ABBA First Mortgage News

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Millions affected by credit report hackers!

Monday, September 18th, 2017

It’s been reported that information which included hundreds of thousand of SS# and/or credit card information has been stolen by hackers.

The data breach revealed by Equifax last week – hackers stole the personal information of 143 million consumers from the credit reporting agency – is one of the largest in history. And for people trying to get a mortgage, it could potentially be one of the most damaging.

The breach could affect more than half the adult population of the United States, according to a report by Realtor.com.

“Bar none, this is the worst data breach we’ve ever had,” identity theft expert Rob Douglas told Realtor.com. “This is the one everyone worried about.”

“It’s not a breach where they just got a Social Security number or another breach where they just got a credit card number,” Douglas told Realtor.com. “Here, they got the whole enchilada. This is now a danger for a lifetime.”

So what do we do as unsuspecting consumers that may be affected by this tragic incident?  Please check your credit for any transactions that are shown that you may question.  EVERYBODY has access to this annual free credit report found online at www.annualcreditreport.com    Contact your credit card companies immediately if you see any fraudulent activity on your report.

The treasury market is moving up- with mortgage interest rates to follow suit!

Friday, September 15th, 2017

Mortgage rates remained unchanged from last week’s year-to-date low but going forward they are likely to increase as 10-year Treasury yields rose.

30-Year FRM 15-Year FRM 5/1-Year ARM
Average Rates 3.78% 3.08% 3.13%
Fees & Points 0.5 0.5 0.4
Margin N/A N/A 2.74

The 30-year fixed-rate mortgage averaged 3.78% for the week ending Sept. 14, the same as last week, according to Freddie Mac. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.5%.

We see that if rates continue to climb, it changes the mindset of many who may then “hold off” with their purchase or refinance hoping to see rates drop once again.  This however, is very unlikely while present day mortgage rates are so close to the bottom that many analysts believe interest rates must go up as the country strives to stave off inflation.

At ABBA First Mortgage, our rates are not only in line with rates from around the country, but we typically can offer you better than the market rate for all your mortgage needs.  We believe in helping you save monrey!  Please give us a call for a free rate quote and see what we can do for you.  866-676-3349

Our rates are great! Call toll free 866-676-3349 to find out for yourself!

Wednesday, September 6th, 2017

Although the average rate mortgage interest rate is very low all across the country, ABBA First offers lower rates and the best service for all your mortgage needs.  Rates on 30-year fixed loans hit their lowest levels of the year for the second straight week.  For the week ending August 31, Freddie Mac announced that 30-year fixed rates fell to 3.82% from 3.86% the week before.  The average for 15-year loans decreased to 3.12% and a year ago, 30-year fixed rates averaged 3.46%.   Attributed to Sean Becketti, chief economist, Freddie Mac — “The 10-year Treasury yield fell to a new 2017-low on Tuesday. In response, the rate on 30-year loans dropped 4 basis points to 3.82%, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of interest rates.”

Please consider your best rate now through ABBA First Mortgage.  Call me, Rich Sr., and as the owner of ABBA First, I will walk you through your mortgage inquiry and offer you the best of the best that you can find anywhere!

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Does your home have two master bedrooms?

Monday, August 28th, 2017

If your home has two master bedrooms, you may very well have a highly desired feature that many couples want in their next home and are willing to pay extra for. Among the top 10 percent of markets nationwide, active listings that include multiple master bedrooms are priced, on average, about 9 percent higher than those with just one master, according to a realtor.com® analysis. Luxury home builders are taking notice of the growth in demand. A 2016 survey by John Burns Real Estate Consulting found that nearly one in three potential home buyers in the $2 million and above price range said they wanted dual master bedrooms. “This was the first survey where we asked about a dual master—prior to this year, it wasn’t on the radar at all,” says Pete Reeb, a principal with John Burns Real Estate Consulting. Some couples are finding separate bedrooms a must. “There has been this stigma about people sleeping apart,” says Wendy Troxel, a clinical psychologist and senior behavioral scientist at the Rand Corp. “But perhaps we are moving more toward this acceptance that there is not one-size-fits-all.” Some people desire two masters because they’re struggling to get to sleep, such as due to insomnia, snoring, or REM sleep behavior, says Rafael Pelayo, a clinical professor of psychiatry and sleep specialist at Stanford Sleep Medicine Center. Also leading to higher demand for extra masters: multigenerational living. Elderly parents and boomerang offspring are expressing more desires for larger separate bedroom areas, housing analysts note. Source: The Wall Street Journal

It’s your decision- Lock now or risk rates rising

Tuesday, August 22nd, 2017
  • Last week 30-year fixed rates were slightly lower, continuing a trend which started four weeks ago.
  • For the week ending August 17, Freddie Mac announced that 30-year fixed rates fell one tick to 3.89% from 3.90% the week before.
  • The average for 15-year loans decreased to 3.16%, and the average for five-year adjustables moved up slightly to 3.16%.
  • A year ago, 30-year fixed rates averaged 3.43%.
  • Attributed to Sean Becketti, chief economist, Freddie Mac — “Following a mild decline last week, the 10-year Treasury yield rose 1 basis point this week. The rate on 30-year fixed loans similarly remained relatively flat, falling just 1 basis point to 3.89 percent. Rates on home loans are continuing to hold at low levels amidst ongoing economic uncertainty.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Who needs 20% down?

