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Mortgage Rate Update
May 11, 2008. Happy Mothers Day! The stock market will keep a close eye to the direction of oil prices and corporate earnings this week. Mortgage rates gained some ground to end the week and thirty year fixed mortgage rates again hover around six percent.
What direction are mortgage rates moving and what economic news will move the market, learn more:
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Oil prices could have a crippling effect on the economy. Learn about their potential impact to mortgage rates. Learn more:
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Your Mortgage Questions
What is the economic stimulus package ?
This was part of a government sponsored plan, that included legislation aimed at the housing market. The program will allow Fannie Mae and Freddie Mac to begin purchasing loans beyond their $417,000 threshold. Both agency lenders are now working with mortgage lenders to offer conforming jumbo loans up to 729k, based on a borrowers elgibilty and area they live in (county). Most lenders are now offering these mortgages and you should contact your lender if your have a loan size above 417k and are looking to refinance.
What direction are mortgage rates heading?
The market for mortgage rates has trended up since Janruary when rates hit a five year low. Their are key factors (Inflation, Stock Market Growth) likely to influence rates continuing to rise over the long term and balance of the year. If you are in the market for a mortgage or home loan then you will want to try to lock in if there is unfavorable economic news such as employment growth or consumer confidence as rates may drop for a short period of time.
What options are available for individuals with credit scores under 600?
The market for individuals who are searching for mortgages with bruised credit has dramatically changed. If you have lower than a 580 credit score, you may not be able to qualify for a mortgage as Fannie Mae will no longer guarantee these loans for most individuals. Your only option may be to explore a loan through an FHA approved lender. If you have bruised credit having a large down payment/equity position may also help to get your loan approved.
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Prime Rate 5.0%
Six Month Libor 3.13%
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May, 2008.
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