ForTheBestRate.com - Real Estate and Mortgage Blog

Which States Have the Most Underwater Homes?

2012-09-27T06:58:00.000-07:00

2012's second quarter saw another drop in the number of homes experiencing negative equity. CoreLogic published a press release on September 12th, which reported that, "600,000 more borrowers are now above water, for a total of 1.3 million. While that it is truly good news, the U.S. is hardly out of

Mortgage Rates Fall to Record Lows Following Federal Reserve Board's Announcement

2012-09-21T06:54:00.001-07:00

Fixed mortgage rates fell once again to new record lows according to Freddie Mac's most recent mortgage market survey. According to Freddie's statistics, the 30 year fixed rate average dipped to 3.49% with .6 pts which was down from 3.55% last week. The 15 year fixed rate average also moved lower going from 2.85% down to 2.77% with .6 pts. The 5 year treasury indexed ARM moved in the opposite

30 Year Mortgage Rates Drop Below 3.5% Before Rising Above Record Lows

2012-08-09T08:30:00.000-07:00

Average mortgage rates hit yet another record low the week of July 26th, but have since inched above the record setting levels. According to reports from mortgage financing company, Freddie Mac, mortgage rates for the week ending Thursday, July 26 dipped to 3.49 percent (0.7 points) for a conforming 30 year fixed rate loan on average. Rates for the previous week were 3.53 percent (0.7

Are older Americans at greater risk of foreclosure?

2012-08-08T08:23:00.000-07:00

According to a recent report by AARP, millions of older Americans are facing the risk of losing their homes. More than 3 million borrowers over the age of 50 are at risk, according to the report, with more than 1.5 million homeowners (age 50 or older) having already lost their homes since the beginning of the housing crisis. The report also showed that another 3.5 million owners are

Mortgage Rate Resources

2012-07-16T11:41:00.000-07:00

Looking for some online resources that can help you find today's lowest mortgage rates? Take a look at some sites we found that offer helpful services for home buyers. Mortgage News Daily www.mortgagenewsdaily.com If you like to keep up with national and international interest rate trends, check out this informative site. Here you'll find lots of recent articles that report on changing

Washington D.C. Real Estate Market Report

2012-07-13T06:39:00.000-07:00

Listing prices for homes in D.C. dropped in June, but median sales prices remain higher than a year ago. For the week ending June 27, 2012, the average listing price in the District of Columbia fell to $805,389 (0.7% lower than the prior week), according to Trulia.com, an online source for real estate data. While the average listing price inched downward recently, the median sales price

Converting Your ARM to a Fixed Rate Mortgage

2012-06-16T08:32:00.000-07:00

When it comes to home loans, there are several types available. Two popular categories of mortgages are the adjustable rate mortgage (ARM) and the fixed rate mortgage. Both types have their own set of sub-types (hybrid ARMs, 15 year fixed rate mortgages, etc.) and all have their own set of benefits and drawbacks. When comparing ARM rates to fixed mortgage rates, you will typically see a lower

Do Mortgage Rates Change Daily?

2012-06-05T06:51:00.000-07:00

Mortgage rates are a hot topic these days. With rates hitting record lows, its no wonder current and prospective homeowners are keeping a close watch on them. Whether buying their first home or refinancing an existing loan, many people are becoming more interested in mortgage rates and how they fluctuate. It's important to realize that even if rates are historically low, they won't

What You Need To Know About Finding The Best Mortgage Rate

2012-05-29T10:33:00.000-07:00

There's a lot of talk nowadays about low, better-than-ever mortgage rates. But exactly how do you get these phenomenal rates that everyone's talking about? If you've applied for a mortgage before, you may remember the process and what criteria is needed; however, if you're a first-time home buyer or if it's been a while since your last home purchase, you might need some help. The first

Texas Mortgage Rate Update

2012-05-22T07:22:00.000-07:00

Mortgage rates have had another great week with the 30 year fixed rate average sinking to 3.79% (with .7 pts) according to Freddie Mac's most recent mortgage rate survey. Below is a snapshot of current Texas pricing pulled this morning from ForTheBestRate.com. Please note that mortgage rates are subject to change without notice. Please visit the site for information on current rates and fees

Rising Rents Make Buying More Appealing

2012-05-15T10:04:00.000-07:00

Real estate agents and economists agree, climbing rent prices and declining home prices are making home ownership look pretty good right about now. Even once-reluctant home buyers are being lured into the market this spring season, and with good reason. Average apartment rent prices rose by 2.7 percent last year while the national vacancy rate dropped below 5 percent for the first time since

Finding a Mortgage Job

2012-05-15T07:18:00.000-07:00

If you're looking for a job in the mortgage industry, you may be wondering where to begin. If you're unfamiliar with the mortgage field, the information out there can seem overwhelming. Start slowly by checking with the following resources. Check licensing requirements in your area if you hope to originate. Sometimes a broker will sponsor you during your licensing training, but be prepared to

Conducting Your Own Mortgage Company Background Check

2012-05-08T07:04:00.000-07:00

Knowledge is power, as the saying goes. When it comes to finding the right mortgage company to handle your home financing needs, make sure you're as knowledgeable as possible. Doing your homework on the company you're considering can yield a lot of useful information, saving you plenty of headaches down the road. Here are a two places to start your own mortgage company background check:

Current State of Mortgage Rates - California Update

2012-05-02T05:28:00.000-07:00

Mortgage interest rates remain near record lows according to the latest Freddie Mac mortgage market survey as fixed rate pricing dipped slightly pending the Federal Reserve's monetary policy announcement. According to Freddie, the 30 year national average was 3.88% (.7 pts) and the 15 year average was 3.12% (.6 pts). Below is a snapshot of current mortgage rates pulled from ForTheBestRate.com

What is HARP and what is it designed to do?

