Fort Lauderdale Blog

Fixed Mortgage Rates Don't Budge

Fixed Mortgage Rates Don't Budge

Average fixed mortgage rates remained unchanged from the previous week, while still remaining near their all-time record lows, according to Freddie Mac's recently released Primary Mortgage Market Survey®.
 
The 30-year fixed-rate mortgage (FRM) averaged 3.43 percent with an average 0.6 point for the week ending August 25, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.84 percent.

3 Tips for Homebuyers in a Competitive Market

3 Tips for Homebuyers in a Competitive Market

Fort Lauderdale, Fl

Homebuyers traditionally face competition at the height of real estate season. Now, with market indicators reaching record post-recession milestones, competition is stiffer than ever.

To gain an edge as a buyer, real estate professionals advise:

Getting Pre-Approved – Getting pre-approved for financing will give you significant leverage in negotiations with the seller—and knowing exactly what you can afford will keep you on track if a bidding war ensues.

Mortgage Applications Jump 7.2 Percent

Fort Lauderdale, Fl.

Mortgage applications increased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2016. This week's results included an adjustment for the Fourth of July holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 7.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 14 percent compared with the previous week. The Refinance Index increased 11 percent from the previous week. The seasonally adjusted Purchase Index was unchanged from one week earlier. The unadjusted Purchase Index decreased 20 percent compared with the previous week and was 5 percent lower than the same week one year ago. Last year, the Fourth of July fell on the prior week.

Agents and Appraisers Express Concern Over FHA Appraisal Policies

Agents and Appraisers Express Concern Over FHA Appraisal Policies

Fort Lauderdale, Fl

 While the Federal Housing Administration’s overhaul of its Single-Family Housing Policy Handbook last year offered loan originators more clarity on lending policies and loan underwriting standards, some changes made to the property valuation policies are causing confusion and delays, according to speakers at a real property valuation forum at the 2016 REALTORS® Legislative Meetings & Trade Expo.

All properties bought or refinanced with an FHA loan have to be appraised by a HUD-approved home appraiser. When purchasing a property with a conventional loan product, the appraiser focuses on determining the market value of the home; however, with an FHA-insured loan, the appraiser not only determines market value but also inspects the home to ensure it meets certain minimum property standards. Requiring appraisers to take on home inspection-type duties to ensure standards are met appears to blur the line between appraisals and home inspections and has raised questions among consumers, agents and appraisers.

Mortgage Rates Hover Low

Mortgage Rates Hover Low

Fort Lauderdale, Fla

Mortgage rates are largely unchanged and remaining near their low mark for 2016 at the start of the spring homebuying season, according to the recently released Freddie Mac Primary Mortgage Market Survey®. 

Can You Negotiate Your Interest Rates?

Can You Negotiate Your Interest Rates?

 Fort Lauderdale, Fl

So you're ready to get pre-approved for a home loan. You begin shopping around at several lenders and you realize that interest rates vary. This gets you thinking: can you negotiate your interest rates like you can negotiate the price of your new home?

The answer isn't so simple, because it depends who you negotiate with. Some lenders are willing to haggle on both the loan rate and the number of points, but this is not typical among more established lenders.

Regaining Balance: 1 Million U.S. Borrowers Recoup Equity in 2015

Regaining Balance: 1 Million U.S. Borrowers Recoup Equity in 2015

 Fort Lauderdale, FL

One million borrowers regained equity in 2015, bringing the total number of mortgaged residential properties with equity at the end of Q4 2015 to approximately 46.3 million, or 91.5 percent of all mortgaged properties, according to the new CoreLogic® analysis. Nationwide, borrower equity increased year over year by $682 billion in Q4 2015. The CoreLogic analysis also indicates approximately 120,000 properties lost equity in the fourth quarter of 2015 compared to the third quarter of 2015.

Winning: Mortgage Rates Look Good for Spring Buying Season

Winning: Mortgage Rates Look Good for Spring Buying Season

Fort Lauderdale. Fl

Mortgage rates moved higher for the second week in a row, while also only posting the second increase this year. This makes mortgage rates very attractive for the upcoming spring home buying season, according to results from the Freddie Mac Primary Mortgage Market Survey® (PMMS®).

"The 10-year Treasury yield ended the survey week exactly where it started, however the solid February employment report boosted the yield noticeably on Friday and Monday,” says Sean Becketti, chief economist, Freddie Mac. “Our mortgage rate survey captured the impact of this temporary increase in yield, and the 30-year mortgage rate rose 4 basis points to 3.68 percent. This marks the second increase this year. Nonetheless, the mortgage rate remains 33 basis points lower than its end-of-2015 level."

Seesaw Effect: Mortgage Applications Rise as Rates Drop

Seesaw Effect: Mortgage Applications Rise as Rates Drop

Fort Lauderdale, FL

Mortgage applications increased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 22, 2016.  This week's results include an adjustment to account for the Martin Luther King holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 8.8 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 0.3 percent compared with the previous week.  The Refinance Index increased 11 percent from the previous week. 

Major Improvement: 6.4 Million U.S. Properties End 2015 Underwater

Major Improvement: 6.4 Million U.S. Properties End 2015 Underwater

Fort Lauderdale, Florida

 As of the end of 2015, there were 6.4 million (6,436,381) U.S. properties seriously underwater — where the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value — representing 11.5 percent of all properties with a mortgage, according to the RealtyTrac® Year-End 2015 U.S. Home Equity & Underwater Report.

The report is based on publicly recorded mortgage and deed of trust data collected and licensed by RealtyTrac nationwide along with an industry standard automated valuation model (AVM) updated monthly on RealtyTrac’s entire database of more than 140 million U.S. properties (see full methodology below).