Mortgage Rates

Everything you’ve ever wanted to know about mortgage rates. And even more than that…

It’s Going to Be Harder to Get a Mortgage Thanks to COVID-19

It’s Going to Be Harder to Get a Mortgage Thanks to COVID-19
April 23, 2020 No Comments »

While the first quarter was booming for many mortgage lenders (see Quicken’s record month), the second quarter and beyond might be a different story as COVID-19 becomes a harsher reality. Over just the past five weeks, some 26.4 million Americans ... Read More »

Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers

Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers
April 21, 2020 No Comments »

With each week that goes by, the mortgage forbearance rate climbs to new highs thanks to the coronavirus (COVID-19). The more or less complete shutdown of the world economy has led to skyrocketing unemployment and the inability for many to ... Read More »

30-Year Fixed Mortgages Are Cheaper Than Adjustable-Rate Mortgages Right Now

30-Year Fixed Mortgages Are Cheaper Than Adjustable-Rate Mortgages Right Now
April 6, 2020 No Comments »

Typically, you pay a premium if you select a 30-year fixed mortgage versus an adjustable-rate mortgage. The reason is simple – the interest rate is locked in and will not change during the entire loan term, which is a full ... Read More »

Wells Fargo Is Forecasting a 30-Year Fixed Mortgage Rate Below 3% for the Rest of 2020

Wells Fargo Is Forecasting a 30-Year Fixed Mortgage Rate Below 3% for the Rest of 2020
March 30, 2020 No Comments »

While there’s a lot of uncertainty and doom and gloom in the world right now due to COVID-19, one bright spot appears to be mortgage rates. Sure, they’ve been on a rollercoaster ride of late as lenders grapple with secondary ... Read More »

Mortgage Lenders Now Providing Payment Relief Due to Coronavirus

Mortgage Lenders Now Providing Payment Relief Due to Coronavirus
March 19, 2020 2 Comments »

CARES Act permits 6-12 month forbearance for mortgage payments on federally-backed home loans HUD has announced a foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days Fannie Mae has suspended foreclosure sales and ... Read More »

Now More Than Ever You Need to Compare Mortgage Rates

Now More Than Ever You Need to Compare Mortgage Rates
March 17, 2020 No Comments »

The last two weeks have been crazy in the mortgage world. In early March, the industry celebrated as mortgage rates hit record lows. Per Freddie Mac’s weekly survey, the 30-year fixed fell to 3.29%, its lowest point since tracking began ... Read More »

No, You Aren’t Getting a 0% Mortgage Rate

No, You Aren’t Getting a 0% Mortgage Rate
March 16, 2020 No Comments »

At least not yet… As you probably know, the Fed slashed the federal funds rate to near-zero yesterday afternoon to prop up the economy as it contends with the growing coronavirus pandemic. If you read the headlines, you might falsely ... Read More »

The Federal Reserve Has Swooped In to Save Mortgage Rates

The Federal Reserve Has Swooped In to Save Mortgage Rates
March 15, 2020 No Comments »

In light of the ongoing coronavirus outbreak, which were the Federal Reserve’s very own words, the Committee took bold action to lower the target range for the federal funds rate to 0% to 0.25%. That’s a full percentage point lower ... Read More »

So Much for the Record Low Mortgage Rates

So Much for the Record Low Mortgage Rates
March 11, 2020 No Comments »

What Happened to Mortgage Rates? They hit a record low of around 3% last week Then quickly reversed course over the past two days Now 30-year fixed mortgage rates are pricing closer to 3.5% Because lenders are too busy to ... Read More »

The Refinance Rule of Thumb

The Refinance Rule of Thumb
March 10, 2020 No Comments »

How Much Lower Should Mortgage Rates Be to Refinance? Unfortunately there is no one-size-fits-all answer Because no two loan scenarios are the same You have to factor in existing home loan details And future plans/financial objectives/tenure in home, etc. If ... Read More »