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Thursday, March 10, 2011

Refinance Demand Dips as Mortgage Rates Reach 10-Month High

Mortgage News Daily

Message from Marty:   If you have questions about refinancing your current mortgage, call me sooner than later because this is only one of dozens of articles I saw this week extolling news of things to come in the mortgage rate world. 
Call me at 801-540-5108
Refinance Demand Dips as Mortgage Rates Reach 10-Month High

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 4th, 2011.
The MBA's loan application survey covers over 50% of all U.S. residential mortgage loan applications taken by mortgage bankers, commercial banks, and thrifts. The data gives economists a snapshot view of consumer demand for mortgage loans.

Monday, March 7, 2011

Coming to a Lender Near You: 20% Down Mortgages (that's how you get the best rate and terms!)

20% Down Payment Required? WHY? 

The days of the NO money down mortgage are long behind us, folks.
20After the housing boom and subsequent crash, statistics revealed that those with little or no "skin in the game" were much more likely to default on their home loans.

At the same time, banks and mortgage lenders were selling off the bulk of their mortgages to investors, so neither homeowner nor lender was really retaining any risk.  As a result, politicians came up with risk retention requirements under the Dodd-Frank Act, which are set to take effect soon.