Mortgage rates have surged upwards for the second consecutive week in response to better-than-expected economic reports, particularly in the growth of private-sector jobs. “Fixed mortgage rates increased this week following stronger-than-expected economic data releases,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Private companies added 215,000 new jobs in…
At a recent gathering of commissioners, strong support for the Federal Housing Administration was expressed. Lawmakers in Congress who are raising alarms about the FHA needing a bailout and supporting legislation to change the way it does business are missing the indispensable role it played in protecting the housing market from a far worse collapse…
In mid-November, Janet Yellen, President Obama’s choice to replace Federal Reserve Chief Ben Bernanke, indicated that she would likely continue with the Fed’s economic stimulus efforts, known as Quantitative Easing. At her confirmation hearing in front of the U.S. Senate Banking Committee, Yellen signaled that she intended to carry on with, rather than taper, current…
When you buy a home, the amount you can spend depends on how much you have in cash to use for a down payment and how much you can borrow. A mortgage lender can prequalify you for a loan, which essentially means the lender will ask you a few questions about your income, credit profile…
With 2013 almost over, economists are looking into their crystal balls and predicting a purchase-driven mortgage market for 2014. Not to mention, ongoing home affordability is expected to rise in most areas despite rising mortgage rates. All of these trends were predicted in Freddie Mac’s latest Economic and Housing Market outlook. Read the full report…
The Federal Housing Finance Agency has set 2014 limits on the size of mortgages Freddie Mac and Fannie Mae are allowed to buy, unchanged from 2013 levels. FHFA, which oversees the mortgage lenders, sets the conforming loan limits each November, traditionally based on fluctuations in housing prices. The conforming loan limits for single-family properties next…
The average interest rates for conventional 30-year fixed rate mortgages moved from 4.63 percent in September to 4.58 percent in October according to the Federal Housing Finance Agency’s (FHFA) Monthly Interest Rate Survey, a decrease of five basis points. The decrease in October follows September’s increase of 14 basis points and was the first decline…
At Cornerstone First Financial, we offer a wide array of loan products and services to meet the needs of every credit situation including debt consolidation and home mortgage loans for Virginia and Maryland residents. Our approach to providing exceptional mortgage service is driven by superior pricing and products. We believe in building relationships through effective…
From our family to yours, Happy Thanksgiving! Warmest wishes, Mark Livingstone and Cornerstone First.
Move Can Help Retirees Keep Investments Until Right Time to Sell Reverse mortgages aren’t just for people struggling to keep their homes anymore. The loans also can work for well-heeled retirees looking for a buffer to keep them from selling investments at the wrong time, according to academic researchers. And Congress last month gave…
This past Monday’s bond market initially opened down slightly but has since moved into positive ground. The stock markets are relatively flat with the Dow up 12 points and the Nasdaq nearly unchanged from Friday’s close. The bond market is currently up 5/32, which should improve this morning’s mortgage rates by approximately .125 of a…
IRRRL stands for Interest Rate Reduction Refinancing Loan. You may see it referred to as a “Streamline” or a “VA to VA.” Except when refinancing an existing VA guaranteed adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a…