Mr Williamsburg, Revolutionary ideas on real estate!Hampton Roads Virginia

"Fixed mortgage rates fell over the holiday week as market concerns over the timing of the Federal Reserve’s pullback in bond purchases eased somewhat. Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market. For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spending increased in four of the first five months this year."

Freddie Mac today released it’s survey results showing average fixed mortgage rates reversing course after last week’s big jump that took rates to their highest levels since mid-2011. The average 30-year fixed-rate mortgage ticked down to 4.29 percent this week from 4.46 percent last week. Rates remain near historic lows and homebuyer affordability remains strong for the typical family in most parts of the country, which should help fuel the ongoing housing recovery.

• 30-year fixed-rate mortgages averaged 4.29 percent with an average 0.7 point for the week ending July 3, 2013, down from last week when it averaged 4.46 percent. Last year at this time, the 30-year rate averaged 3.62 percent.

• 15-year mortgages this week averaged 3.39 percent with an average 0.7 point, down from last week when it averaged 3.50 percent. A year ago at this time, the 15-year rate average was 2.89 percent.

Want to explore payments or mortgage options in Williamsburg VA, send me an email and I will put you in touch with one of our experienced local mortgage experts

John@MrWilliamsburg.com

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(June 14-2013) Mortgage rates continued their upward trend last week, according to new data released Thursday by Freddie Mac.

The 30-year fixed-rate average last week increased from 3.91 percent to 3.98 percent, coming close to the 4-percent mark, which  has not been surpassed in more than a year. This time last year, the 30-year averaged 3.71 percent.

Rates for  15-year mortgage average pushed  higher, up to 3.10 percent from 3.03 percent last week. That is slightly higher than one year ago, when it averaged 2.98 percent.

“Fixed mortgage rates crept up further this week following a solid employment report for May,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “The economy added 175,000 new jobs and the number of discouraged workers fell by 780,000 to the fewest since September 2009.”

“With the ongoing run up in fixed mortgage rates, adjustable-rate mortgages are becoming more popular among homeowners looking to refinance and for home purchasers,” Nothaft said, noting that, in terms of total dollars, the share of mortgage applications for ARMs has jumped to 17 percent from 13 percent at the beginning of May.

The number of individuals who are underwater on their mortgages is falling, too. On Wednesday, CoreLogic, a research firm, reported that the number of homeowners who owe more than their homes are currently worth dropped to 9.7 million during the first quarter of the year, down from 11.4 million during the same period in 2012.

The shift is largely the result of a gradual increase in home prices earlier this year, which helped more homeowners get back into the black on their mortgages.

Preferred Lenders

Visit Our Preferred Financial Partners

No charge for credit reports.  No junk fees.  That´s the pledge from lenders we have hand selected to earn ‘preferred’ status to offer mortgage services to Liz Moore & Associates´ buyers.  And adding up the dollars NOT spent on extraneous fees results in an amazing amount of money our buyers now have to spend on their new homes!  When it´s your home, everything counts.

Contact John@MRWilliamsburg.com and he will put you in touch with one of our preferred lenders who can answer any of your mortgage or refinance questions.

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After a few weeks of upward movement, mortgage rates reversed course this week, according to the latest data released by Freddie Mac.

The average 30-year, fixed-rate mortgage was 3.54 percent, down from 3.63 percent last week. Last year, the rate was an average of 4.08 percent.

The 15-year, fixed-rate mortgage average also dropped. It fell to 2.72 percent, down from 2.79 percent last week.

Since climbing above 3.5 percent in late January, the 30-year fixed rate had held steady or increased in every week but one.

“Low and stable inflation is placing downward pressure on fixed mortgage rates,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement. “Annual growth in the consumer price index has remained at or below 2 percent for the past four months, and for the producer price index even lower. This, in part, is why the Federal Reserve monetary policy committee on March 20th lowered the upper end of its inflation forecast for 2013. ”

Nothaft said that Freddie Mac expects mortgage rates to remain below 4 percent through this year. (2013)

Want to explore monthly payments and mortgage options ? Drop me a line John@MrWilliamsburg.com and I will connect you with one of our preferred lenders pronto.

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Five to 10 years ago, lenders passed out mortgages as eagerly as parents hiding Easter eggs for the first time.

