Seattle Real Estate Mortgage Rates Today 10/25/2011
Seattle Real Estate Mortgage Rates Today 10/25/2011: Here is the equation to low Mortgage Rates: Uncertainty + Lack of Confidence = Higher Bond Prices or Lower Mortgage Rates. Yes it is coming down to this exact formula in the next 24 hours as the clock winds down in Europe’s final plan for their recovery/stability. As Germany stands firm and unwilling to budge it looks as if the plan will not pull through. This is helping the U.S. Safe Haven market today along with disappointing numbers from Consumer Confidence. This could be an opportunity to secure a lower rate than we have been able to capture in the last week.
Yesterday, the Federal Housing Finance Agency (FHFA) announced plans to help struggling homeowners refinance mortgages.
The new program enhancements address several other key aspects of HARP including:
– Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers
– Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac
– Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac
– Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises
– Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009
Click this link to the FHFA website for more details http://www.fhfa.gov/webfiles/22721/HARP_release_102411_Final.pdf
This could be a great plan all depending if the Banks participate. With all of the underwriting overlays it would not surprise us if this program never makes it to the market in the original design outlined in the plan.
Timing is everything just as location of the home is critical. Timing in securing an interest rate, BEST rate, is working with a mortgage professional who has their pulse on the market and when best to advise and educate their clients when timing is right. Along with this key knowledge is to be on top of all of the lending and underwriting changes which seem to almost happen daily. We at the Mortgage Reel are Licensed Washington Loan Originators, serving clients with transparency, knowledge and most importantly keeping your goals in mind. How can we assist you today?
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