Best Mortgage Rate Blog by Kate
The Best Mortgage Rate Blog By Kate keeps you up to date with additions and changes to the Get-Your-Best-Mortgage-Rate.com website.
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Most recent items from this feed:
Aug 11, Kate's Mortgage Rate Report August 11: Rates Bouncing Like a Ping Pong Ball

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
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

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
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

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
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

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