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Mortgage Rates Jump to 7-month high, Lock in before its to late!

According to an article in the Wall Street Journal’s Market Watch on 12-16-2010— Mortgage rates jumped again this week, with rates on the 30-year fixed-rate mortgage reaching a seven-month high and the 15-year fixed-rate mortgage above 4% for the first time since the end of July, according to Freddie Mac’s weekly survey of conforming mortgage rates.
“Market concerns over stronger economic growth that, in the near term, could lead to an increase in inflation have sparked a rise in bond yields and mortgage rates have followed,” said Frank Nothaft, chief economist of Freddie Mac, in a news release.
Interest rates on the 30-year fixed-rate mortgage averaged 4.83% for the week ending Dec. 16, up from 4.61% last week. The mortgage averaged 4.94% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.17%, up from 3.96% last week. The mortgage averaged 4.38% a year ago.
Adjustable-rate mortgages also rose, with the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaging 3.77%, up from 3.6% last week. The ARM averaged 4.37% a year ago.
And 1-year Treasury-indexed ARMs averaged 3.35%, up from 3.27% last week. The ARM averaged 4.34% a year ago.
To obtain the rates, all mortgages required an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“The growth in retail sales excluding automobiles in November was twice that of the market consensus forecast. Industrial production showed the biggest gain in November since July, according to the Federal Reserve Board. And consumer sentiment, as measured by the Thomson Reuters/University of Michigan index, rose to a six-month high in December,” Nothaft said.
“As a result, interest rates for 30-year fixed mortgages this week were the highest since the week of May 20 of this year,” he said.
Housing starts also showed a modest rebound in November, the Commerce Dept. said Thursday. See Economic Report on housing starts.
And foreclosure activity took its biggest drop in nearly six years and filings fell under 300,000 in November, RealtyTrac said Thursday
Reversing course?
But it’s possible that rates will head lower in the weeks ahead, said Paul Anastos, president of Mortgage Master, an independent mortgage lender based in Walpole, Mass.
“I don’t think we will hit the lows that we did hit, but I think the rates will bounce back,” Anastos said. “I don’t see enough good economic trends to say that the rates will stay high.”
Those in the market to buy a home shouldn’t change their approach as a result of higher rates, he said. More important to prospective buyers is whether they have a job, are confident they’ll keep it and are sure that the home is affordable for the long term, he added.
But for those in the market to refinance, act now if it will save you money or — if you also believe that rates could reverse course — get your paperwork in order before rates do drop so you’re ready to take action when it’s time, Anastos said.
“There are definitely a lot of people who missed the opportunity,” he said. When rates are near record lows for such a long stretch, “you almost get complacent that the rates will continue to stay low.
If you are looking to refinance or purchase a home, now is the time to act and lock in rates before they incress even more.

For a “Free Pre Approval or Mortgage Check-up” Log on to
http://www.zfgmortgage.com
Oklahoma Mortgage Specialist

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F.H.A. Rule Changes for Mortgage Borrowers

According to article from the New York Times on 11-28-10 HOME buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration.
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New rules that went into effect this month adjust the two types of mortgage insurance paid by consumers for loans insured by the F.H.A., which is part of the Department of Housing and Urban Development.

One change raises the annual insurance premium, paid monthly by the borrower, setting it at 0.85 percent to 0.9 percent of the loan balance, depending on the down payment or equity owned; the amount used to be 0.5 percent to 0.55 percent. The other change lowers the one-time upfront insurance premium that borrowers must pay, to 1 percent of the loan balance from 2.25 percent.

The upfront premium is paid in a lump sum at closing or added to the loan balance, unlike the monthly premium, which is paid over the life of the loan in addition to the interest and principal.

The decrease in the upfront premium, welcome though it might seem to some customers, does little to offset the effects of the monthly increase, which Andre Harriott, the president of the Access Mortgage Corporation in New Haven, Conn., called “really pretty hefty.”

“Everyone is really living paycheck to paycheck,” he said.

F.H.A. loans are usually taken out by buyers who cannot qualify under the stiffer down-payment requirements of Fannie Mae or Freddie Mac, the government-controlled buyers of loans. F.H.A. requires 3.5 percent, while Fannie Mae typically requires 5 to 15 percent or more, depending on the type of loan.