“Money was free. Anybody could play,” said Van Rose, president of Rose & Womble Realty Co.’s new-homes division. “You needed no credit. You needed no breath.”

Mortgage applications? “You could write one from the grave and get it approved,” he said.

Hyperbole, sure, but sowed with a grain of truth. It was a different time.

Now, several years after the housing bubble burst, the pendulum has made a full swing. Lenders say their customers are often caught off guard by a mortgage application process made more rigorous by federal regulations.

Here are some of the hoops you have to jump through before you get the golden egg, er, mortgage – and offer some suggestions that might improve your chances.

HOOP #1: DOWN PAYMENT]

Read more here

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February 2013-"Mortgage rates continued to trend upwards this week amid a growing economy led in part by the recovering housing market. For instance, new home sales totaled 367,000 in 2012, the most in three years and reflected the first annual increase in seven years. Pending home sales in 2012 averaged its highest reading since 2006. And the S&P/Case-Shiller^® 20-city composite house price index rose 5.5 percent over the 12-months ending in November 2012, the largest annual growth since August 2006. All of these factors helped residential fixed investment to add nearly 0.4 percentage points to real GDP growth in the fourth quarter alone."

Freddie Mac released their results showing mortgage rates continuing to trend higher amid a growing economy led in part by the recovering housing market. This marks the first week the 30-year fixed-rate mortgage has averaged above 3.5 percent since September 13^thof last year. The all-time record low for the 30-year fixed was set the week of November 21, 2012, when it averaged 3.31 percent.

Rate Updates:

• 30-year fixed-rate mortgage  averaged 3.53 percent with an average 0.7 point for the week ending January 31, 2013, up from last week when it averaged 3.42 percent. Last year at this time, the 30-year FRM averaged 3.87 percent.
• 15-year FRM this week averaged 2.81 percent with an average 0.7 point, up from last week when it averaged 2.71 percent. A year ago at this time, the 15-year FRM averaged 3.14 percent.

Financing Checklist

One of the most important steps you will take when you prepare to search for your new home is to determine how much home you can afford, and then to secure a loan pre-approval for that amount.

At Liz Moore & Associates, we’ve tried to take much of the stress out of this process by providing experienced guidance on the pre-approval process, the numerous mortgage products available and even help you select the lender that will best meet your specific situation.

There are several documents you will need to gather in advance to expedite your loan application. At a minimum, you should have the information listed on our Home Financing Checklist.

Want to chat about mortgage options, rates, VA Loans, FHA,  Reverse Mortgages, Conventional Loans or getting approved ?

Contact me and I will put you in touch with one of our prefferred lenders.

John@MrWilliamsburg.com

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I keep thinking we have seen the lowest mortgage rates ever. Last week one of my clients closed on a home here in Williamsburg using a 15 year mortgage with a rate of 2.50 percent. Just yesterday I had another buyer lock in with a 2.25 % interest rate on her 15 year mortgage.

Mortgage rates remained near record lows as concerns over the “fiscal cliff” continued, according to McLean-based Freddie Mac.

The average 30-year, fixed-rate mortgage was 3.32 percent this week, up from 3.31 percent last week. The 3-year rate has been below 4 percent for all but one week in 2012. Last year at this time, the average 30-year rate was 4 percent.

The average 15-year mortgage rate was 2.64 percent this week, up from 2.63 percent last week.  Last year, the average 15-year rate was 3.3 percent.

“Mortgage rates were virtually unchanged this week amid growing concerns around the fiscal cliff,” said Frank Nothaft, chief economist at Freddie Mac. “Although low mortgage rates failed to boost new home sales in October, year-to-date sales are up 20 percent compared with 2011 volumes, and there are growing signs of a turnaround in house prices.”

Looking to buy a home in Williamsburg or Hampton Roads VA ?

I would be happy to connect you with one of our experienced mortgage experts who can discuss payments, down payments and any other questions you have.

click here to contact John by email, or call him at 757-254-8136.

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If you are contemplating a home purchase in the near future and will be using an an FHA loan, you might want to pull the trigger quickly.

Not only is FHA going to be raising the cost of its required mortgage insurance (MIP), it’s also going to require that the insurance be kept for the life of the loan.

Today, once a home’s loan-to-value gets below 78%, mortgage insurance isn’t required; that takes 10 years or so. A homeowner will typically pay several hundred dollars a month for mortgage insurance — a cost that, soon, won’t go away. 

