By David Muller, from New Orleans City Business: Interest rates are at an all-time low, housing inventory is adequate and economic conditions here have been far from the distressed state that continues to weigh down homebuying in other parts of the country.
By Kenneth Harney, from the Washington Post: A little-noticed mortgage rule change that took effect April 1 could create hassles for significant numbers of homebuyers who plan to use low-down-payment FHA financing this spring.
By Nick Timiraos, from the Wall Street Journal: It’s no surprise to anyone who has applied for a loan recently that banks are being far more careful. But a new report shows just how tight conditions have become — and how even borrowers with favorable credit profiles are being denied.
For Friday, April 6, 2012, in New Orleans, LA:
30 yr fixed mtg, 0 Points: 3.93% APR – 4.48% APR
15 yr fixed mtg, 0 Points: 3.13% APR – 3.89% APR
Bankrate.com National Average on 30 yr fixed, 0 points: 4.25%
By Rachel Louise Ensign, from the Wall Street Journal: For homeowners who have been waiting for interest rates to fall even further before refinancing, it might be time to pull the trigger on a deal. Rates are moving up—and could stay higher for a while, experts say. While rates still are below where they were a year ago, some economists say they are likely to keep rising throughout 2012 and into 2013. That means your window of opportunity to lock in a rock-bottom rate might be closing soon.
By Alan Zibel, from the Wall Street Journal: Fannie Mae and Freddie Mac aren’t granting reductions in homeowners’ loan balances, as has been widely noted of late. Nevertheless, some Americans who have gotten into trouble on their mortgages are actually seeing their loan balances cut, as a debate rages in Washington about whether doing so on a wider scale will be effective.
For Friday, March 30, 2012, in New Orleans, LA:
30 yr fixed mtg, 0 Points: 3.93% APR – 4.50% APR
15 yr fixed mtg, 0 Points: 3.21% APR – 4.00% APR
Bankrate.com National Average on 30 yr fixed, 0 points: 4.23%
By Vickie Elmer, from the New York Times: If searching for a new job and refinancing a home are both on the agenda, you might be wondering which task you should finish first.
By Kenneth Harney, from the Washington Post: Under the Obama plan, if you meet the criteria, you get to breeze through the paperwork maze and underwriting hassles that come with any refinancing. The FHA streamline refi requires:
●No new verifications of your income or employment status. If you’ve been paying on time for a year, the presumption is that you’ve got the needed income.
●No new credit evaluation, credit reports or FICO scores.
●No new physical appraisal. The program generally accepts the appraised value of your home at the time you closed on your current FHA loan as good enough, even if you’re now in serious negative equity territory.
For Friday, March 16, 2012, in New Orleans, LA:
30 yr fixed mtg, 0 Points: 3.80% APR – 4.59% APR
15 yr fixed mtg, 0 Points: 3.09% APR – 4.05% APR
Bankrate.com National Average on 30 yr fixed, 0 points: 4.15%
