Rates Hit New Record Lows but Can You Refinance?

According to recent Freddie Mac numbers, mortgage rates for both the 30 year and 15 year have hit records lows. Rates on the 30 year dropped to 3.75% and rates on the 15 year decreased to 2.97%.

However, many people are finding it difficult to refinance. Guidelines have tighten up and lenders have become very restrictive on who qualifies for a mortgage. Just because its difficult doesn't mean its impossible to refinance. Although one bank may have turned you down doesn't mean another will. Here is a list of some mortgage companies and mortgage brokers that have been able to help people in difficult situations.

IFG Mortgage Corp - Pennsylvania Mortgage Company
Ross Home Loans - Miami Florida Mortgage Company
Downs Financial - Colorado Mortgage Company
North Florida Mortgage - Jacksonville Mortgage Company

Don't worry if you don't see a mortgage company that's in your area. Many of these companies service multiple states. Also, feel free to contact us and we can put you in touch with reputable mortgage companies that can assist you.

Mortgage Rates Hit All Time Low!!!

Average rates for 30-year and 15-year fixed mortgages fell to record lows for a third straight week. According to Freddie Mac, the average rate on 30-year loans dipped to 3.79% decreasing 3.83% compared to last week. These are lowest mortgage rates since long term mortgage loans began in the 1950s.

The decline has made home buying and ownership more affordable spurring home sales and refinance applications. Speak with a local mortgage professional to get an understanding of what rate you qualify for.

Taylor Bean & Whitaker Execuitve Sentenced To 30 Years

Lee Farkas, the former chairman of Taylor Bean & Whitaker (TBW) was recently sentenced to 30 years in prison. Farkas was convicted of a 2.9 billion dollar fraud scheme making the highest ranking executive to go to prison during the financial crisis.

Charges included allegations he misappropriated more than $1.4bn from Colonial Bank’s mortgage warehouse lending division to keep TBW afloat. The fraud, which began in 2002, contributed to the failure of Colonial Bank in 2009 and had far reaching effects throughout the US economy.

Farkas was also ordered to relinquish 38.5 million dollars. I wonder how much more money he has hidden away.

I'm sure that people who like to see the Wall Street Executives that contributed to the financial crisis experience a similar fate. Many Wall Street Executives contributed in a similar manner causing the same, if not more, devastation than Farkas.

Existing Home Sales Drop 3.8%

The National Association of Realtor said that home sales dipped 3.8% from the prior month. Sales of previously owned U.S. homes fell to a six-month low in May and prices dropped 4.6%. This can be a pretext to a second real estate down turn. This should concern homeowners interestest in refnancing because lenders may be more hesitant lendng money. Also, homeowners are going to find that their equity in their homes are decreasing which may make it more diffcult to qualify with ltv guidelines.

Take advantage now while you can. Rates are low so homeowners that can qualify may find this an oppertune time to refinance.

Mortgage Rates Hit New Lows for 2011

Last Thursday, the average rate on the 30 yr fixed mortgage fell to 4.61%. That's down from 4.63% and the lowest level since mid-December.

The average rate on the 15 year fixed mortgage, a popular refinance option, slipped to 3.80% from 3.82%. That is the lowest point since late November for a 15 yr fixed mortgage rate.

Homeowners and first time buyers should consider refinancing or obtaining a mortgage before rates increase. Contact your mortgage professional to see what make sense for your situation.

Mortgage Rates Rise

The average 30 year mortgage rate rose to a six month high. The average 30 year mortgage rate climbed to 4.84 from 4.66% Many experts predict mortgage rates will continue to sharply rise in the near term. Rates have continued their upward trend despite the Fed announcing to continue their treasury purchasing policy.

The Feds treasury purchasing program has been a major component in rates hitting all time lows. Many experts are surprised that rates continued to climb even after the Fed's announcement.  

Mortgage Rates Continue to Climb

Mortgage rates continue to climb to their 5 month high as investors sell treasuries. This past week rates increased .15% to 4.61% on the average 30 year mortgage. The previous 30 year average was 4.46%. Many borrowers that haven't taken advantage of these records low rates are still scrambling to qualify for a mortgage. Borrowers should speak with their mortgage professional to see if they can qualify and whether they are able to save money refinancing their present mortgage.