Las Vegas Mortgage Rates
This is the best time I have ever seen to purchase or refinance. I am here to help. Please call me with any questions 702-696-9900.
This is the best time I have ever seen to purchase or refinance. I am here to help. Please call me with any questions 702-696-9900.
I have prepared a brief summary of mortgage rates for the most common loan programs. As you know, rates can vary greatly based on credit scores and loan to value but, for this weekend, the rates below are realistic.
Conv 30 Year Fixed |
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Rate | Disc. Points | APR | Payment | Closing Cost | |
3.875% | 0.750% | 3.982% | $1,176 | $3,640 | Details |
4.000% | 0.250% | 4.063% | $1,194 | $2,390 | Details |
4.125% | 0.000% | 4.168% | $1,212 | $1,768 | Details |
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. The matrix below gives the full breakdown:
Welcome back, I have prepared a brief summary of mortgage rates for the most common loan programs. As you know, rates can vary greatly based on credit scores and loan to value but, for this weekend, the rates below are realistic.
Conv 30 Year Fixed |
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Rate | Disc. Points | APR | Payment | Closing Cost | |
4.125% | 0.750% | 4.232% | $1,212 | $3,640 | Details |
4.375% | 0.125% | 4.304% | $1,230 | $2,078 | Details |
4.500% | 0.000% | 4.418% | $1,248 | $1,765 | Details |
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 week was the monthly inflation reports. Rising inflation erodes the value of bonds and pushes mortgage rates higher. In the current economic environment, higher inflation is not a concern, and some investors are more worried about the risk of inflation falling too low. The Fed is generally most comfortable when core inflation is rising at an annual rate between 1.0% and 2.0%. In August, the core Consumer Price Index (CPI) increased at a low 0.9% annual rate. While this level is probably not low enough to prompt new action from the Fed, investors will be closely watching what the Fed has to say about inflation rates at next Tuesday's meeting.
Hearings began this week on the role of government in the housing market, including the future of Fannie Mae and Freddie Mac. The debate is expected to be lengthy, and the Obama administration has stated that it will produce a proposal in January. There is general agreement that government involvement has created a more liquid market for mortgages, which has resulted in lower mortgage rates. The early consensus is that there is an appropriate role for government in the housing market, but that proper safeguards must be established to reduce the future risk to taxpayers. In any case, changes are expected to be phased in gradually over a period of years.
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. This will mean a smaller bite out of consumer wallets in order to close the loan they have applied for. With todays stricter underwriting to qualify, there is less risk of default by new mortgage holders so this move makes sense. Now for the trade-off...
On the other side of the equation, the cost of the monthly amount of mortgage insurance will increase. This could be interpreted as FHA reserves being replenished at a slower rate than before passage of this bill. With the more stable underwriting lowering the risks, consumers can save some of that money that was needed just to close their loan. You will still end up spending that money but, it will be as a slightly higher monthly payment amount. While this is a fair trade off for many, some folks who are right at the limit for the maximum monthly payment they can qualify for, will have to find a way to lower their loan amount to offset the impact of the higher monthly mortgage insurance premium. This change will be effective for all FHA loan applications started on or after September 7th, 2010. While President Obama has not officially signed the bill into law, no veto is expected.
Here's our Weekly Rate Summary! Don't forget to come back and see what's new and if you can comment on one of our articles
Conv 30 Year Fixed |
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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 |
With minimal economic news during our holiday week, mortgage rates have continued at the lowest they have been for decades. Last week ended with mortgage rates slightly lower while the volatility in mortgage markets and other financial markets stayed pretty high. Without major changes in the financial markets, sudden movements in rates were known to stir during the holiday week.
Stock markets also had similar price fluctuations while the DOW recovered the 400 points it lost in the prior week. The volatility in financial markets reflects uncertainty for investors regarding the growth of the economy.
The current low mortgage rates can be identified by a couple of important factors. Knowing these factors may give you a better understanding of the housing market and why now is a great time to buy a house or refinance.
Reason 1: Inflation is under control and is expected to remain low while interest rates stay low.
Reason 2: Demand for mortgage-backed securities (MBS) is high When (MBS) are packaged and sold as government guaranteed (MBS), mortgages are viewed as "safe" investments, similar to the US Treasury security. Safety is very important to investors in these uncertain times.
While inflation stays low and the demand for Mortgage-Backed Securities is high, that is keeping current mortgage rates low. Now is a perfect time to buy a house because the rates are likely to stay low, and perhaps get lower. So, if you're ready to buy a house or refinance, now is a perfect time.
Here is a link to the WSJ's online excerpt for non-subscribers. The second paragraph should be more than enough to tell you that rates will rise and not only that, they MUST rise. To read the entire piece, take advantage of the subscriber link at the end of the excerpt.
Rates are not likely to go any lower and home prices are still low. All indicators are pointing to taking action now or missing out! If you are currently in an ARM Loan, you need to refinance now into a fixed rate mortgage. If you are buying and you have been waiting for better rates or better prices, it's time to make a decision!
I have prepared a brief summary of mortgage rates for the most common loan programs. As you know, rates can vary greatly based on credit scores and loan to value but, for this weekend, the rates below are realistic.
Conv 30 Year Fixed |
|||||
Rate | Disc. Points | APR | Payment | Closing Cost | |
4.250% | 1.500% | 4.418% | $1,230 | $5,515 | Details |
4.375% | 0.625% | 4.471% | $1,248 | $3,328 | Details |
4.500% | 0.000% | 4.542% | $1,267 | $1,765 | Details |
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