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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…

The Federal Housing Administration is at a critical crossroads, but with the best performing books of business in its 80-year history, FHA is prepared for the future. That’s according to current and former FHA commissioners, who spoke to thousands of Realtors at the 2013 Realtors Conference and Expo. “We are on the right track financially,…

  U.S. mortgage rates rose for a second week as reports of an improving economy spurred speculation that the Federal Reserve may slow stimulus efforts. The average rate for a 30-year fixed mortgage jumped to 4.35 percent, the highest in eight weeks, from 4.16 percent, Freddie Mac said in a statement today. The average 15-year…

CFPB Finalizes Modifications to Mortgage Rules: Changes Resolve Implementation Issues and Clear the Way for Better Consumer Protections the Consumer Financial Protection Bureau (CFPB) finalized amendments and clarifications to its January 2013 mortgage rules in order to help industry comply and to better protect consumers. The changes made today answer questions that have been identified…