First Time Home Buyers
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This combination of absurdly low mortgage rates and significantly reduced home prices has created a comparison in first time home buyer mortgages that we frankly don’t see very often.
Many first time home buyers have chosen to defer buying and are now entering the market having both saved money and are choosing homes that are [...]
Continue Reading →The first Freddie Mac PMMS survey of the year put rates at 3.91%, matching the all-time low.
This compares to the 30 year fixed at the same time last year sitting at 4.77%.
Over the course of 10 years, that materializes into a mortgage wtih a total cost that is $8,300 less than a mortgage [...]
Continue Reading →If you compare mortgage rates from a few years ago to today, you can make an interesting argument in favor of a few different loan options.
When looking at loans for first time home buyers, it’s important to look at not just the “best mortgage” but the “best plan.”
As always, a home is a [...]
Continue Reading →Since 2005, the spread between the 30 Year and 15 Year has averaged 0.47%.
It has been as low as .25% spread in late 2006 and as high as .87% just a few months ago.
Right now, the 30 Year is at 4.00% and the 15 Year is 3.31%, so .69% difference.
The monthly payment [...]
Continue Reading →The 30-year fixed-rate fell below 4% for the first time in history on the report ending October 6.
While that’s down 0.33% since October of last year, that’s a staggering drop when looking back at just 5 years ago.
In October of 2006, rates were at 6.36%. Last week we saw 3.94%.
On a monthly [...]
Continue Reading →Freddie Mac’s Weekly Primary Mortgage Market Survey (PMMS) was released this morning.
As we were talking about last week, we have an unprecedented spread between the 30 Year and 15 Year mortgages. In the past week, the 30 Year held at 4.22%, the 15 Year ticked down 0.05% from 3.44% to 3.39%.
We’re looking at [...]
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Freddie Mac’s PMMS survey for this week hit and the results are interesting.
After finding 50-year lows last week, mortgage rates ticked up .07% to 4.22% this week for the 30-year.
The 15-year saw a similar increase, up .08% to 3.44%.
However, the 5/1 ARM actually dipped another .01%. The spreads [...]
Continue Reading →It’s been a great few days for buyers in terms of home affordability.
On the most common choice of loan for first time home buyers is the 30 year fixed. Freddie Mac’s PMMS came out yesterday showing rates were at 4.88%, virtually unchanged from the week prior.
That’s good news. We’re about 0.65% higher than [...]
Continue Reading →Home affordability reached an all-time high in 2010′s last quarter. Unfortunately for home buyers, it’s been a different story since, however.
Continue Reading →For certain members of the military, and for certain federal employees, there’s just 2 months remaining to get use the federal home buyer tax credit.
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