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Posts Tagged ‘HSH’

Job Growth Spurs Mortgage Rates

December 5th, 2013 Comments off

On the heels of ADP’s report that private companies added 215,000 jobs in November, the 30-year, fixed-rate loan, the most popular product for homebuyers, rose to 4.46% from 4.29% last week, according to CNNMoney. The average for a 15-year fixed-rate mortgage (FRM), often used for refinancing higher interest mortgages, rose from 3.30 percent to 3.47 percent. Rates for the 30-year loan have ranged this year from 3.34 percent to 3.58 percent. In addition, MHProNews has learned auto sales have reached their highest mark since 2007, which likely also contributed to the mortgage rate increase. Says Keith Gumbinger of mortgage information site HSH.com, “If the economy is gaining steam, even just a little, mortgage and other interest rates will firm right along with it.”

(Image credit: texaslendingtoday.com)

Coalition to plead for extension on FHA loan limits

August 1st, 2011 Comments off

$750,000_home_photo_by_dbking_flickr_creative_commons posted on MHMSM.com MHPronews.comNorthJersey reports that higher down payments and rising mortgage rates for upper end homes starting Oct 1, 2011. That is the day when the Federal Housing Administration (FHA) is currently set expire, returning to a maximum of $625,000. That will place a $750,000 home, such as the one photographed, in the ‘jumbo’ loan category, where 20% down and higher rates would apply. The National Association of Realtors (NAR) and the National Association of Home Builders (NAHB) are among a coalition of organizations lobbying to extend the current FHA loan limit rate. Failure to do so could send prices downward on homes. FHA only requires 3.5% down on such homes, under the current guidelines. “There isn’t really an active secondary market where loans can be sold, aside from the government,” Keith Gumbinger of HSH, a mortgage information company, said.

(Photo credit:  dbking Flickr CreativeCommons)