Friday, August 18th, 2017

For first-time home buyers, the challenge of coming up with a 20% down payment is often difficult enough to keep them out of the market. But the fact is, the 20% down payment is all but dead — and has been for quite some time, especially for first-time buyers. “It’s been my experience that about half of my clients know that there are loans and/or programs that require less than 20% down,” says Kris Lindahl, a real estate agent in Blaine, Minnesota. “The other half still think that they must have at least 20% down in order to qualify for a home loan.” But most people don’t put 20% down on a home, even though it’s the benchmark most often quoted by experts. More than 70% of non-cash, first-time home buyers — and 54% of all buyers — made down payments of less than 20% over at least the past five years, according to the National Association of Realtors®. The typical down payment for 60% of first-time home buyers is 6% or less, according to NAR’s latest data. But NAR’s research finds few adults 34 and younger (just 13%) realize they can buy a house with a down payment of 5% or less. These low-down-payment programs aren’t new. The FHA has backed home loans with 5% down or less since the 1980s. Conventional loans, which aren’t directly backed by the government, have had them since the 1990s. Fannie Mae and California State University-Fullerton research into what U.S. households know about qualifying for a mortgage came to this conclusion: “Correcting consumer misconceptions may be a more efficient approach to expanding homeownership opportunities by encouraging households who may already be qualified to own homes.” Source: AJC.com

Rates are low. ABBA First rates are lower!

Tuesday, August 15th, 2017

Please take the time to compare ABBA First interest rates with the national average as shown below from Freddie Mac.  Our rates are so much better and if you find something that you think is better, call us and we will meet or beat your best “deal”.

Last week, 30-year fixed rates fell to their lowest level in the past six weeks.  For the week ending August 10, Freddie Mac announced that 30-year fixed rates fell to 3.90% from 3.93% the week before.  The average for 15-year loans remained at 3.18%, and the average for five-year adjustables moved down slightly to 3.14%.  A year ago, 30-year fixed rates averaged 3.45%.  Attributed to Sean Becketti, chief economist, Freddie Mac — “After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week. The 30-year rate on home loans moved in tandem with Treasury yields, dropping 3 basis points to 3.90 percent. Earlier last week, Federal Reserve officials highlighted the influence of continued weak inflation data on rates.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Breaking: There should still be another rate hike in 2017 – Fed official

Monday, August 14th, 2017

Federal Reserve Bank of New York President William Dudley said it isn’t unreasonable to expect the central bank to announce plans in September to start trimming its balance sheet and said he supports another interest-rate increase this year if the economy evolves as he expects.

“I would expect — I would be in favor of doing another rate hike later this year” if the economy holds up, Dudley said, speaking in an interview with the Associated Press.

Expectations for a September announcement on when the Fed will begin to wind down its balance sheet weren’t “unreasonable,” he said. A political debate over the debt ceiling is unlikely to have a “big impact” on that timetable because the central bank could announce the start of the program but delay the actual date.

“The plan is out there. It’s been, I think, generally well-received, and fully anticipated,” Dudley said of the outline for drawing down the $4.5 trillion balance sheet. “In the last FOMC statement, we said that we expected this to happen relatively soon. So, I expect it to happen relatively soon.”

Dudley’s comments signal optimism at a time when inflation remains below the Fed’s goal even as the labor market continues to expand and the overall economy is chugging along. The New York Fed chief brushed aside recent weak price data as a trend that will probably reverse, suggesting officials might be willing to look past the slowdown even as it becomes more sustained.

Selling your home and want to do so quicker and possibly make more $$$?

Saturday, August 12th, 2017

Sixty-two percent of listing agents say professional staging decreases the amount of time a home spends on the market, while 40 percent of buyer’s agents say their clients are more willing to walk through a home that has been staged, according to the National Association of Realtors®’ 2017 Profile of Home Staging. “Realtors® know how important it is for buyers to be able to picture themselves living in a home, and staging a home makes that process much easier for potential buyers,” says NAR President William E. Brown. “While all real estate is local and many factors play into what a home is worth and how much buyers are willing to pay for it, staging can be the extra step sellers take to help sell their home more quickly and for a higher dollar value.”

A little rate stability after much volatility

Tuesday, August 8th, 2017

Rates were stable in the past week.  For the week ending August 3, Freddie Mac announced that 30-year fixed rates rose slightly to 3.93% from 3.92% the week before.  The average for 15-year loans decreased to 3.18%, and the average for five-year adjustables moved down to 3.15%.  A year ago, 30-year fixed rates averaged 3.43%.  Attributed to Sean Becketti, chief economist, Freddie Mac — “The 10-year Treasury yield was relatively flat this week, as was the rate on 30-year fixed loans, which rose 1 basis point to 3.93 percent. Despite a strong advance estimate for second quarter GDP, markets are erring on the side of caution.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.