On October 24th the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac announced several changes to the HARP in an effort to help borrowers benefit from refinancing. Only borrowers with a loan sold to Fannie Mae and Freddie Mac prior to June 1, 2009 are eligible for the HARP program (which is commonly known as Refi Plus or Relief Refinance Open Access). For full details, the FHFA announcement and frequently asked questions can be accessed at www.fhfa.gov under 2011 News Releases.
The full details of HARP 2.0 have yet to be released (there is an 11/15 deadline), documents released so far set out the broad structure. Gone is the LTV cap for fixed rate borrowers: borrowers with LTV’s in excess of 125% will now become eligible for the HARP program, though execution strategy for those loans remains unclear. A maximum LTV of 105% remains in effect for borrowers refinancing into an ARM. The program (as outlined) suggests a reduction in loan level pricing adjustments for HARP eligible borrowers and waiver for those who choose to refinance into a shorter term.
The Treasury announced it will be selling $32 billion 3-year notes, $24 billion 10-year notes, and $16 billion 30-yr bonds next week - the same as in August. When this happened, rates were driven lower for a short window of time - however, rates are now back at that window of all time lows - so stay tuned to see how this auctions affects rates next week. I am hard pressed to imagine rates dipping much lower.
30 year fixed - 3.875% + .375% cost points for rate
20 year fixed - 3.875% + 0 % points for rate
15 year fixed - 3.250% + 0% points for rate
10 year fixed - 3.250% + 0% points for rate
5/1 ARM - 2.625% +0 points for rate
7/1 ARM - 2.750 % + 0 points for rate
10/1 ARM 3.375% + 0 points for rate
FHA/VA
30 year fixed - 3.875% with +0 % points for rate
5/1 ARM - 2.75% with + 0 points for rate
7/1 ARM - 3.25 with .50% CREDIT point for rate
Jumbo - over 576,000 (in Fairfield County, CT) to 2,000,000
30 year fixed - 4.625 % with 0 points for rate
15 year fixed - 4.125% with +.50% points for rate
5/1 ARM - 3.250% - 0 points for rate
7/1 ARM - 3.625 % - 0 points for rate
10/1 ARM - 4.250% with 0 points for rate
Jennifer Buchanan, Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs . Jennifer's local processing and closing team are also known for their exemplary service.
Understanding that the vast majority of mortgage brokers never discuss the long or short term financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS designation. (Certified Mortgage Planning Specialist)
She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.
Jennifer Buchanan
Metlife Loans
203-341-6949
Jennifer Buchanan- Your certified expert
on mortgages offering Free Unbiased
recommendations based on your needs.