West Coast Real Estate

Freddie Mac reports that the 30-year fixed mortgage rate rose to 4.47% this week – to obtain that rate a borrower would have to pay 0.7 in points/fees.

The long-awaited FHA loan amount news broke late last week.The FHA Loan Limits are set to lower as of January 1, 2014. The change is for all case numbers assigned during the 2014 calendar year. The high cost market maximum declines from $729,750 to $625,500.

Freddie Mac reports that the 30-yr fixed rate at 4.46% this week when paying 0.5 in points/fees. Also be on guard with the ever popular Jobs Report hitting the wire Friday.

Freddie Mac reports that the 30-yr fixed mortgage rate fell to 4.37% – to obtain that rate 0.7 in points/fees would have to be paid.

Freddie Mac reports that the average rate for a 30-yr fixed mortgage is at 3.51%. To obtain that rate a borrower would have to pay 0.7 in points and fees.

Freddie Mac reports that the 30-yr fixed rate conventional mortgage fell to 3.35% in the latest week. To obtain that rate, a potential borrower would have to pay a 0.7 point.

In this video I will address the common question does it make sense to refinance, if I am only dropping my rate .50%.  Click this link to see the video: http://mcedge.tv/16gk3h

Mortgage Bonds traded higher today, but did close off the highs of the session after the Fed statement was released at 2:00pm ET. Weaker than expected economic data helped to push prices higher this morning, but MBS couldn’t hold onto those gains. Sellers will be coming out the next few days with the uptick in refis….short term locking.

Mortgage Bonds continue to be range-bound and just above critical support levels. With this in mind, I continue to recommend locking in the short term, while floating for the longer term seems wise.

Freddie Mac reports that the 30-yr fixed conventional mortgage rate is at 3.41% this week, but to obtain that rate, a borrower would have to pay a 0.7 point. The 15-yr rate is at 2.64% when paying a 0.7 point.