ABBA First Mortgage News

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Who likes low rates? We do! We do!

Thursday, February 14th, 2019

Although rates shown here are national averages, please check the rates page for ABBA First and find out how you can save money with a lower rate jst by looking. Or better yet, call us at 910-332-0650 and talk to one of our loan advisors who will treat you with the service that you deserve and the rates that you didn’t expect!

For the week ending February 7, Freddie Mac announced that 30-year fixed rates moved down to 4.41% from 4.46% the week before. The average for 15-year loans also fell to 3.84% and the average for five-year adjustables decreased to 3.91%. A year ago, 30-year fixed rates averaged 4.32%, very close to rates today. “The U.S. economy remains on solid ground, inflation is contained and the threat of higher short-term rates is fading from view, which has allowed rates on home loans to drift down to their lowest level in 10 months. This is great news for consumers who will be looking for homes during the upcoming spring homebuying season. Rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years,” said Sam Khater, Chief Economist, Freddie Mac.

ABBA First Mortgage looks forward to working with you and for you.

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.

Some new guidelines for our Vets starting February 15th with their home refinancing and cash out allowances!

Friday, February 8th, 2019

VA has adopted new cash-out rules for refinances. These changes are effective February 15, leaving a very short period for lender comments, as well as meeting new disclosure requirements. Refinances other than IRRRL’s are divided into two types. TYPE I cash-outs are actually rate and term refinances. TYPE II are true cash-out refinances. In either case, the funding fee cannot be financed over 100%, which is the maximum LTV. A 210-day seasoning requirement is in place and there must be a net tangible benefit met. The VA gives eight options to meet this standard. In addition, fees must be recaptured within 36 months for Type 1 cash out refinances. See VA Circular 26-18-30 for more information.

There’s allot of banking jargon in that first paragraph but it essentially says that going forward the VA is tightening their belt with how they will loan their monies and how they expect to have guidlines followed to have it paid back. ABBA First will continue to follow all the rules and regulations as put forth by the VA as we continue to serve our military with honor and respect while we offer them the best service that we can through mortgage and loan originations and low interest rates. Call 910-332-0650 to find out how we can make a difference in your life if you’ve served our country and are looking to finance a home mortgage today!

Rates remain flat for the last week in January

Wednesday, February 6th, 2019

For the week ending January 31, Freddie Mac announced that 30-year fixed rates moved up one tick to 4.46%. But not for ABBA First Mortgage as we have kept our rates at an industry leading low of 4.25% for 30 years. The average for 15-year loans also was up one tick to 3.89% while ABBA First Mortgage remained at 3.625% and the average for five-year adjustables fell to 3.86%. A year ago, 30-year fixed rates averaged 4.22%, less than one-quarter of one percent lower than today. “Purchase applications were down this week after soaring early in the year. However, softening house price appreciation along with increasing inventory of homes on the market – and historically low interest rates – should give a boost to the spring homebuying season,” said Sam Khater, Chief Economist, Freddie Mac.

Somebody should get on the phone and call ABBA First today and start an application to take advantage of the low rates and excellent service that we offer. Isn’t a few hundred dollars or a few thousnd dollars a year better in your pockect rather than in the bank’s vault? I think so too! Call us soon! 910-332-0650.

You have to look at ABBA First rates and compare!

Tuesday, January 29th, 2019

Rates were stable again in the past week, which kept them at 9-month lows. For the week ending January 24, Freddie Mac announced that 30-year fixed rates remained at 4.45%. The average for 15-year loans also stayed the same at 3.88% and the average for five-year adjustables rose to 3.90%. A year ago, 30-year fixed rates averaged 4.15%, less than one-third of one percent lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac — “Rates on home loans have stabilized during the last month and are essentially at the same level as last spring – yet the most recent home sales are roughly half a million lower over the same period. Given that the economy remains on solid footing and weekly purchase application activity has been strong so far in 2019, we expect the decline in home sales to moderate or even reverse over the next couple of months.” 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.

Rates are still low for you to refinance or buy the home that you’ve been looking for!

Thursday, January 24th, 2019

For the week ending January 17, Freddie Mac announced that 30-year fixed rates remained at 4.45%. The average for 15-year loans decreased one tick to 3.88% and the average for five-year adjustables rose to 3.87%. A year ago, 30-year fixed rates averaged 4.04%, less than one-half of one percent lower than today. “Weaker manufacturing data and a more dovish tone from the Federal Reserve left rates on home loans unchanged relative to last week. Interest rate-sensitive sectors of the economy – such as consumer loan demand and homebuilder construction sentiment – are on the mend, which indicates that lower interest rates are beginning to have a positive impact on some segments of the economy,” said Sam Khater, Chief Economist, Freddie Mac.

ABBA First Mortgage has lowered their rates to be more than competitive with the best and the biggest companies in the states of NC and TN. Call 910-332-0650 and find out why there is no need to shop any further once you work with our loan officers here at ABBA First Mortgage.

