Mortgage news and helpful tips

Mortgage Insurance Policy Changes

The Federal Housing Administration (FHA) is changing up-front and monthly Mortgage Insurance (MI) on FHA case numbers dated October 4, 2010 or later. Currently the up-front fee is charged at 2.25% and the monthly fee is based on term and LTV. The up-front fee is being reduced to 1%. The monthly fee is being increased. […]

Weekly Rate Update: September 13th-17th Mortgage Rates

Welcome back, I have prepared a brief summary of mortgage rates for the most common loan programs.

Low Inflation is Making Mortgage Rates Better

After rising for two weeks, mortgage rates moved a little lower this week. Slower than average economic growth and low inflation persuaded investors to purchase bonds, including mortgage-backed securities. Following three months of declines, mortgage rates appear to be settling into a range so far in September. The most significant economic data released during the […]

Bank Repossessions Hit Record High in August

Though mortgage defaults have been falling for several months, bank repossessions (where borrowers actually lose their homes) have been climbing ever higher as mortgage lenders continue to work through their backlogs. They reportedly reached a new all-time high last month, according to data set to be released by RealtyTrac tomorrow (via Realty Check)

Principal Write Downs and Debt Forgiveness Changes

The Department of Housing and Urban Development (HUD) and the Department of the Treasury (DOT) announced improvements to the existing Making Home Affordable Program (MHA) and Federal Housing Administration (FHA) refinance program that will give a greater number of responsible borrowers an opportunity to remain in their homes.

FHA - Mortgage Insurance Premium Update...

After announcing last week that it was lowering upfront insurance premiums
from 2.25% to 1.0% on Sept. 7, the Federal Housing Administration said it’s pushing back implementation until October

Rates Remain low, For Now...

If you have not looked into refinancing yet, WHY? Historic low rates continue to last longer than anyone has expected... Rates are now the lowest that they have been in more than 40 years!. While there are many complicated factors that go into determining rates, a change in any one of those factors could happen […]

Congress has passed H.R. 5981 - FHA Mortgage Insurance Changes...

While there is both good news and bad news for FHA mortgage applicants, this premium restructuring will help to keep FHA stable in the long run. The up-front mortgage insurance has been lowered considerably...

If you are considering Strategic Default - Don't!

Fannie Mae has announced stiffer penalties to consider if you decide to walk away from a mortgage that you can afford to pay. Starting in the fall, Fannie Mae will disqualify borrowers for a period of seven years if they choose to default on their mortgage even though they have the ability to pay.

Las Vegas Mortgage Rates

Here's our Weekly Rate Summary! Don't forget to come back and see what's new and if you can comment on our articles

Conv 30 Year Fixed

Rate Disc. Points APR Payment Closing Cost
4.250% 1.125% 4.387% $1,230 $4,578 Details
4.375% 0.375% 4.451% $1,248 $2,703 Details
4.500% 0.000% 4.544% $1,267 $1,765 Details

FHA 30 Year Fixed

Rate Disc. Points APR Payment Closing Cost
4.250% 1.058% 4.625% $984 $3,796 Details
4.375% 0.510% 4.710% $999 $2,700 Details
4.500% 0.000% 4.800% $1,013 $1,680 Details