Best Mortgage Rate Blog by Kate

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Aug 11, Kate's Mortgage Rate Report August 11: Rates Bouncing Like a Ping Pong Ball

Kate's mortgage rate report for the week ending August 11, 2016: Rates Bouncing Like a Ping Pong Ball
Mortgage interest rates have been bouncing like a ping pong ball: After last Friday's strong job report began pushing up mortgage rates, the market is now hinting at a reversal, with the 30-year hovering around 3.39 percent for well-qualified borrowers.

See the following weekly nationwide averages reported by Freddie Mac's lender rate survey. Keep in mind that higher interest rates from earlier this week are factored into these averages:

30 year fixed mortgage rates... averaged 3.45 percent costing .5 in points, UP from 3.43 percent last week. Compare to 3.94 percent this time last year.

15 year fixed mortgage rates... averaged 2.76 percent costing .5 in points, UP from 2.74 percent last week. Compare to 3.17 percent this time last year.

5 year fixed/25 year adjustable mortgage rates... averaged 2.74 percent costing .5 in points, UP from 2.73 percent last week. Compare to 2.93 percent this time last year.

You know you're a good risk, responsible, and dedicated to making your house payments. But how do you convince the bank's underwriter to grant you final mortgage approval? Meet four borrowers in the throes of refinancing their homes at How to Solve Glitches When Refinancing Your Mortgage.
08/11/2016 02:49 PM

Aug 11, Ask Kate how to avoid unauthorized mortgage rate extension fees

Ask Kate how to avoid unauthorized mortgage rate extension fees
Ask Kate how to avoid unauthorized mortgage rate extension fees:

After locking in her rate, the bank sent a Texan homeowner, Laura,  notification of several thousand in fees that she must pay in order to get her original low locked-in rate.

Why more fees you ask? To cover the bank's hedging. To which I respond, SAY WHAT?

See my answer at... Unapproved Mortgage Rate Lock Extension Fees by Laura from Texas.
08/11/2016 02:18 PM

Aug 4, Kate's Mortgage Rate Report August 4: Non-Committal Rates

Kate's mortgage rate report for the week ending August 4, 2016: Non-committal Interest Rates
Kate's mortgage rate report for the week ending August 4, 2016: An interesting (read: boring) week with a quiet bond market led to little movement in mortgage rates. But could this merely be the quiet before tomorrow's employment report (read: possible storm)? No one knows for sure so consult your loan pro if you are floating your rate. Loan originators can explain the risks and benefits of locking per your individual loan qualifications. There's no one-size-fits-all when it comes to locking in your interest rate.

See the following weekly nationwide averages reported by Freddie Mac's lender rate survey:

30 year fixed mortgage rates... averaged 3.43 percent costing .5 in points, DOWN from 3.48 percent last week. Compare to 3.91 percent this time last year.

15 year fixed mortgage rates... averaged 2.74 percent costing .5 in points, DOWN from 2.78 percent last week. Compare to 3.13 percent this time last year.

5 year fixed/25 year adjustable mortgage rates... averaged 2.73 percent costing .5 in points, DOWN from 2.78 percent last week. Compare to 2.94 percent this time last year.

Suzanne is preparing to buy a home. Before she starts her mortgage pre-approval, she is paying off collections. See how this can be a mixed bag at Improve Your Credit Scores with Lasting Results.
08/04/2016 02:47 PM

Aug 3, Poof! Balloon Payment in Mortgage Pay-Off Vanishes

Poof! Balloon Payment in Mortgage Pay-Off Vanishes
Poof! Balloon Payment in Mortgage Pay-Off Vanishes: Fred repeatedly asked his lender for a mortgage pay-off that includes the balloon payment. To which his lender responded, There isn't one. Seems too good to be true. How can Fred verify his actual pay-off?

Jane was told by the bank that her credit will not be affected by her husband's loan modification, even though she was required to sign his paperwork. Is this true?

Private from Middlesex County, Ma is trying to refinance a home with 75 percent equity and a 575 credit score. I offer possible alternatives.

See my answer at... Poof! Balloon Payment in Mortgage Pay-Off Vanishes.
08/04/2016 03:46 AM

Jul 28, Kate's Mortgage Rate Report July 28: Smiley Rates

Kate's mortgage rate report for the week ending July 28, 2016: Interest Rates Still Smiling on Borrowers
Kate's mortgage rate report for the week ending July 28, 2016 - Interest rates still smiling on borrowers: During Wednesday's July policy meeting, the Feds did not raise their overnight rate. Neither did they signal that they intend to raise the rate at their next meeting.

Although the bond market responded with a smiley face, rates increased slightly with the 30 year fixed as low as 3.45 percent for well qualified borrowers. But all-in-all, not too bad! See the following weekly nationwide averages reported by Freddie Mac's lender rate survey:

30 year fixed mortgage rates... averaged 3.48 percent costing .5 in points, UP from 3.45 percent last week. Compare to 3.98 percent this time last year.

15 year fixed mortgage rates... averaged 2.78 percent costing .5 in points, UP from 2.75 percent last week. Compare to 3.17 percent this time last year.

5 year fixed/25 year adjustable mortgage rates... averaged 2.78 percent costing .5 in points, SAME as last week. Compare to 2.95 percent this time last year.

Dom's lender did not issue a mortgage rate lock agreement. Although Dom got the rate he was verbally promised, he was surprised by a $1600 fee when he signed his final documents. He asks me if it's too late to confront the lender since his transaction has already closed. Verbal Mortgage Rate Lock Agreements Are Worthless.
07/28/2016 02:31 PM

Jul 27, Mortgage Broker Threatens Home Buyer with Massive Loan Cancellation Fee

Mortgage Broker Threatens Home Buyer with Massive Loan Cancellation Fees
Ask Kate about mortgage broker who threatens home buyer with massive loan cancellation fee: Sean's loan originator ignored 7 requests to lock in his interest rate.

Then after locking at a higher-than-agreed-upon rate, the broker proceeded to charge Sean a $15,000 cancellation fee based on fine print in the loan documents. Sean is at his wits' end and asks for his recourse.

See my answer to Sean at... Mortgage Broker Threatens Home Buyer with Massive Loan Cancellation Fee.
07/27/2016 05:48 PM

Jul 21, Kate's Mortgage Rate Report July 21: Snap-Em-Up Rates

Kate's mortgage rate report for the week ending July 21, 2016: Today's Snap-Em-Up Interest Rates
Kate's mortgage rate report for the week ending July 21, 2016: Falling into the snap-em-up category, interest rates for the 30 year fixed are hovering somewhere around 3.5 percent - with no points - for well qualified borrowers.

Have they been lower? Yes. But have rates climbed higher? Yes! So for those borrowers who are gambling on lower rates, proceed cautiously (think: global politics) and stay in close proximity to your loan originator should the markets deteriorate with little notice.

See the following weekly nationwide averages reported by Freddie Mac's lender rate survey:

30 year fixed mortgage rates... averaged 3.45 percent costing .5 in points, UP from 3.42 percent last week. Compare to 4.04 percent this time last year.

15 year fixed mortgage rates... averaged 2.75 percent costing .5 in points, UP from 2.72 percent last week. Compare to 3.21 percent this time last year.

5 year fixed/25 year adjustable mortgage rates... averaged 2.78 percent costing .5 in points, UP from 2.76 percent last week. Compare to 2.97 percent this time last year.

Kristie asks if she should refinance to remove private mortgage insurance (PMI). She also asks about rate-and-term vs cash-out mortgage refinancing. Should I Refinance My Home to Get Rid of PMI.
07/21/2016 02:25 PM