Fixed Mortgage Rates Tick Higher Amid Continued Volatility

Fixed Mortgage Rates Move Higher
 

Fixed Mortgage Rates Tick Higher Amid Continued Volatility

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates ticking higher amid another week of volatile market activity on essentially no new information.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.89 percent, up from last week when it averaged 3.84 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.09 percent, up from last week when it averaged 3.06 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.93 percent, up from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 2.97 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.62 percent, unchanged again from last week. At this time last year, the 1-year ARM averaged 2.40 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“Fasten your seat belts. It’s going to be a bumpy night,” said Bette Davis in All About Eve. That could just as well have been Janet Yellen, or a specialist at the New York Stock Exchange, or the head of the People’s Bank of China on yet another week with lots of volatility on essentially no new information.”

“The 30-year mortgage rate increased 5 basis points, but don’t read too much into that. The Fed took great pains at the Jackson Hole conference to keep all their options open and to avoid making too much — or too little — of the situation in China and the volatility in global equity markets. This Friday’s employment report is the last piece of significant, solid evidence the FOMC will have to consider before their September decision. The Street appears to be calling it a coin flip. There won’t be a clear direction for mortgage rates until the Fed makes its September decision, at the earliest.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Global Market Volatility Pushes Mortgage Rates Lower

Fixed Mortgage Rates Move Lower
 

Global Market Volatility Pushes Mortgage Rates Lower

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling to their lowest levels since May of this year amid substantial and ongoing global volatility out of China.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.84 percent, down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.06 percent, down from last week when it averaged 3.15 percent. A year ago at this time, the 15-year FRM averaged 3.25 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.90 percent, down from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.97 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.62 percent, unchanged again from last week. At this time last year, the 1-year ARM averaged 2.39 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“Events in China generated eye-catching volatility in equity markets worldwide over the past week. Interest rates also rocked up and down — although to a lesser extent than equities — as investors alternated between flights to quality and bargain hunting among beaten-down stocks. Amidst all this confusion, the 30-year mortgage rate dropped to 3.84 percent, the lowest mark since May and the fifth consecutive week with a rate below 4 percent.”

“Given the recent volatility, mortgage rates could change up or down significantly by the time this report is released. There are indications though that the unsettled state of global markets will make the Fed think twice before taking any action on short-term interest rates in September. If that’s the case, the 30-year mortgage rate may remain subdued in the short-to-medium term, providing support for continued strength in the housing sector. Just this week, new home sales were reported to be up 26 percent year over year.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Maintain a Healthy Credit Score

Healthy-Credit-ScoresMaintain Healthy Credit Score

Maintaining a healthy credit score will make your life easier when it comes to obtaining credit cards, mortgage loans or even insurance. As a general rule, a higher credit score makes it easier and less expensive to obtain a mortgage loan, credit card or insurance coverage. Credit scores typically range from 300 to 850, with the 750 to 850 range being considered excellent.  Most people do not have excellent credit though – according to myFICO, the median credit score in America is 713. But don’t fret – if you have a lower credit score than you want, there are ways to improve it.

In an effort to help you achieve more favorable financing terms on your home mortgage, or any line of credit, we summarized a few fundamentals to guide you in establishing and maintaining a healthy credit score.

The somewhat obvious:

  • Borrow only what you can afford to repay
  • Make all of your payments on time
  • Avoid excessive requests or inquiries for credit
  • Have an emergency account to pay for unexpected expenses
  • Check your report annually to contest and remove any erroneous information

The not so obvious:

  • Do not open new store credit cards just to save on a purchase. New accounts can lower your score and too many payments can be difficult to manage. Saving 10% on a $300 lawn mower means little if it costs you even just fractionally more on a $300,000 home loan.
  • Do not open new accounts just to transfer balances for an introductory rate. In addition to possibly lowering your score, these offers often have traps. Instead, use them to leverage a lower rate from your existing card company.
  • Do not close old accounts. If you have a good record of payments on old accounts, these will benefit your score. Using them occasionally and conservatively will keep them active and contribute toward a good score.
  • Do not be afraid to use credit. Without the use of credit, you will have no score, and that can be just as bad as a low one.
  • Keep a high credit line and a low balance. Credit utilization ratios measure this relationship and lower is better.
  • Maintain a variety of account types. A combination of revolving, installment and secured financing along with excellent records of payment will yield a higher score. But don’t run out and open an account just to have diversity, as this is the least influential factor.

Remember, if you have questions about managing your credit or your eligibility for a mortgage loan, we are here to help. Locate a licensed Inlanta Mortgage loan officer using our branch locator or apply online today and we will connect you with a loan officer in your area.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

30-Year Fixed-Rate Mortgage Remains Below Four Percent

Fixed Mortgage Rates Remain Low
 

30-Year Fixed-Rate Mortgage Remains Below Four Percent

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged from the previous week amid little movement in financial markets. The 30-year fixed rate mortgage has averaged below four percent for the fifth consecutive week.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.93 percent, down slightly from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.15 percent, down from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.94 percent, up slightly from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.95 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.62 percent, unchanged from last week. At this time last year, the 1-year ARM averaged 2.38 percent.

Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Sean Becketti, chief economist, Freddie Mac:

“There was little movement in financial markets this week as the 30-year fixed mortgage rate remained steady, dropping only 1 basis point to 3.93 percent. Overall inflation [PDF] grew an underwhelming 0.2 percent year-over-year in July, but core inflation remains steady at 1.8 percent keeping chances alive for a potential rate hike in September. Housing markets have responded positively to low mortgage rates — the 30-year fixed mortgage rate has been below four percent for five consecutive weeks. The latest NAHB/Wells Fargo Housing Market Index for August 2015 was 61, the highest level in more than nine years. One-unit housing starts [PDF] in July 2015 jumped to 782,000 units, up 12.8 percent from June and up 19 percent from last year. Overall housing markets remain on track for the best year since 2007.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016

Refinancing: Do’s and Dont’s

refinancing-dos-donts

Rates are still low and many people may still benefit from refinancing. Here are some do’s and dont’s to keep in mind if you are thinking of refinancing.

Refinancing Do’s

  • Continue to make your regular payments. However, if you have a payment due just prior to your scheduled closing, consult with us first. It may be best to pay at the closing rather than to risk having the payment and payoff letter cross in the mail.
  • Prepare your home for the appraisal. The appraiser will take photos inside and out. While a messy house is not really worth less than a clean one, property appraisal is part art, part science. First impressions can make an impact with an appraiser just as with a prospective purchaser.
  • Keep your current pay stubs and bank statements available. Underwriters may request the latest documentation before loan approval or as a condition of loan commitment.
  • Understand that things have changed. Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn’t need it, they wouldn’t ask.

Refinancing Don’ts

  • Don’t apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account, please consult with us first.
  • Don’t change jobs during the process. Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.
  • Don’t make undocumented deposits. Primarily large, but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small. Avoid depositing cash.
  • Don’t start any home improvement projects. However, small cosmetic projects like painting are not usually a problem. Anything that can disrupt functionality can be an issue if undertaken before the appraisal. Delay projects that require a building permit, involve a bathroom or kitchen renovation, or create structural changes.
  • Don’t ever be afraid to ask questions. If you’re uncertain about what you need or what you should do, we’re here to help you through the process.

Trust the experienced loan officers at Inlanta Mortgage to get you on your way to saving money and achieving your financial goals. Find a loan officer near you using our branch locator, or apply online today and we will connect you with a loan officer in your area.

About Inlanta Mortgage

Headquartered in Brookfield, Wisconsin, Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2015. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

Inlanta Mortgage, Inc. NMLS #1016