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ABBA First Mortgage News

Archive for the 'Uncategorized' Category

NEW CONVENTIONAL LOAN LIMIT FOR ABBA FIRST MORTGAGE UP TO $625,000!

Friday, October 15th, 2021

As of today, October 15th, ABBA First is offering the same rate for all Conventional loans up to $625,000.  To date, we have had a loan limit of $548,250 but are excited to “up the ante” for our clients and for many, to help them avoid the Jumbo term loan pricing which is so much more expensive than the Conventional loan pricing.  So to the many who have avoided refinancing because of their loan amounts exceeding certain loan limits, welcome to the world of refinancing through ABBA First Mortgage!

Or if you’re looking to buy a home and don’t want to be in the Jumbo loan category because of higher rates and fees and restrictions that are cumbersome, we have the answer for you with our Conventional Mortgage loans up to $625,000.  Call us at 910-332-0650 and get started now with the lower rates that are offered through Conventional pricing and through ABBA First Mortgage.

For the week ending September 30, 30-year rates rose to 3.01% from 2.88% the week before.

Wednesday, October 6th, 2021

In addition, 15-year loans increased to 2.28% and the average for five-year ARMs rose to 2.48%. A year ago, 30-year fixed rates averaged 2.88%, approximately .125% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “Mortgage rates rose across all loan types this week as the 10-year U.S. Treasury yield reached its highest point since June. Many factors led to this increase, including the Federal Reserve communicating that it will taper its support of the capital markets, the broadening of inflation and emerging energy supply shortages which compound other labor and materials shortages. We expect mortgage rates to continue to rise modestly which will likely have an impact on home prices, causing them to moderate slightly after increasing over the last year.” 

ABBA First has kept rates in line with the lowest possible rates available for refinancing as well as for purchases.  Please call 910=332-0650 and find out how you can still take advantage of historically low rates before they get away from you.  We will work with you and find the best product to meet your needs.

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.

Foreclosures up 27% this month compared to last month

Wednesday, October 6th, 2021

If you’re interested in buying, keep your eyes open and your ear to the ground. What may be a travesty for someone may be the answer to your prayers as you’ve been waiting to purchase your first new home or an investment property to help you maintain your monthly income.  Come see ABBA First and be pre-approved for this purchase so that you have your ducks in a row before the opportunity passes you by.

Foreclosure activity increased significantly in August after the federal foreclosure moratorium ended July 31, reported ATTOM, Irvine, Calif. The ATTOM U.S. Foreclosure Market Report for August showed 15,838 U.S. properties with foreclosure filings–either default notices, scheduled auctions or bank repossessions–up 27 percent from July and up 60 percent from a year ago. The numbers reflect the first month since the government moratorium lifted. The federal ban on foreclosures expired in July, but the Federal Housing Administration extended its moratorium on evictions for foreclosed borrowers and their occupants through September 30. Rick Sharga, Executive Vice President at ATTOM subsidiary RealtyTrac, said foreclosure activity increased “as expected” as the government’s foreclosure moratorium expired, “but this doesn’t mean we should expect to see a flood of distressed properties coming to market,” he said. “We’ll continue to see foreclosure activity increase over the next three months as loans that were in default prior to the moratorium re-enter the foreclosure pipeline and states begin to catch up on months of foreclosure filings that simply haven’t been processed during the pandemic.”  But Sharga said foreclosures will likely remain below normal levels at least through the end of the year. Nationwide, one in every 8,677 housing units had a foreclosure filing in August.  ATTOM reported lenders started the foreclosure process on 8,348 U.S. properties in August, up 27 percent from last month and up 49 percent from a year ago.

Source: The Mortgage Bankers Association

And so the saga of rates going continues up and down continues

Wednesday, September 29th, 2021
Today is September 29th and rates have lost ground again today after a strong surge this  morning.

For the week ending September 23, 30 year mortgage rates rose slightly from the week before.

In addition, 15-year loans increased to 2.15% and the average for five-year ARMs fell to 2.43%. A year ago, 30-year fixed rates averaged 2.90%, virtually the same as today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “The slowdown in economic growth around the world has caused a flight to the quality of the U.S. financial markets. This has led to a rise in foreign investor purchases of U.S. Treasuries, causing mortgage rates to remain in place, despite the increasing dispersion of inflation across different consumer goods and services.”

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.

Stability reigns! Until tomorrow…

Wednesday, September 15th, 2021

The claim all along has been to buy now or refinance now before it’s too late!  People have heard that cry for so long that they’ve likened it as unto the boy who cried wolf.  But the day will soon come when rates will go up and those of you who have not taken advantage of these historically low rates “will be left behind” without a home (as I scramble in the fairy tale of the 3 pigs and the wolf who huffed and puffed and blew the houses down that had high interest rates or that were built poorly) that has a good mortgage interest rate.   Call ABBA First now toll free at 866-676-3349.

