get the latest information. While rate changes may not be significant, they do change from day to day.
NATIONWIDE MORTGAGE LENDING GROUP: 30 Yr Fixed Mortgage Rates 4.500% APR=4.743 POINTS=1.990 http://erate.com/AZ30.htm (via Twitter), unchanged from last week. (8/24)
DIRECT LENDER: 30 Yr Fixed Mortgage Rates 4.625% POINTS=1.984 http://erate.com/AZ30.htm (via Twitter). Unchanged from last week. (8/24)
FHA: 96.5% loan to value, 5.375%, 30 yr Fixed, 620 Minimum Credit Score, maximum loan $417,000, rate is down 1/8th from last week. (8/21)
CONFORMING MORTGAGES: primary & 2nd homes: 5.25% 30 year fixed, 4.75% 15 year fixed, unchanged from last week. (8/21)
August 23, 2009
Love Your Septic Tank
Well, loving your septic tank may be going to an extreme but proper care can mean a lot to your comfort and wallet.
There are many homes in Cochise County that do not lie within a municipality that has wastewater treatment facilities.
These homes rely upon a septic system to handle waste.
Septic systems do a good job of naturally treating waste products before waste water is returned to the ground.
Naturally occurring bacteria are working away in a properly maintained septic tank converting solids into digested sludge
and gasses. These systems; however, require more attention than what some homeowners may be accustomed to.
And what you put into a septic system can have a significant impact upon the system’s performance.
Here are some of the things you should not put into a septic tank:
- any paper other than toilet paper
- coffee and coffee grounds
- latex paint and the water used to clean latex paint from bushes and rollers
- meat (via garbage disposal)
- household cleaning products should be kept to a minimum
Here are two links to web sites that are Very informative on how a septic system works and how to keep yours in good
condition.  . The first is from the EPA. The second from Washington State University.
Caring for your septic system can save you a bundle in future costs.
August 22, 2009
Mortgage Delinquencies Hit Record High
“As a sign that mortgage performance is once again being driven by unemployment, prime fixed-rate loans now account for one in three foreclosure starts. A year ago, they accounted for one in five,” says Jay Brinkmann, the association’s chief economist.
“It is unlikely we will see meaningful reductions in the foreclosure and delinquency rates until the employment situation improves. In addition, in some areas where a number of borrowers have mortgages that are larger than the current value of their homes, any life events such a divorce or loss of a job are likely to translate into foreclosures until prices in those areas recover, not just flatten,” Brinkmann said.
Source: Mortgage Bankers Association (08/20/2009)
Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”