This change will force anyone who wants to get rid of the PMI to refinance. Who knows what interest rates will be at that time.

You can bypass this problem all together by closing your purchase before the first of next year or wait until you can purchase a home with a conventional loan where you will need to put at least 10% down but more likely 20% of the purchase price.

When will this happen?  FHA hasn’t specified when exactly it would implement the new rule, but experts  estimate it should be around April, 2013. So if you are thinking of getting a new FHA loan it may be a good idea to do so before the new changes take effect.

Also announced was an increase in the FHA mortgage insurance premium – by 10 basis points or 0.1 percent. So if you are taking out a loan of $400,000, the hike will increase your payment by $400 per year.

Final thoughts

Keep in mind that FHA mortgage loans are not the only game in town.  Conventional financing with private mortgage insurance might soon prove to be a very popular and cost effective option for home buyers.

Looking to buy a home in Williamsburg or Hampton Roads VA. I would be happy to connect you with one of our experienced mortgage experts who can discuss payments, down payments and any other questions you have.

click here to contact John by email, or call him at 757-254-8136.

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Mortgage rates dropped significantly this week and hit a new record low following the Federal Reserve’s purchases of mortgage securities, according to Freddie Mac.

The 30-year-fixed rate mortgage was 3.4 percent, down from 3.49 percent last week. A year ago at this time, the average 30-year, fixed-rate mortgage was 4.01 percent.

The 15-year, fixed-rate mortgage dropped to 0.6 percentage point to 2.73 percent this week. A year ago the average 15-year, fixed-rate mortgage was 3.28 percent.

Monthly payments on a $300,000.00 mortgage for a 30 year fixed rate loan at an   Interest Rate of  3.400% would be $1,330.44 for principal and interest

“Fixed mortgage rates continued to decline this week, largely due to the Federal Reserve’s purchases of mortgage securities, and should support an already improving housing market,” Freddie Mac Chief Economist and Vice President Frank Nothaft said in a statement

Historic mortgage rates since 1984

Want to explore monthly payments, down payments getting qualified, VA loans., VHDA Loans., USDA loans, 203k loans. FHA loans or any other mortgage related questions for Williamsburg or Hampton Roads homes ? send me an email John@MrWilliamsburg.com and I will connect you to one of our preferred lenders.

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The United States Department of Agriculture aka the Agriculture Department or the USDA is responsible for developing and executing government policy on farming, agriculture, and food. A lesser known function of the USDA is helping folks in rural areas buy homes.

The USDA  mortgage program was created to assist  families looking to buy a home in rural areas. This program has become more and more popular in recent years, because of the tightening of lender guidelines with other loans.

Here are a few of the many benefits that makes this program popular:

No Down Payment Required

Yes, you heard that right. This is one of the only loan programs out there in 2012 with a ZERO DOWN PAYMENT. This mortgage program still allows you to buy a home with no money down. It’s one of the only programs still available that allows 100% financing.

No PMI Required

Conventional mortgages require a PMI (Private Mortgage Insurance) payment, in addition to the regular mortgage payment, if you don’t have a down payment of at least 20%. The USDA Rural Housing program doesn’t require PMI, even if you finance 100% of the purchase price.  This is a huge benefit, since it keeps your mortgage payment low, while allowing you to qualify for a larger mortgage loan.  No one wants to pay PMI, because it’s not applied to the principal balance or the interest you pay over the life of the mortgage loan.

Low Interest Rates

Even though you don’t have to put any money down with USDA Rural Housing mortgage loans, you will still receive a lower interest rate. Depending on your situation, typically, the interest rates are not much more than 0.5% higher than conventional mortgage loans. This is a great benefit in addition to not having to come up with a down payment and not having to pay PMI. A lower interest rate will save you tens of thousands in interest payments over the life of the mortgage term.

Other Features:

• No maximum purchase price limit
• Not limited to first time homebuyers

Now for the negatives.

It is only available in certain areas. In Williamsburg VA it is basically the western part of the county.  You can see a map below for qualified areas. Areas shaded in beige are not qualified as of 2012.

Or enter a home address here to see if its eligible

If you would like to explore USDA rural development loans in Williamsburg, New Kent, Gloucester or the surrounding areas shoot me an email John@MrWilliamsburg.com and I will connect you to one of our preferred  lenders.