For the week ending September 9, Freddie Mac announced that 30-year fixed rates rose one tick to 2.88%.  The average for 15-year loans also rose one tick to 2.19% and the average for five-year ARMs decreased slightly to 2.42%.  A year ago, 30-year fixed rates averaged 2.86%, slightly lower than today.  Attributed to Sam Khater, Chief Economist, Freddie Mac – “While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence.  Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances.  Net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase.”

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.

Rise to fall & remain then & become flat to steady

Thursday, September 9th, 2021

Just like it’s hard to keep track of the erratic ups and downs of a hummingbird in flight, so it is with the 30 yr mortgage interest rate as it is affected by so many outside forces causing it to swing to and fro; up and down.  We do know that there are some steering forces behind each swing that it takes; we just don’t always recognize when it will eventually make its move.

Mortgage rates were flat again in the past week. For the week ending September 2, Freddie Mac announced that 30-year fixed rates remained at 2.87%, the same as the two weeks before. The average for 15-year loans rose one tick to 2.18% and the average for five-year ARMs increased slightly to 2.43%. A year ago, 30-year fixed rates averaged 2.93%, slightly higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates. Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.”

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.

 

Steady rates turn to rising rates as we head into September

Wednesday, September 1st, 2021

Although we’ve seen a steady market with very little change in interest rates, yesterday August 31st, saw the beginning of a downward slide once again and our stance is to take the best rate that is being offered NOW rather than hold out for what you might possibly think may be a better rate. Next week marks the end of the extended unemployment benefits which could possibly lead to additional housing availability.

For the week ending August 26, Freddie Mac announced that 30-year fixed rates remained at 2.87%, the same as the week before. The average for 15-year loans rose one tick to 2.17% and the average for five-year ARMs decreased slightly to 2.42%. A year ago, 30-year fixed rates averaged 2.91%, slightly higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks. Overall, rates continue to be low, with a window of opportunity for those who did not refinance under three percent. From a homebuyer perspective, purchase application demand is improving, but the major obstacle to higher home sales remains very low inventory for consumers to purchase.”

 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.

 

Last week was flat- So far this week, rates are on the rise.

Wednesday, August 25th, 2021

With today being August 25th, we see that 3 of the past 4 business days, MBS (Mortgage Backed Securities) have worsened and rates have gone up. It is only natural that borrowers need to be more serious about their intentions to finance sooner rather than later with this news being put out there for each of us to be aware of.  And this Friday, the 27th, The Federal Reserve Board may make the decision as to whether to taper the US bond purchases in October of ’21 or possibly wait until 2022 before starting that action.  The longer the Feds hold off, the better it will be for a low, mortgage interest rate marketplace hopefully keeping our economy in a robust state of mind.

For the week ending August 19, Freddie Mac announced that 30-year fixed rates decreased one tick to 2.86% from 2.87% the week before.  The average for 15-year loans rose one tick to 2.16% and the average for five-year ARMs decreased slightly to 2.43%. A year ago, 30-year fixed rates averaged 2.99%, slightly higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “Mortgage rates stayed relatively flat this week. Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur.”

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 continue to rise; home prices increase as demand to buy increases; and the cost to build a new home rises with the fear of inflation looming just around the corner.

Wednesday, August 18th, 2021

For the week ending August 12, Freddie Mac announced that 30-year fixed rates increased to 2.87% from 2.77% the week before. The average for 15-year loans rose to 2.15% and the average for five-year ARMs increased to 2.44%. A year ago, 30-year fixed rates averaged 2.96%, slightly higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “Following last Friday’s strong jobs report, which revealed broad based gains in employment and wage growth, mortgage rates are moving higher. After dropping for six consecutive weeks, the 30-year fixed-rate mortgage increased by ten basis points week-over-week. Despite the rise, rates remain very low, particularly given that economic growth is strong and will continue into next year.”

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.

Still want to get a great rate? It’s not too late! Check out the Rates Chart of ABBA First Mortgage

Friday, August 13th, 2021

Usually, posts from Fannie Mae lag behind by about a week, so I will preface my ABBA First post by stating that today is Friday the 13th of August.  After several days of having the MBS (Mortgage Backed Securities) worsen since August 5th, this morning we have seen a nice improvement in interest rates due to a lower than expected Consumer Confidence level.  Remember, bad news for the economy is good news for mortgage interest rates.  ABBA First welcomes any and all inquiries about interest rates for purchase or refinance transactions and will strive to either meet or beat any bona fide offer that is presented and at the same time, offer exceptional service which is second to none.  Call us at 910-332-0650 and ask for Rich.

For the week ending August 5, Freddie Mac announced that 30-year fixed rates decreased to 2.77% from 2.80% the week before. The average for 15-year loans remained at 2.10% and the average for five-year ARMs fell to 2.40%. A year ago, 30-year fixed rates averaged 2.88%, .11% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – ” With global market uncertainty surrounding the Delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit. The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 2021, and the 15-year fixed remained at its historic low. This bodes well for those still looking to refinance, renovate or even purchase a new home.”

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.