Drop In Mortgage Rates
Mortgage rates rose a huge one week jump in early March where it sent panic. In a turn of events, after that sudden one week rise in mortgage rates, mortgage rates have continued to drop. The jump was the biggest one week jump in mortgage rates in six months and many mortgage companies scrambled to lock their client’s mortgage rates. As of today, mortgage rates have come back to this year’s best levels and is currently the best it has been in the past two years. There are many talks and rumors about the Federal Reserve Board raising rates but to this day, the Federal Reserve Board has been delaying in raising mortgage rates.
Current Mortgage Rates
Data released from Freddie Mac reflect that the national average 30 year fixed rate on conventional loans have dropped 8 basis points where it is now at 3.78%. The data announced by Freddie Mac comes from a survey of the top 125 mortgage lenders in the United States where these 125 mortgage lenders make available these rates to prime borrowers with credit scores of over 740 FICO and 20% down payment.
Mortgage Rates On Government Loans
Government loans have also followed the lead of conventional mortgage rates and are lower than the previous week. Recent statistics show that VA mortgage rates are far below any other mortgage rates. VA mortgage rates on the average are 40 basis points lower than conventional mortgage rates and FHA mortgage rates are 25 basis points lower than conventional rates.
The zero interest rate policy promotes inflation, but inflation is stubbornly low. Furthermore, economic growth doesn’t appear to be bringing positive cost pressures on its own.
FHA Annual Mortgage Insurance Is At 0.85%
On January 26th, 2015, FHA has reduced the annual mortgage insurance premium from 1.35% to 0.85% where it is a net 0.50% reduction in FHA mortgage insurance premium for FHA mortgage loan holders. With the reduction in FHA mortgage rates, coupled with FHA reducing the FHA annual mortgage insurance premium, homeowners can get a big savings and reduction of their housing payment and can save tens of thousands of dollars over the term of their FHA insured mortgage loan. The FHA streamline refinance is a very simple refinance mortgage loan a current FHA mortgage loan borrower can do where no income verification is needed so the debt to income ratios will not be an issue. There is no appaisal required with a FHA streamline refinance mortgage either. There is no credit score requirement needed on a FHA streamline refinance mortgage loan either. The only thing that is mandatory and required to qualify for a FHA streamline mortgage loan is that the homeowner needs to have timely mortgage payments in the past 12 months on their mortgage. You can have late payments on other credit payments and can have very low credit scores and you will still qualify for a FHA streamline refinance. Contact me for a free analysis on how much you will save by doing a FHA streamline mortgage refinance at firstname.lastname@example.org or call me at 262-716-8151. I am available 7 days a week, including late evenings and holidays.
Refinance Current FHA Loan To Conventional Loan And Eliminate Mortgage Insurance
Many homeowners purchased their home at the bottom of the housing bubble, especially home buyers in the state of California, and do not realize that their homes have appreciated northwards of 30% plus in market value. These homeowners who have FHA insured mortgage loans can qualify for a conventional loan where they can now get great conventional loan mortgage rates and eliminate their FHA annual mortgage insurance premium by refinancing their FHA loan to a Conventional loan. California has probably the highest home values in the country and the average loan size is $400,000. FHA annual mortgage insurance premium on a California home loan with an average $400,000 mortgage loan balance is several hundred dollars per month and can save the California homeowner tens of thousands of dollars over the term of their home loan. Contact me at 262-716-8151 or email me at email@example.com for a free analysis on how much you can save by refinancing. We are a California licensed mortgage lender with no lender overlays.
Related> Mortgage rates hit all time low
Related> Things that determine your mortgage rates
Related> Mortgage rates are at an 18 month low