The changes, under an example provided by the F.H.A., mean that a borrower who puts 3.5 percent down on a $154,000 house with a 30-year fixed-rate mortgage at 5 percent (such a consumer typically earns a gross annual income of $54,000, according to the agency) and who finances the upfront premium into the loan will see monthly mortgage payments, including taxes, interest and the two insurance premiums, rise to $1,238 from $1,205. The example is based on median data, including property taxes put at about 2.5 percent of home value. That increase includes the drop in the upfront mortgage insurance, to $1,486 from $3,344 — but also includes the rise in the monthly insurance premium, to $111 from $68.

Last August, President Obama signed into law a bill authorizing the F.H.A. to increase premiums to shore up its insurance funds; the agency had been authorized to raise the annual premium to as much as 1.55 percent.

Conventional loans, which conform to Fannie and Freddie underwriting guidelines, do not require upfront mortgage insurance. But some may require monthly private mortgage insurance, if the borrower puts less than 20 percent down toward the purchase, or has less than 20 percent equity in a refinancing.

F.H.A. borrowers, meanwhile, can stop paying the monthly mortgage insurance only after five years and when their loan-to-value ratio reaches 78 percent, at which point they have 22 percent equity in their home.

F.H.A. loans are typically offered by niche direct lenders, and because of the insurance, they often carry interest rates equal to or slightly below those of conventional loans.

In October, the F.H.A. set a minimum FICO score of 500 for borrowers who want an F.H.A.-insured loan — the first time a minimum was set. It also introduced a new minimum down payment of 10 percent for borrowers with FICO scores below 580. (Those above 580 still pay a minimum 3.5 percent.)

The issue for the F.H.A, Mr. Harriott said, is that the realm of borrowers has widened. “We see executives of little companies, teachers, people making $200,000 a year, doing an F.H.A. loan, because they’ve gotten into a financial situation,” he said, adding that F.H.A. loans are perceived as safe by investors because of the insurance.

A version of this article appeared in print on November 28, 2010, on In The New York Times

To Apply for a Oklahoma FHA Mortgage log on to http://www.zfgmortgage.com

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Mortgage Bankers See Rates Rising.. ACT NOW!!

According to a Wall Street Journal Article from 10-27-2010 Mortgage rates may be as low as they will go, with the average 30-year fixed-rate home loan on course to rise after hovering for months at historically low levels.

The Mortgage Bankers Association predicts rates on the 30-year fixed-rate mortgage will average 4.4% in the fourth quarter of 2010, increasing to a 4.7% average in the first quarter of 2011, and climbing to 5.1% by the end of next year. That is barring any “blockbuster” announcement from the Federal Reserve next month, said Jay Brinkmann, chief economist of the MBA, at the group’s annual convention here

The Fed has said it could take more policy actions to stimulate growth, and Mr. Brinkmann said that is likely to come in the form of an additional purchase of Treasury securities. But the market has already anticipated that, and the move has already been priced into current rates, he added.

Mr. Brinkmann said he expects a pickup in purchase originations next year, but 2011 volume for mortgages to buy a home will still only be roughly at its 2009 level. Refinance business, however, is expected to drop next year, as mortgage rates begin their rise from record lows.

Still, potential home-loan customers needn’t jump too fast. While the industry group predicts a steady rise from 4.25% on a 30-year fixed-rate loan, the second lowest level it has ever recorded, even a rate of 5.1% on a 30-year fixed-rate loan is historically low.

At the conference, many mortgage bankers commented that business right now is doing well, due mainly to high refinance volume in the low-mortgage-rate environment. A large concern for them, however, has been what happens when all the refinance business dries up.

“If [interest rates] do bump up a bit, it’s a big concern on the refinance side,” said E. Todd Chamberlain, executive vice president for Regions Financial Corp., speaking on a panel at the convention. Those who have recently refinanced may be in the same homes—with the same loans—for a long time, unwilling to give up their very low rates by moving or refinancing, he said.

Total mortgage volume is expected to be nearly $1 trillion in 2011, down from an anticipated $1.4 trillion this year and nearly $2 trillion in 2009.

The industry is expected to originate an annual $480 billion in purchase mortgages by the end of this year and $626 billion next year; it is expected to originate $921 billion in refinance mortgages by the end of this year, which is expected to shrink to $370 billion next year.