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.

How the “Shutdown” affects us all

Wednesday, January 23rd, 2019

Regardless of the fact that the government will not stay shut down forever, many analysts are asking whether the shutdown might have a significant negative influence on the economy in the short-run and even some repercussions going forward. Even though back pay will be taken care of, the fact that almost a million workers went without pay for a significant period of time not only has had a deleterious effect upon individuals, but there is a cumulative affect that will reach beyond the workers themselves.

For example, in the real estate industry, there are lenders and landlords who will be receiving late payments. This will cause higher delinquency rates in addition to higher costs. Some buyers may have been delayed in purchasing homes during the shutdown and that means that sellers may have had to delay their plans. Retailers and other service professionals that do business with these workers may have been affected. Farmers are not receiving payments that are designed to off-set the negative effects of the trade war. Even businesses near government tourist attractions such as the National Zoo and museums have felt the pinch.

For those who are affected by the shutdown, this feels like a natural disaster. Only, instead of rebuilding homes after a flood or fire, they are actually rebuilding credit and certain parts of their lives. Will we see a temporary drop in economic growth due to the shutdown? That remains to be seen. However, we can be sure that we will see another drop in confidence in our leaders’ ability to come together and find solutions to the problems we face today.

ABBA First to target multi family houses for 2019 along with their many other mortgage programs

Wednesday, January 23rd, 2019

Call us at 910-332-0650 for pricing on residential homes including:
Duplexes, Triplexes, or Quadplexes
Single Family Detached Homes
Townhouses or Condos
Owner Occupied, Second Homes or Investment Properties
Conventional, FHA, VA, USDA, Jumbo loan products available

Look at ABBA First rates today-Remember what they were just 2 months ago in November, 2018?

Saturday, January 19th, 2019

This article may refresh your memory as it recalls where rates were in November of 2018-

The percentage of borrowers that purchased adjustable-rate loans reached 8.9 percent, the highest it’s been since Ellie Mae began tracking data in 2011. The increase in ARMs is directly correlated to the 30-year rate, which rose to 5.15 in November, up from 5.01 the month prior, according to the November Origination Insight Report from Ellie Mae. For FHA’s, the 30-year rate increased from 5.05 in October to 5.19 in November. Conventional rates increased from 5.03 in October to 5.17 in November, and Veteran Affair rates rose from 4.83 to 4.99. “As interest rates continue to rise, we are seeing the percentage of adjustable-rates rise in lockstep, and this month they’ve risen to the highest percentage we’ve seen since we began tracking data,” said Jonathan Corr, president and CEO of Ellie Mae. “As expected, we are also continuing to see the percentage of refinances remain low—30 percent in November—due to higher interest rates.” Source: Mortgage Professional America

ABBA First Mortgage is offering 30 year rates in the low 4’s for qualified borrowers for 30 year mortgages. Call 910-332-0650 and lock in your rate with one of our professional loan officers today!

Moving up and down within the “channel”. Rates are holding steady.

Friday, January 18th, 2019

We thought it was over. Interest rates continued their uphill climb with the 30 year being advertised in the 5’s. However after dropping for six consecutive weeks, according to the Primary Market Survey from Freddie Mac, rates have remained flat. At ABBA First, we see some stability to slightly improving possibilities in the short run.

“Weaker manufacturing data and a more dovish tone from the Federal Reserve left mortgage rates unchanged relative to last week,” said Sam Khater, chief economist at Freddie Mac. “However, interest rate-sensitive sectors of the economy–such as consumer mortgage demand and homebuilder construction sentiment–are on the mend, which indicates that lower interest rates are beginning to have a positive impact on some segments of the economy.”

The 30-year fixed-rate mortgage averaged 4.45 percent with an average 0.4 point for the week ending January 17, 2019, unchanged from last week. ABBA First was at 4.25% with 0 points. A year ago, the 30-year FRM averaged 4.04 percent.
The 15-year fixed-rate mortgage this week averaged 3.88 percent with an average 0.4 point, down from last week when it averaged 3.89 percent. A year ago, the 15-year FRM averaged 3.49 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.87 percent with an average 0.3 point, up from last week when it averaged 3.83 percent. A year ago, the 5-year ARM averaged 3.46 percent.

Before you decide to finance your home with any lender that claims to have the best, or with a builder that may be offering a cash incentive if you use their lender, please call us. If we cannot beat the best offer that you received, we’ll tell you that you’ve found something that can’t be beat. BUT typically, we’ll save you money at closing AND with your monthly payments. Thisis an offer that you shouldn’t pass up. Knowing that you found the best is what you were looking for in the first place. Call 910-332-0650 and ask to speak to Rich.

Finding the right home is hard enough. Finding the right lender doesn’t have to be.

Thursday, January 17th, 2019

Some people say that this says it all. Please check our rates page for the lowest rates available! Send us an email or call us at 910-332-0650 for your free quote!