Thinking about buying a home in the Page Lake Powell area? Now may be just about the perfect time. Four mortgage items of interest in the past couple of months mean home buying just got less expensive.
If you are one that follows mortgage news there have been bits and pieces coming together. If you are not a follower of mortgage news… then read on.
Start: October 2014
In the end of October 2014 the Fed issued a statement saying there were going to stay the course with the current interest rates.
On January 22nd on Realtor.com
Fixed mortgage rates inched down again for the fourth consecutive week, bringing them to new lows in early 2015.
Averaging 3.63%, the 30-year fixed-rate mortgage is at its lowest level since the week ending May 23, 2013, according to the latest survey from mortgage buyer Freddie Mac.
Last week at this time, the 30-year fixed-rate mortgage averaged 3.66%. A year ago, it was trending at 4.39%.
Lets read that again…. averaging 3.63%. Amazing!
And Today: FHA lowered the mortgage insurance rate.
From Realtor.org
The Federal Housing Administration is reducing its annual mortgage insurance premiums by 0.5 percentage points in a move “to expand responsible lending to creditworthy borrowers,” the White House said in a statement Wednesday afternoon.
FHA also said it would take added steps over the next few months to “cut red tape and clarify lending standards” in reducing mortgage costs for hundreds of thousands of creditworthy borrowers, according to the White House.
When you add this to news from December of 14 that new, lower, downpayments are on the way for many this is a great time to buy.
From Realtor.org
Mortgage giants Fannie Mae and Freddie Mac announced Monday that first-time home buyers can now qualify for loans with down payments as low as 3 percent. That will expand credit for qualified home shoppers who may have been sidelined the last few years because of higher down-payment requirements, housing analysts say.
Freddie Mac launched Home Possible Advantage, a conventional mortgage with a 3 percent down-payment requirement geared to low- and moderate-income borrowers
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