Mortgage Information

With interest rates still at an all-time low and prices still affordable is now the right time to buy?  This is a question many of my clients are now starting to ask themselves.  Two of my clients in the past month have decided to purchase instead of rent as with rent prices climbing and interest rates so low they actually found it cheaper to purchase than to rent.  With rates still around 3.75 one can purchase a home with minimal down and payments still lower than rent.  There is also a unique opportunity to be able to purchase an investment property and have your home bring you a positive cash flow.  If you are interested in investing or just purchasing a home to call your own, please feel free to give me a call and I would

Mortgage rates were down across the board this week compared to last week, according to Freddie Mac’s weekly mortgage market survey.

After posting a big jump last week, 30-year mortgage rates were back below the 4 percent mark this week, offering another boost in home affordability for buyers.

Here’s a closer look at rates for the week ending March 29.

• 30-year fixed-rate mortgages: averaged 3.99 percent, with an average 0.7 point, falling back from last week’s 4.08 percent average. A year ago at this time, 30-year rates averaged 4.86 percent.
• 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.8 point, also slipping from last week’s 3.30

This is a program that could allow for you to refinance your home even if you are currently not in the position to refinance.

Freddie Mac and Fannie Mae announced in late October 2011 the expansion of their Home Affordability Modification Program also called the “HARP Phase 2” program.  The main objective is to assist homeowners who are currently “underwater” and owe more than they are worth.  The changes from HARP Phase 1 to HARP Phase 2 are expected to take affect during the month of March 2012.  Freddie Mac estimates an implementation date of 3/15/2012; Fannie Mae has not published a date yet. 

Eligibility Criteria for HARP Phase 2 loans are as follows:

• The existing mortgage must be owned/guaranteed by Freddie Mac or

Yesterday, a recent losing streak for loan pricing boiled over and Mortgage Rates rose across the board.  Today offered a slight reprieve to yesterday's losses, but only in terms of improved borrowing costs.  BestExecution rates were unchanged.

Our ongoing guidance recently has been to take advantage of recent rate offerings as soon as possible, noting that "the frustration of missing out on "high 3's" and instead getting "low 4's" seems nowhere near as bad as the frustration of missing out on a refi opportunity (moving from 5% to 4.25% for instance) altogether." 

CURRENT MARKET*: The Best Execution 30-year fixed mortgage rate is now 4.25% to 4.375% depending on your lender/scenario.  Several lenders are still willing to offer lower

Find complete term and financing information HERE or visit www.TheCascadeTeam.com

This chart provides food for thought for anyone wondering if now is a good time to get off the fence regarding a home purchase or refinance. Affordability has NEVER been better!