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Mortgage Rates vs. a Potential War with Iran

Well, it’s a new year and it certainly didn’t begin quietly. Might as well address the elephant in the room when it comes to your mortgage. This isn’t the first time I’ve discussed the possibility of war and its impact on mortgage rates, with the last discussion centered on the Syrian conflict back in 2013. [&hellip

The post Mortgage Rates vs. a Potential War with Iran first appeared on The Truth About Mortgage.

Don’t Freak Out About the Recent Mortgage Rate ‘Spike’

Queue the panic. Mortgage rates have officially spiked and the media is all over it. Yep, the average rate on a 30-year fixed mortgage increased from 2.65% to 2.79% this week, per Freddie Mac’s weekly survey. Freddie Mac Chief Economist Sam Khater noted in the weekly news release that mortgage rates have been under pressure [&hellip

The post Don’t Freak Out About the Recent Mortgage Rate ‘Spike’ first appeared on The Truth About Mortgage.

If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders

A lot of homeowners are looking to refinance their mortgages at the moment. That’s abundantly clear based on the record volume of refis expected this year, per the MBA. And while mortgage rates are in record low territory, thus making the decision to refinance an easy one for most, it still pays to shop around. [&hellip

The post If a Mortgage Lender Reaches Out to You, Reach Out to Other Lenders first appeared on The Truth About Mortgage.

Partial Claim May Be Option for VA Borrowers Exiting COVID-19 Forbearance

The Department of Veterans Affairs (VA) has proposed a new loss mitigation method to help homeowners with VA loans in COVID-19 related forbearance get back on track. The new program, known as the COVID-19 Veterans Assistance Partial Claim Payment program, or COVID-VAPCP for kind of shorter, somewhat mirrors existing programs offered by the FHA and [&hellip

The post Partial Claim May Be Option for VA Borrowers Exiting COVID-19 Forbearance first appeared on The Truth About Mortgage.

2021 Mortgage Rate Predictions: Mostly Flat But More Record Lows Possible

Yet another year is about to come to an end, and that means it’s time to look ahead to what next year has in store. I think just about everyone wants to see the back of 2020, though it wasn’t all bad news. The housing market actually held up surprisingly well, and mortgage lenders enjoyed [&hellip

The post 2021 Mortgage Rate Predictions: Mostly Flat But More Record Lows Possible first appeared on The Truth About Mortgage.

Fannie Mae and Freddie Mac Mortgage Refinances Just Got More Expensive

Way to rain on our parade, Fannie Mae and Freddie Mac. Just when mortgage rates were hitting record lows, the pair decided to add a new fee to mortgage refinances in light of the ongoing pandemic. Simply put, they expect more losses related to a higher rate of loan defaults, and are adjusting their pricing [&hellip

The post Fannie Mae and Freddie Mac Mortgage Refinances Just Got More Expensive first appeared on The Truth About Mortgage.

Home Prices Are Expected to Rise Another 10% by Next November

If you’re an existing homeowner, get excited, very excited. A new forecast from Zillow says home prices are going to rise 10.3% from this November until November 2021. That’s on top of the already stellar growth realized since around 2012, when home prices seemed to bottom and begin their meteoric and historic ascent. Those fortunate [&hellip

The post Home Prices Are Expected to Rise Another 10% by Next November first appeared on The Truth About Mortgage.