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May 09

With LIBOR Low, Don’t Rush To Refinance Your ARM

May 9, 2012 By Leave a Comment
Adjustable Rate Mortgage

Is your mortgage scheduled to adjust this season? You may want to let it. This year's ARM-holding homeowners in District of Columbia are finding out that an adjusting mortgage may be the simplest way to get access to today's low mortgage rates -- without paying the closing costs. Currently, conventional adjustable-rate mortgages are adjusting to near 3.00 percent. If your home is financed via an adjustable-rate mortgage, you're likely cognizant of your loan's life-cycle. At first, your … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Nov 10

Banks Resume Tightening Mortgage Guidelines

November 10, 2011 By Leave a Comment
strictbanks

As part of its quarterly survey to member banks nationwide, the Federal Reserve asked senior loan officers whether last quarter's "prime" residential mortgage guidelines have tightened, loosened, or remained as-is. A "prime" borrower is defined as one with a well-documented, high-performance credit history; with low debt-to-income ratios; and who chooses to finance a home via a traditional fixed-rate or adjustable-rate mortgage product. After a 2-year easing cycle, the nation's biggest … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
Oct 07

Freddie Mac : Mortgage Rates Sub-4 Percent

October 7, 2011 By 1 Comment
weeklymortgage

Mortgage rates have dropped past 4 percent. For the first time in more than 40 years, data from Freddie Mac's weekly Primary Mortgage Market Survey shows the average 30-year fixed rate mortgage falling below 4 percent, dropping to 3.94 percent nationwide. It's the lowest average 30-year fixed reading in the survey's history. In addition, Freddie Mac shows the 15-year fixed and 5-year ARM making new all-time lows, too, falling to 3.26% and 2.96%, respectively. It's a great time to be … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , ,
Sep 16

Choosing A 15-Year Fixed Rate Mortgage Over A 30-Year Fixed Rate Mortgage

September 16, 2011 By Leave a Comment
mortgage-15yr

It's not just 30-year fixed rate mortgages that are posting all-time lows these days. The 15-year mortgage has been plunging, too. If you've ever considered a 15-year loan term, it's a terrific time to talk to your lender. According to Freddie Mac's weekly mortgage rate survey of roughly 125 U.S. lenders, at 3.30 percent, the 15-year fixed rate mortgage is at its lowest point in history. The 3.30% rate doesn't come for free, however. Based on average loan term nationwide, borrowers in DC … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , , , ,
Sep 13

Adjustable-Rate Mortgages Starting To Adjust Higher

September 13, 2011 By 1 Comment
ARMADJUST

For the first time in a year, homeowners with adjusting mortgages are facing rising mortgage rates. The interest rate by which many adjustable-rate mortgages adjust has climbed to its highest level since September 2010, and looks poised to reach higher. This is because of the formula by which adjustable-rate mortgage adjust. Each year, when due for a reset, an adjustable-rate mortgage's rate changes to the sum of fixed number known as a "margin", and a variable figure known as an "index". … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: , , , , , , ,
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