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FHA Reduces Monthly Insurance Rates | What Does That Mean For Home Buyers?

January 13, 2017 By Chris Graves, Mortgage Broker

The beginning of the new year comes with some BIG news for first time home buyers. FHA announced reduced monthly mortgage insurance rates for FHA loans starting January 27, 2017. This will reduce monthly payments for FHA buyers or allow them to qualify for a higher priced home. Here’s what you need to know about this change.
New Reduced Monthly Mortgage Insurance Rates for FHA Loans

The mortgage insurance rate on FHA loans is based on a the purchase price, down payment amount, and term. Most FHA buyers obtain a 30 year loan for under $625,500 and make a down payment of less than 5%. In this case, the monthly MI rate drops from 0.085% to 0.06% per month. On a $400,000 loan, this results in a $100 per month savings. Buyers making a down payment of 5% or more will see rates drop from 0.08% to 0.055%.

For loan amounts above $625,500, the savings is even greater. Loans with 5% down payment will drop from 0.1% to 0.06%. Lower down payment loans will change from 0.105% to 0.06%. On a $700,000 loan, this results in a $315-$420 per month savings.
Effective Date of Reduced Monthly MI Rates

In the past, FHA home loan changes were dependent upon the date that a case number was issued. This is not the case with the reduced monthly mortgage insurance rates for FHA loans starting January 27, 2017. All loans disbursed on or after that date will receive the new lower rate. The date that funds are disbursed is not always the same as the closing date. Contact your lender for details. If you have a loan scheduled to close this month, it may be worthwhile to look into altering the closing date in order to receive the new reduced monthly mortgage insurance rates.

Want to learn more? Need to get pre-approved? Learn more about Chris Graves Mortgage Services @ http://chrisgravesmortgageexpert.com

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Mortgage Rates Remain Low Despite Boston Values Skyrocketing

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate declining for the third consecutive week on disappointing national manufacturing data. While many cities and towns across the country seem to still be feeling parts of the recession, Boston’s economy (and as a result our home values) seem to be flourishing. The consistency in low mortgage rates are allowing Boston borrowers to also pull equity from their homes and make improvements and repairs.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending December 3, 2015, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent. 
  • 15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.3 point, up from 2.59 percent last week. At this time last year, the 1-year ARM averaged 2.41 percent. 

Would you like to speak with a mortgage broker about buying a home or refinancing an existing mortgage? Call us at 617-297-8641 to be connected with some of the best home loan professionals in the city!

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Boston Area Mortgage Rates Remain Low Going Into 2016

MCLEAN, VA–(Marketwired – Oct 29, 2015) – Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling slightly lower amid market expectations of no rate increase by the Federal Reserve.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending October 29, 2015, down from last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent. 
  • 15-year FRM this week averaged 2.98 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.13 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.2 point, down from 2.62 percent last week. At this time last year, the 1-year ARM averaged 2.43 percent. 

Are you considering buying a home or possibly refinancing your current mortgage? Looking for a qualified professional to provide some lending advice? Give us a call. We work with the best home loan resources in Massachusetts! We’d love to learn a little more about your needs and connect you with the right company for the job.

You can reach us at 617-297-8641 or contact@mandrellco.com

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Word around town is that the big banks are going to start to foreclosing on many past due mortgages they have on their books. The feeling is they’ve been holding off until the economy shows signs of stabilizing and in many place we’re starting to see that stability. If you’re interested in locating investment opportunities through short sale and foreclosed properties, now would be a good time to start really eyeing to the market.

Here is our current Short Sale and Foreclosure list for Dorchester, MA.

197 Woodrow – Single Family
List Price: $235,853
Boston, MA : Dorchester 02124
36 Mount Ida Rd – Unit 3 List Price: $209,900
Boston, MA 02122
55 Devon Street – Unit 1 List Price: $234,900
Boston, MA : Dorchester 02121
123 Ruthven St – Unit 123 List Price: $241,000
Boston, MA : Dorchester 02121
77 Willowwood Street – 3 Family
List Price: $389,900
Boston, MA : Dorchester 02124
636-638 West Park Street – 3 Family
List Price: $424,000
Boston, MA 02124
47-49 Walnut – 3 Family
List Price: $480,000
Boston, MA 02122

Not interested in Dorchester? Are you interested in foreclosures and/or shorts sales in another area of Massachusetts? Please email (Contact@MandrellCo.com) your area(s) of interest and we can send you an updated report within a few hours.

 

 

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How long will mortgage loan rates stay at historic lows? Is now a good time to purchase a home? Should I refinance my existing mortgage? These are the questions everyone is asking. No one knows (outside of the FED) where rates are headed but common sense should tell us they can’t get much lower than they are currently. If you’re thinking of making a move….now would be a good time.

Here are the national average mortgage rates for this week.

  • 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.6 point for the week ending August 13, 2015, up from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent. 
  • 15-year FRM this week averaged 3.17 percent with an average 0.6 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 2.97 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.36 percent. 

To give you an idea of where rates currently stand, compared to years past, we’ve provide you with the chart below.

Boston Mortgage Rates By Decade

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 Freddie Mac (OTCQB: FMCC) last week released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates reaching new 2015 highs heading into the holiday weekend and ahead of the June jobs report.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.6 point for the week ending July 2, 2015, up from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
     
  • 15-year FRM this week averaged 3.24 percent with an average 0.6 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.4 point, up from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 2.98 percent.
     
  • 1-year Treasury-indexed ARM averaged 2.52 percent this week with an average 0.3 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.38 percent. 

 

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Fannie Mae owns foreclosed properties all over the city of Boston, which they attempt to sell as quickly as possible to “minimize the impact” on the respective neighborhoods. Buying one of these foreclosed homes can be a great opportunity for first-time buyers as well as rental property investors. Each of these Fannie Mae homes can be purchased with bank financing or through one of Fannie Mae’s “Home Path” special financing programs. These special mortgage programs include low down payments, no mortgage insurance, and you may even qualify with less than perfect credit. The “Home Path Renovation Mortgage” also allows funds to be borrowed for light renovations in addition to the home purchase. Both of these special financing programs are also offered to owner occupants as well as investors.

You can identify properties available for Home Path financing by the Home Path logo displayed within the homes marketing materials. You may also search your desired area for available Fannie Mae foreclosed properties by visiting www.homepath.com/
 
For a list of foreclosed homes in your selected neighborhoods, email Willie@AtHomeBoston.com or call 617-297-8641. 
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