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30-Year Fixed-Rate Mortgage Averages 4.08 Percent

Freddie Mac reported that  mortgage rates continued to follow bond yields higher amid improving economic data. The average 30-fixed rate mortgage averaged 4.08 percent for the week clearing the 4 percent barrier for the first time since October 27, 2011, when it averaged 4.10 percent.

15-year fixed rate mortgages this week averaged 3.30 percent with an average 0.8 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.04 percent. 

According to Frank Nothaft, vice president and chief economist, Freddie Mac: "Mortgage rates are catching up with increases in U.S. Treasury bond yields placing the average 30-year fixed mortgage rate above 4 percent for the first time since the end of October 2011. Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve, better than expected results of commercial bank stress tests and the likelihood of a second bailout for Greece. Meanwhile, consumers continued to reduce their debt burdens in the fourth quarter of 2011. For instance, homeowners reduced their financial obligations ratio (debt payments as a share of disposable income) to the lowest point since the second quarter of 1994."

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Freddie Mac  today reported that average fixed mortgage rates are at or near all-time record lows helping to keep homebuyer affordability high. The 30-year fixed averaged 3.91 percent for the week, a new all-time low, dropping below last week’s 3.94 percent, the previous record low. The 15-year fixed matched last week’s all-time record low at 3.21 percent. Adjustable rate products also hit new all-time lows in this week’s survey. 15-year Fixed rate mortgages this week averaged 3.21 percent with an average 0.8 point.

"Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today’s homebuyers are paying over $1,200 less per year on a $200,000 loan. This greater affordability helped push existing home sales higher for the second consecutive month in November to an annualized pace of 4.42 million, the most since January. In addition, new construction of one-family homes also showed a back-to-back monthly gain in November to the largest increase since June.

SOURCE Freddie Mac

Want to explore financing options for a home purchase or refinancing scenarios in Williamsburg or Hampton Roads VA ? 

Contact me at John@MrWilliamsburg.com or 757 254 8136 and I will be happy to put you in touch with one of our preferred lenders.

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Good news for first-time home buyers who are veterans or are currently serving in the military! There is a new program available offering financial help in the forms of grants. Active duty personnel, veterans, retired members of the military and employees of the U.S. Department of Defense and the Department of Homeland Security may be eligible for a grant up to $5,000 to use toward down payments and closing costs if buying their first home. The grants can be applied to a mortgage issued by any financial institution. Requirements: military affiliation – (active duty, reserve, National Guard or veteran); Department of Defense employee or a Department of Homeland Security employee; first-time homebuyer or not owned a home for the last three years or a home has been lost through divorce or disaster. Gross household income, including allowances, used to qualify for a mortgage loan is a maximum of $55,000 per year, or 80 percent of a community’s median income based on family size.

You don’t have to be a Pentagon Federal Credit Union member to benefit from Dream Makers, and you can apply the grant to a mortgage from any financial institution.

For more details, visit this website..

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The sky is falling but one byproduct of the declining stock market is declining Mortgage rates.  According to a survey by McLean-based Freddie Mac rates are now at  the lowest level in over 50 years

The  Mortgage Market Survey shows 30-year fixed rate mortgages averaged 4.15 percent for the week ending Thursday, breaking the previous record low of 4.17 percent set Nov. 11, 2010.

(NOTE we are seeing rates of 4% or lower being offered on FHA/ VA and Conventional Loans)

The 30-year fixed rate mortgage averaged 4.32 percent last week. Last year at this time, the rate averaged 4.42 percent.
many consumers are taking on  15-year fixed-rate mortgages with rates that averaged 3.36 percent , down from last week when it averaged 3.50 percent.

“The Federal Reserve’s policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows.

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Mortgage rates fell this week to their lowest point since December 2009.

McLean-based Freddie Mac’s Primary Mortgage Market Survey said the average rate for a 30-year fixed-rate mortgage was 4.78 percent for this week, down from 4.84 percent last week.

The average 30-year rate has not been lower since the beginning of December, when rates averaged 4.71 percent.

During the same week a year ago, the average 30-year, fixed-rate mortgage was 4.91 percent

If you would like to explore monthly payment options for purchasing a home or refinancing contact John@MrWilliamsburg.com . I would be glad to put you in touch with one of our preferred lenders.

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