Insights on US Mortgage Rates from Tom Reddin

We are in the heat of the spring home buying season and many people are taking out new mortgages to buy their dream home. One of the simplest, easiest ways to cut approximately four years off the life of a traditional 30 year fixed rate mortgage is usually overlooked by most homeowners. Read more to learn about this painless approach to paying your mortgage bill that can make a huge impact down the road. It might just pay for your kid’s college tuition bills.

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Mortgage rates are still near record lows, but they have ticked up over the past few months. As the housing market continues to recover with prices increasing and inventories shrinking, many homebuyers entering into the spring home buying season are wondering where rates will be heading in 2013, and whether now is a good time to buy a new home. Read more to learn about the market forces at work, and where I speculate rates are going to be trending throughout 2013.

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An FHA Streamline Refinance is one of the fastest and easiest ways to refinance your mortgage to take advantage of today’s record low mortgage rates. This program is from the Federal Housing Administration and available to all homeowners who currently have an FHA mortgage. The requirements to qualify for these streamline refinance loans are very light including no employment verification, no income verification and even no appraisal. But there is an added cost of a mortgage insurance premium (MIP) since these are riskier loans that the FHA insures for lenders. Read more to take advantage of this very popular refinance program…it will most likely not last forever.

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US Mortgage Rates are at all time record lows, but not everyone can take advantage of them. The US has had a long running program within the Federal Housing Administration (FHA) to help US citizens buy a home that they might not otherwise be able to afford through traditional lending sources. The FHA has played a stepped up role since the subprime market fell apart over the past few years. Learn more about this government assistance program, how it has helped both homeowners and the housing market, and how it might be creating the next bubble in the US mortgage market.

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US Mortgage rates have been on a downward trajectory over the past year. Rates recently ticked up a bit over the past couple of months, but have now bounced back down to 3.49%, the lowest level on record. For many homeowners, the toughest question is whether now is the right time to refinance, or whether one should hold on to see if rates will go lower. Read on to learn about how the mortgage market works, the global dynamics at play, and to get a perspective on whether now is the right time to lock in to a low rate.

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Mortgage rates have ticked up slightly over the past week, but the big picture is that rates are still near the bottom at all time record lows. The average rate for a 30 year fixed rate mortgage for the past week was 3.59% with 0.6 points paid at closing, according to the Freddie Mac Primary Mortgage Market Survey. However, lenders and homeowners report problems in getting many refinancings approved through underwriting. One of the main culprits is the appraisal process, with home values falling short of today’s tighter underwriting standards. While you can’t completely eliminate all the issues with appraisals, there are several things you can do to help prevent problems. Read more to get in front of the appraisal process.

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Libor has been in the news the last few weeks, with the latest scandal emerging from across the pond. Several of the top international banks are suspected to have manipulated the Libor rate during the financial crises. Could this have impacted you mortgage rate? Read more to understand the dynamics between Libor and mortgage rates, and how to protect yourself from variations and volatility in the market.

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You may have recently heard the term HARP Mortgage. President Obama and Congress have advocated for this program, the Home Affordable Refinance Program (HARP), as a way to help Americans who are underwater on their mortgages. It is a very well intentioned program that helps US homeowners refinance to today’s historically low mortgage rates, freeing up cash for the household and hopefully preventing further foreclosures in the country. The eligibility requirements for HARP have recently been relaxed quite a bit, significantly broadening the opportunity for homeowners even if they are deeply underwater on their mortgage. Read more to find out whether this program could benefit you, your family members or your friends.

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The Euro crisis has continued this week, and the latest focal point is Spain, and the risks surrounding their sovereign debt. While it may sound distant and removed from home mortgages in the US, there is actually a pretty tight linkage to how this can and will affect the mortgage interest rate on your home.

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