The MBA forecast predicts home sales will rise slightly next year, after dropping in 2010 from 2009 levels. Sales of existing homes will finish 2010 about 8% lower than last year, but sales should rise 2% next year and 16% in 2012. And sales of new homes will finish this year 13% lower than 2009, but sales should rise from that low base by 20% next year and 40% in 2012.

“We also see some upward indication on prices” in many markets, Mr. Brinkmann said. Nationally, prices are expected to decline 1% next year, but that decline is heavily weighed down by severely troubled housing markets, including those in Florida and parts of California, he said.

Mr. Brinkmann said that there has been a large decline in household formation throughout the country, with many adults who would rather live on their own sharing a roof with parents or roommates due to financial reasons. Others might be marking time in crowded apartments, though their families are increasing in size and they would rather move to a larger space, he said.

Those people might relocate as soon as the economy improves and more jobs are created: “There is tremendous pent-up demand that is going to respond quickly to job growth,” he said.

Offsetting that, however, are mobility trends. Homeowner mobility is down, partly because of diminished equity in homes and now also because of low interest rates—it is now going to be more difficult for people to move when it means they will be giving up a 4.5% interest rate on their mortgage, he said.

If you looking to Refinance your Oklahoma Mortgage Act now!! Apply Online today at http://www.zfgmortgage.com or Call 918-459-6530 Toll Free 1-877-205-7266

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According to the Wall Street Journal Mortgage Rates Get Even Lower!

http://online.wsj.com/article/SB10001424052748704206804575467513060873320.html?KEYWORDS=mortgage+rates

Now is the Time to Refinance your Mortgage!
Call ZFG Mortgage and take advantage of our skip 2 months mortgage payment refinances. Apply online today!! http://www.zfgmortgage.com

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Home Mortgage Rates Are As Low as 4.25% Fixed!! Refinance Today

Mortgage rates are incredible low right now, and for a limited time if you refinance with ZFG Mortgage you will also be able to skip your Next Two Months mortgage payments!! Call or Apply online for a “FREE” mortgage check-up today
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Why Should You Refinance Your Mortgage!

There are a multitude of reasons why you might want to take advantage of mortgage refinance. Here are a few of the main reasons:

To secure a low, fixed rate. Since Interest rates have probably dropped since you took out your current mortgage, you can refinance to take advantage of current historic low rates in mid 4%’s range. A percent decrease in your rate can equal thousand if not hunderds of thousands of dollars in saved intrest expense.

To switch to another type of mortgage. Mortgage refinance enables you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or vice versa. Some homeowners take out an ARM only to discover that payment fluctuations are too stressful. You can refinance to switch to a fixed-rate mortgage easily.

To improve the terms of an ARM. Adjustable-rate mortgages come with features that you might improve upon with mortgage refinance. For example, ARMs have caps on how much payments can increase per year and over the life of the loan. If you are dissatisfied with your current caps, you can refinance for better features.

To lower monthly payments. You can use mortgage refinance to extend the repayment term of your mortgage or to lower your interest rates, and both options will substantially reduce your monthly payments.

To build equity in your home faster. Some homeowners use a mortgage refinance to take out a shorter-term mortgage to pay off the loan faster with less interest expense. If you choose this option, you will build equity in your home more quickly.

To convert home equity into cash. If your home has appreciated in value or if you are willing to take out a mortgage with a larger principal, you can take the difference in cash to cover your expenses.

Apply for a Free Mortgage Check Up Today at
http://www.zfgmortgage.com

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Tulsa named best place to live in the U.S. OKC #10

The secret is out. Relocate America has declared Tulsa the No. 1 place to live in America.

Relocate America’s TOP 100 Places To Live! list is compiled using data regarding local economy, housing, education, employment, crime, parks and recreation, and other statistics used to make home-buying decisions.

Communities around the country are nominated by residents, and information is submitted about neighborhoods, the city’s beauty, the quality of schools, recreational activities and economic growth. The TOP 100 Places to Live! list is published annually.

“This ranking corroborates exactly what the Chamber uses to sell the Tulsa region 365 days of the year,” said Mike Neal, president and CEO. “We are faring much better during the national recession than many of our peer cities because of our diversified industries, quality of life and cost of living.”

Tulsa has also been identified as the fifth best city in the nation to ride out the recession, according to Forbes.com.