2012-05-01T07:01:00.000-07:00

HARP is an abbreviation for the Home Affordable Refinance Program, a special refinancing option designed to help people make their mortgage more affordable - welcome news for anyone having trouble making their mortgage payments. Particularly, homeowners who owe more on their home than it's currently worth. Known as being underwater or upside down in a mortgage, owing more than your home is

Report says Seniors and Young Adults Will Influence Housing Market

2012-04-24T09:20:00.000-07:00

According to a recent article by the National Association of Realtors®, aging baby boomers and their children will make a significant impact on the U.S. housing market. The article was based on the findings of a recent report released by the Bipartisan Policy Center. The report analyzed demographic trends and their influence on home ownership in the United States, concluding that within the

Mortgage Rates Continue to Fall - 15 Yr At New Lows

2012-04-13T12:48:00.000-07:00

Don't look now but mortgage rates have fallen to new lows once again with the 15 year average slipping down to 3.88%. Below is a snapshot of interest rate averages pulled from Freddie Mac's weekly market survey. 30 Yr. Fixed Mortgage Rate Average: 3.88% (.7 pts) 15 Yr. Fixed Mortgage Rate Average: 3.11% (.7 pts) 5/1 ARM Average: 2.85% (.7 pts) 1/1 ARM Average: 2.80% (.6 pts) This

How Can You Tell if a Home is in an Eligible Area for USDA Rural Housing Loan Financing

2012-04-12T11:52:00.000-07:00

The first step in determining if a home is in a USDA eligible rural area is to conduct a property search on USDA's web site. You can look at exact property addresses to determine eligibility or you can conduct a search on a map by selecting the desired state and county. Using the map feature, it can be difficult to determine an exact line in the sand so you may need to speak with a mortgage or

How Are Interest Rates Calculated on an ARM Loan?

2012-03-31T13:08:00.000-07:00

As you probably know, the "ARM" in ARM loan stands for adjustable rate mortgage. This means that your interest rate is subject to change, at least once a year. Most ARM loans will have an introductory fixed rate period at first (normally 3, 5, 7, or 10 years) but will then be adjusted, either up or down, at a set interval for the remainder of the loan. So, how does your lender determine your

February Existing Homes Sales Down, but Remain Ahead of Last Year

2012-03-27T08:55:00.000-07:00

According to a recent press release by the National Association of Realtors®, the number of existing home sales dipped in February, but remain higher than February of 2011. "Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, slipped 0.9 percent to a seasonally adjusted annual rate of 4.59 million in February from an

What is Home Steps and How to Sign Up for Property Listings in an Area

2012-03-22T11:21:00.000-07:00

HomeSteps is Freddie Mac's real estate sales unit that sells properties that are owned by the company. On the Home Steps web site, you can search for property listings and register to receive weekly emails of new homes that come on the market in designated area. This HomeSteps HomeBase program allows you to sign up for listing in up to 15 zip codes as well as search for real estate

Log Home Financing Options - Where to Go for Information on Log Home Mortgages

2012-03-14T10:55:00.000-07:00

When I was a loan officer back in the day I would cringe whenever a customer told me their property was a log home. It's not that log home financing is hard, it's just a matter of knowing where to place the loans. The biggest obstacle with trying to go the Fannie Mae or Freddie Mac route is finding comparable sales in the window of time acceptable within their guidelines. If you live in the

15 Year Mortgage Rates Hit All-Time Low

2012-03-09T09:40:00.000-08:00

Freddie Mac reported yesterday that the 15 year fixed mortgage rate average fell to its all-time low last week. It's hard to believe that rates have continued to remain so low for so long. The 15 year average came in at 3.13% (.8 pts), down .04% from the previous week. The 30 year average also shifted lower going from 3.90% to 3.88% (.8 pts). Frank Nothaft of Freddie Mac noted that the

Mortgage Rates in the Lone Star State - TX Snapshot

2012-03-02T05:57:00.002-08:00

Mortgage rates headed lower this past week according to Freddie Mac's weekly market survey. The 30 year fixed rate average fell from 3.95% down to 3.90% (.8 pts) and the 15 year fixed rate average moved from 3.19% to 3.17% (.8 pts). According to the survey's results, the Southwestern US showed averages slightly higher than the national figures with the 30 year average at 3.92% and the 15 year

Live Large in Small Homes - Eco Cottages

2012-02-25T11:14:00.000-08:00

You're green. You cleanse. You're on a raw diet. You love String Cheese Incident. You need an Eco-Cottage. Actually, we want one too. Eco Cottages are a collection of pre-fabricated modular homes that are designed for "self-sustaining green living". These units are built by Nationwide Homes who is a large single family and multi-family modular home buyer with manufacturing facilities in the