MORTGAGE INTEREST RATE LOCK ADVISORY
August 20, 2013 :6:30 AM PST
Click for Updated Lock Advice
LOCK ADVISORY
August 20, 2013 :6:30 AM PST
Click for Updated Lock Advice
LOCK ADVISORY
7 Day Mortgage Interest Rate lock or Float Advice: LOCK
The cost for a 3.50% rate based on Mortgage Backed Securities is down 0.30 point
Rates should open lower this morning. Today would be a good day to lock
Find out what's happening in Powayfor free with the latest updates from Patch.
Rates look like they will continue up for the foreseeable future. Lock on any improvement
30 Day Mortgage Interest Rate Lock or Float Advice: LOCK
Find out what's happening in Powayfor free with the latest updates from Patch.
MARKET INDICATORS
- National Average for 30-Yr Fixed Mortgage Rate is unchanged at 4.40% on August 15,.
- MBS (3.5%) Currently 98.92, High: 99.97, Low: 98.54
- DJI Stocks currently $15,016.92, Up $6.18, Change 0.041%
- Asian & European Stock Market Indexes changed -1.553%
- Crude Oil (WTI) Currently $105.80 - Change -1.21%
- Gold 1 Once - $1,366.76
MORTGAGE and REAL ESTATE NEWS
FHA Help for Borrowers with Major Credit IssuesThe waiting period for borrowers to apply for an FHA loan with major derogatory credit issues has been reduced to one year in some cases. Previously, with few exceptions, it was three years for a foreclosure and two years for a Chapter 7 bankruptcy.
Borrowers that may be otherwise ineligible for an FHA-insured mortgage due to FHA's waiting period for bankruptcies, foreclosures, deeds-in-lieu, and short sales, as well as delinquencies and/or indications of derogatory credit, including collections and judgments, may be eligible for an FHA-insured mortgage if the borrower:
- can document that the derogatory credit is the result of an Economic Event.
- meets Loss of Income Criteria
- has completed satisfactory Housing Counseling, and
- meets all other HUD requirements.