“We have one of the strongest real estate markets in the country, and Tulsa is experiencing job growth other cities are not during this national recession,” said Bob Ball, economist for the Chamber. “Additionally, our cost of living is 11.5 percent below the national average. When you consider all of this quality of life data, Tulsa is an attractive community to both businesses and relocating families.”

To view the Top 100 Places to Live!, visit RelocateAmerica.com.

Top 10 Places to Live

Tulsa, Okla.
Dallas-Ft. Worth Texas
Pittsburgh, Penn.
Raleigh-Durham, N.C.
Huntsville, Ala.
Houston, Texas
Albuquerque, N.M.
Lexington, Ky.
Little Rock, Ark.
Oklahoma City, Okla.
http://ww3.tulsachamber.com/news.asp?id=327&newsid=405
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100% USDA MORTGAGE UPDATE

OKLAHOMA 100% USDA GUARANTEED RURAL HOME LOAN

Designed as a resource for low to moderate income homeowners in rural communities, the USDA Guaranteed Rural Home Loan has helped many Oklahoma families obtain financing for homes not only in rural areas, but also in cities such as Owasso, Bixby, Glenpool, Coweta, Catoosa, Wagoner, Parts of Broken Arrow, Norman, Noble, and Jenks including many other Oklahoma cities.

While the USDA has guaranteed this loan, the money actually comes from traditional lenders like Golf Savings Bank. We underwrite the loan based on USDA guidelines and then sell it on the secondary market, just like a traditional loan.

One of the most attractive characteristics of the USDA Guaranteed Rural Home Loan is that it is one of the last home loans with 100% financing. I have helped many home owners get into a home with no money down. In fact, they usually are able to get their Earnest Money back as well.

The program also allows for 6% Seller Concessions to help cover the cost of the Buyers Closing Costs. Rates are very competitive with conforming and FHA loans, and there is no monthly mortgage insurance payment.

The two main qualifiers of the USDA Guaranteed Rural Home Loan program are:

The Property must be within a qualified area. This is easy to determine based on a USDA online map on our website http://www.zfgmortgage.com.
The Adjusted Household Income must not make exceed the published income levels for the area. This takes a little more work as it is unique to the USDA.
The loan is undergoing some changes right now. Traditionally, the USDA will provide financing up to 102% of the appraised value of the home. This covers the 2% Guarantee Fee that is mandated by Congress to help repay the cost of this program. Historically, this program runs out of money every year and then is funded again by Congress. Over the last 2 years, the program has exhausted its funds in the Spring. Last year it was quickly funded, this year, not so. The program is currently out of funds and is awaiting Congressional funding.

There is a Bill before Congress to make the USDA Guaranteed Rural Home Loan self-funding. This will enable the program to continue to exist without the need for Congress to continually allocate for funds. The Rural Housing Preservation and Stabilization Act increases the maximum loan guarantee fee that USDA’s Rural Housing Service has authority to charge for new housing purchases from 2.0 to 3.5 percent and allows an annual fee of not more than 0.5 percent per year on the balance of the loan. This will result in a nominal increased monthly payment of around $8 per $100,000 at 5% Interest Rate.

A modified version of the Rural Housing Preservation and Stabilization Act has been added to H.R. 4899, the Disaster Relief and Summer Jobs Act of 2010 and will hopefully be voted on soon.

We are still accepting applications based on the 3.5% Guarantee Fee, underwriting them and then putting them in suspense until the USDA gives us further direction.

If you need to close soon, I suggest using an FHA or conforming loan. If you have the luxury of waiting a few more weeks or months, than this is still the best loan on the market if you don’t have 20% down payment and you and your property qualify.

Apply online Today http://www.zfgmortgage.com

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U.S. mortgage rates sink further

http://www.latimes.com/business/la-fi-mortgage-rates-20100521,0,2503011.story
Rates start at 4.5% 30 Year Fixed and 3.375% 5 Year Fixed Mortgage. Apply online for a “FREE” Mortgage Check-Up & Pre-Approval!! http://www.zfgmortgage.com

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Mortgage Rates Hit Lowest Level of 2010

http://www.cbsnews.com/stories/2010/05/13/business/main6480250.shtml

Log on to our website for Free Pre-Approval for a Refinance or Home Purchase.
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