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Today's Mortgage Rates

Mortgage rates vary daily, sometimes multiple times in a day.

Knowing a few basic facts about the mortgage industry can help you find the right mortgage professionals and help you to make the right decisions to help you save the most money in managing your mortgage.

Key Factors to Know About Mortgage Rates

1. Ask about "Rate" and "Cost" - Most people only ask about current rates.
You can always pay MORE in closing costs for a lower rate or LESS for a higher rate.

2. Until you "lock-in" a rate for a mortgage application the rate can change.
Make sure you request a WRITTEN L.E. (Loan Estimate) from your loan officer in order to properly compare Rate & Cost options.

3. Your Mortgage Rate is affected by a number of factors including; credit scores, income, debts, LTV (Loan to Value). Keep this in mind when looking at "Quoted" or "Average" rates.

4. On any given day, mortgage rates from various lenders for the same program, with the same criteria, should be very close (typically within 1/8 to 1/4%).
This is because in todays mortgage world almost all mortgages (Conventional, VA & FHA) end up being sold to the same investors.

5. Choose a lender with a reputation for Integrity and Service - not just the "lowest" quote.

Personal Service is Only a Few Steps Away

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Rate Perspective

(10 yr. History)

This Weeks Average
National Mortgage Rates

(with Closing Costs -
Other Factors Apply)

  • Home Supply Hits Its Lowest Level In History

    Home Buyers Not Fazed By Rising Rates

    If you, or anyone you know is thinking of buying in 2017 THIS is an important article!

    Here is the super short version if you want to save time. Lots of buyers rushing to buy before rates rise further. NOT enough inventory in many markets means higher prices and “sellers market.” Getting a TRUE Pre-Approval from a strong lender is more important than ever!

    Click to see today's rates or learn about getting Pre-Approved

    Read on for the details….

    Home sales again posted strong numbers in December, on a seasonally-adjusted, annualized basis, according to the National Association of REALTORS®.

    Rates are rising, but that hasn't stopped buyers from moving forward with their home buying goals.

    The December Existing Home Sales Report fully takes into account skyrocketing mortgage rates following the historic U.S. presidential election.

    It hints that home buyers are unfazed by rising rates, or that they are moving fast before higher rates take effect later in 2017.

    5.49 million existing homes sold on a seasonally-adjusted, annualized basis last month, a 2.8% decrease from the month prior.

    That's good for the housing market, bad for the buyer.

    Ever-increasing sales are eating up home supply, which is at its worst level recorded since the National Association of REALTORS® started tracking data.

    Home buyers could have an awfully hard time finding a home to buy in 2017.

    Supply Utterly Fails To Keep Pace With Buyer Demand

    The National Association of REALTORS® (NAR) released its December 2016 Existing Home Sales report, which showed 5.49 million homes sold on a seasonally-adjusted, annualized basis.

    An "existing home" is a pre-owned house that is being sold again and does not include newly constructed homes.

    December's reading rounds out 2016, which was the best year for existing home sales since 2006.

    The factor holding sales back now, though, is ultra-low inventory. As recently as 2012, home supply eclipsed six months, the inflection point between a "buyer's market" and "seller's market".

    Existing Home Supply fell to just 3.6 months nationwide in December.

    There are now just over 1.5 million homes for sale in the U.S. That is down eleven percent from a year ago, when inventory was already tight.

    Low home supply is driving up prices. NAR reports that year-over-year home values have risen 58 months in a row, up four percent since last year.

    That could be good news. Higher prices could entice homeowners to sell, increasing inventory and tempering prices.

    At least, that's the hope. For now, homes remain scarce.

    Click to see today's rates or learn about getting Pre-Approved

    Buyers Scramble To Find Homes

    Mortgage rates are rising, and it's lighting a fire under home buyers.

    First-time and repeat buyers alike realize it's now time to buy before rates price them out of the home they really want.

    December's home supply reading is evidence of the trend.

    Supply reached all-time lows as buyers snatch up every available home. The Existing Home Sales report has not once reported inventory at 3.6 months since the NAR started tracking data in 1999.

    At this rate, homes would be "sold out" by April 2017. Fortunately, prices are rising, which is enticing more homeowners to put their homes on-market.

