We are now easing back to the lowest rates in decades - that range is 3.75 - 4.125% for the best available 30 year fixed rates. Those exact rates might not apply to you, but they're the barometer for the range. We're getting back into territory that is so close to the all time lows. It now becomes less worth the risk to try to shave another eighth off your rate. If the extra eighth is important to you, and you have the flexibility, I'm still interested to see how markets and mortgage rates react when Fed buying starts on 10/3/11. But as a general rule and as a hard and fast rule for anyone involved in a purchase or who can otherwise not afford to lose any ground, locking is always advised near these levels. This week more "float" of rate was recommended as rates backed up toward the higher side.
Loan Servicing values directly impact mortgage pricing - and that is the cost to you for your rate. If you'd like to add your two cents on servicing, you can write to Servicing_Comp_Public_Comments@fhfa.gov. The spread - or cost to you - charged in the mortgage rate is based on market competition, expected costs, and the expected returns on the investment, or your ability to pay and how long you will keep the mortgage debt. The cost should cover the expected costs (or loss) of servicing non performing loans. But perhaps servicing companies make too much on loans where there are no delinquency issues, and not enough on loans where there is delinquency.
Mortgage Fraud - The types of fraud reported have changed significantly over the last year. Property fraud, which increased 4 percent between the first quarters of 2009 and 2010, skyrocketed by 262 percent over the next four quarters. Property fraud includes flips and flops, and distressed sales remain the source of significant risk. CoreLogic estimates that unrealized recoveries on short sale transactions may be costing lenders as much as $375 million a year. Unscrupulous investors, real estate agents, and other actors are preying on delinquent borrowers and arranging same day flips through the short-sale process.
30 year fixed - 3.875% + .0 points for rate
20 year fixed - 3.750 % + 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 - 2.875% + 0 points for rate
FHA/VA
30 year fixed - 3.75% + 0 points for rate
5/1 ARM - 2.875 + 0 points for rate
7/1 ARM - 3.250 + 0 point for rate
Jumbo - up to 2,000,000
30 year fixed - 4.750 0 points for rate
15 year fixed - 4.250% + 0 points for rate
5/1 ARM - 3.250 % + 0 points for rate
7/1 ARM - 3.625 % + 0 points for rate
10/1 ARM - 4.375 % 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.