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refinance · WAHomeowners.com

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Wow! 30-year mortgage rate drops to new record of 3.75 percent.

Wow! 30-year mortgage rate drops to new record of 3.75 percent.

Average U.S. rates on 30-year and 15-year fixed mortgages dropped to record lows again this week, with the 15-year loan dipping below 3 percent for the first time ever reports Freddie Mac.

The average rate on the 30-year loan dropped to 3.75 percent (down from 3.78 percent last week) which is the lowest since longer-term mortgages began in the 1950s.

The 15-year mortgage, which is a popular option for refinancing, fell to 2.97 percent (down from 3.04 percent last week).

These low rates make it an excellent time to buy or refinance for those who are able. Check out our Homeownership Simplified section a for information & tips on buying a house in Washington State as well as our handy calculators to figure out potential mortgages, closing costs, and more!

Mortgage-aid revisions paying off for bankers, some borrowers

Mortgage-aid revisions paying off for bankers, some borrowers

A newly streamlined government plan to reward homeowners who diligently pay their underwater mortgages is proving a bonanza for banks, which by one estimate may pocket $12 billion in extra revenue by refinancing loans.

The revisions to the Obama administration’s 3-year-old Home Affordable Refinance Program have yielded mixed results for homeowners, analysts and mortgage professionals say.

Some responsible homeowners are indeed getting lower-interest loans despite owing far more than their homes are worth. But others have loans that don’t qualify, or must jump through hoops the plan was supposed to eliminate, such as on-site appraisals and extensive paperwork.

Read More…

Mortgage rates hits yet another record low of 3.84 percent!

Just when you think they are as low as they will go the mortgage rates drop some more. If you are ready to buy or refinance, now is a great time to do so!

Mortgage rates hits yet another record low of 3.84 percent!

Freddie Mac reported Thursday that the rate on the 30-year loan dropped to its lowest point yet of  3.84 percent (previous record was 3.87 percent in February).

The 15-year mortgage rate also fell to its lowest on record of 3.07 percent.

Are you thinking of buying a home? Check out our Homeownership Simplified section a for information & tips on buying a house in Washington and our handy calculators to figure out potential mortgages, closing costs, and more!

 

 

Rate on 30-year mortgage drops to 3.88 percent

Rate on 30-year mortgage drops to 3.88 percent

Freddie Mac reported Thursday that the rate on the 30-year mortgage loan dropped to 3.88 percent (down from 3.98 percent) which is just above the record low rate of 3.87 percent reached in February.

The 15-year mortgage dropped to a record low of 3.11 percent (down from 3.21 percent last week) beating the previous record of 3.13 percent that was hit last month.

If you are in a position to buy, now is an excellent time with both housing prices and mortgage rates so low. Check out our Homeownership Simplified section for helpful information on buying a home in Washington State!

Interested in how different mortgages and rates affect monthly payments? Check out our handy Wahomeowners Calculators to see!

FHA refinancing program means savings for those who can qualify

FHA refinancing program means savings for those who can qualify

The Obama administration’s new plan to stimulate refinancings of FHA mortgages is likely to help large numbers of homeowners cut their monthly costs — even those who are deeply underwater. But it’s also likely to disappoint many borrowers who aren’t aware of the program’s fine print and end up missing an opportunity to switch into a loan with a rate below 4 percent.

To cut through the bureaucratic details, here’s a quick overview of the so-called “streamline refi” program and what it will take for you to qualify. First, the baseline criteria: Your current home loan must be FHA-insured and must have been put on the agency’s books no later than May 31, 2009. If you have a mortgage owned or backed by Fannie Mae, Freddie Mac, the Department of Veterans Affairs or private investors, you’re out.

Read More on The Seattle Times…