    The NAR reports that the average home stays on the market just 53 days, down from 58 days a year ago.

    If you are a buyer, no doubt you've noticed the tough competition. Your "ammunition", then, is to secure a pre-approval from a lender. Sellers often won't consider an offer without knowing the buyer is approved for financing. And, your real estate agent may require a pre-approval or pre-qualification letter even before you start viewing homes.

    A pre-approval is better than a pre-qualification, because it is a complete, finalized approval, minus the property itself. It is based on the lender's review of your documentation, such as bank statements, pay stubs, and tax returns.

    A pre-qualification, though, is only the lender's best estimate that you will be approved based on information given verbally. It's not uncommon for mortgage applicants to accidentally overestimate their income when speaking to the lender.

    Tax write-offs, a side business, or alimony and child support can diminish, on paper, perceived income. Sometimes buyers are not approved for as much home as they thought.

    Prepared buyers are more likely to buy the home they want when it becomes available.

    Click to see today's rates or learn about getting Pre-Approved

    First-Time Buyers Return To The Market

    First-time home buyers are entering the housing market in waves.

    Low mortgage rates and low-downpayment programs -- plus skyrocketing rent payments -- are enticing "on-the-fence" home buyers.

    First-time buyers made up 32 percent of sales in November, one of the highest readings since 2012.

    Easing mortgage standards are helping this segment of home buyers.

    A full 77% of home buyers get approved, and complete their home purchase within 90 days, according to mortgage software firm Ellie Mae.

    That's up from just sixty-eight percent in 2015.

    First-time buyers, once turned down, often think they can't be approved elsewhere. That's not the case.

    In fact, lender overlays make some applicants ineligible at one lender, but completely acceptable at another.

    Overlays are additional rules that specific lenders add to "by-the-book" guidelines. For instance, FHA guidelines state a borrower needs a minimum 580 credit score to qualify, whereas a lender may up its minimum score to 640.

    But home buyers often don't realize that the lender across the street -- or online -- may accept a much lower FICO.

    Lenders are constantly loosening their guidelines, and it's showing up in NAR's Existing Home Sales report.

    There have been few better times than now to be in the market to buy a home.

    Click to see today's rates or learn about getting Pre-Approved

    The U.S. housing market is advancing into 2017. It's an excellent time to buy a home, and the first step is getting a rate quote for your home mortgage.

  • Mortgage Rates Drop (FINALLY !) While Credit Availability Rises
    by Phil Hall

    Thursday, January 5, 2017

    For the first time since Election Day, fixed mortgage rates took a tumble. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 4.20 percent for the week ending Jan. 5, down from last week when it averaged 4.32 percent. The 15-year FRM this week averaged 3.44 percent, down from last week when it averaged 3.55 percent. However, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.33 percent this week, up from last week when it averaged 3.30 percent.

    “This marks the first time since 2014 that mortgage rates opened the year above four percent,” said Sean Becketti, chief economist at Freddie Mac. “Despite this week's breather, the 66-basis point increase in the mortgage rate since Nov. 3 is taking its toll—the MBA's refinance index plunged 22 percent this week.”

    And speaking of the Mortgage Bankers Association, the trade group’s Mortgage Credit Availability Index (MCAI) saw a 0.6 percent uptick to 175.2 in December, with all four component indices on the rise: Jumbo MCAI (up 1.3 percent), Conventional MCAI (up 0.7 “Credit availability was up for the fourth consecutive month in December driven by jumbo loan programs as well as loan programs for borrowers with lower credit scores and low down payments,” said Lynn Fisher, MBA’s vice president of research and economics.

  • What the Fed Rate Hike Means for You

    So this is a fairly scary chart from a mortgage perspective. This chart shows the current projected increases in the federal funds rate over the next two years. If you are looking to purchase a home or possible refinance it is VERY IMPORTANT to understand what could be coming.

    HIGHER RATES ! They are currently projected to rise 2% by 2019. That means we could see mortgage rates back in the mid 5’s by 2019.

    It looks like the benefits of rates below 4% that we have enjoyed for the past four years is coming to end.

    Fed rate chart

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