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Mortgage Rates Fall Again as Record Low Interest Continues

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The poor economic news has contributed to falling interest rates on home mortgages once again. In most cases, when the unemployment rate rises, consumers benefit from improved pricing on purchase loans and refinancing. Several lenders in San Diego, Los Angeles and Orange County have indicated the mortgage rates for refinancing have decreased in the last few days. As reported by the Mortgage Bankers Association on Monday, home loan rates inched a bit up last week and loan application requests had fallen.

Certainly Hurricane Sandy has slowed down the volume as millions of borrowers on the East Coast have been without power. The next few weeks could prove to be very difficult for residents in New York, New Jersey and Pennsylvania. Fannie Mae (FNMA) and Freddie Mac (FMMC) announced expanded help with their disaster relief programs available for distressed homeowners that may have a mortgage owned by one of these government sponsored enterprises. The Home Affordable Refinance Program saw a substantial rise in applications from underwater homeowners last quarter with an 11% increase compared to the previous quarter. There are still millions of homeowners across the country who have been burdened with underwater mortgages that have prevented them from refinancing into a loan with record low rates. HARP refinance rates are available today at 3.5% with no points. The “No fee refinance” has become a popular choice with homeowners this year.

  • No Equity Refinancing Options
  • No Closing Cost Mortgage Programs
  • Low Down-Payments for First Time Home Buyers
  • Record Low Rates for VA, FHA and HARP

According to the Department of Housing and Urban Development applications for FHA loan programs were up last quarter almost 6%. Refinance application led the way for FHA, but HUD reported another surge in first time home buyer loans being submitted into process. The Federal Housing Administration indicated that the increased application volumes was mostly in response to low FHA rates and low down-payment requirements that have help renters become homeowners without breaking their bank.

Today’s rates on a fixed 30-year FHA mortgage were available at 3.25% (APR 3.25%) without any lender fees for loans up to $417,000. With home prices rising in regions like Arizona, California, Nevada, North Carolina and Virginia, many lenders are excited about the new lending opportunities in the year to come.

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