4.45% Rate 4.50% APR – 30 Yr. Fixed Rate
Call 877-794-5363 for more info.
WASHINGTON, D.C. (August 22, 2018) – Mortgage applications increased 4.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 17, 2018.
The Market Composite Index, a measure of mortgage loan application volume, increased 4.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased three percent compared with the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) remained unchanged from 4.81 percent, with points decreasing to 0.42 from 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) decreased to 4.68 percent from 4.73 percent, with points decreasing to 0.28 from 0.29 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.82 percent from 4.77 percent, with points increasing to 0.69 from 0.68 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.25 percent from 4.27 percent, with points decreasing to 0.47 from 0.52 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for 5/1 ARMs decreased to 4.00 percent from 4.06 percent, with points increasing to 0.52 from 0.48 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
Interest Only Mortgages Are Back
The Interest Only Express Program
30 Year Fixed, 5/1, 7/1, 10/1 Arm’s
Lower Monthly Payments.
Great for self-employed individuals and those with commission or bonus income benefit from lower monthly payments and can add to principal when its more advantageous for them to do so.
Those planning to live in the home for a short time prefer to have a lower monthly payment vs. adding to principal.
- Loan Amounts to $3M
- 90% Financing for Purchase or Rate & Term Refinance
- Cash out to $1M in Hand
- Derogatory Credit History Considered
Find out how much you can save on your monthly payments.
Jumbo Reverse Mortgages Coming Soon
We will soon be rolling out a Jumbo Reverse Mortgage program that allows for loan amounts to $4,000,000.
Currently the maximum reverse mortgage loan amount allowed by FHA is$679,650.
A nice option to have for those 62 years of age or older.
For a Free Consultation:
Call or Email:
John Sauro
Ph: 877-794-5363
Email: JohnSauro@Gmail.com
US weekly jobless claims total 210,000, vs 215,000 expected
The number of Americans filing for unemployment benefits fell last week, a sign the labor market was holding firm despite tensions between the United States and its trading partners that have spawned restrictions on global commerce.
Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 210,000 for the week ended Aug. 18, the Labor Department said on Thursday.
It was the third straight week of declines for claims, which have dropped so low that economists have scrambled for explanations. In July, claims fell to their lowest level since 1969 even though the workforce is much larger than in prior decades.
Economists polled by Reuters ahead of Thursday’s report had forecast claims rising to 215,000 in the latest week.
The signs of strength in the U.S. labor market have been a key reason behind the Federal Reserve’s ongoing campaign to raise interest rates.
Minutes of the U.S. central bank’s last policy meeting, published on Wednesday, showed officials discussed raising rates soon to counter excessive economic strength, although policymakers also examined how global trade disputes could batter businesses and households.