Fort Mill Tega Cay Lake Wylie Real Estate

 I have been warning everyone for 2 weeks now… and RATES WENT UP!!  Current 30 year rates are aorund 6% but will probably be the 6.25% range by next week unless something changes.  Inflation is bad for interest rates… VERY BAD… and everyone that buys mortage bonds are very concerned about inflation right now. 

100% Programs

GONE.  The only way to buy right now without any down payment is with some time of down payment assistance.  FHA loans are back in the spotlight!

STATED INCOME

Agency Stated programs are back!!!  We can offer conforming pricing on stated income programs again… the only drawback is 75% max financing.  NO DOC loans are no longer available in N.C.

INVESTMENT Programs

PMI companies are no longer offering mortgage insurance for cash-out refinances on non-owner occupied properties.  If you own investment property and are looking to get some cash, you are now stuck with 80% loan to value.

What’s HOT??

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Rates improved today but be CAREFUL.  Higher oil prices might hit rates next week.  I am still advising people to lock in because of the volitility, and the fact that rates are still a bargain.  30 Year fixed rates are around 5.625% right now, and 5/1 ARMS are down to 5.00%.  That is strong.  Homebuyers need to cash-in on these great interest rates now because it might now last!

100% Programs

GONE.  The only way to buy right now without any down payment is with some time of down payment assistance.  FHA loans are back in the spotlight!

STATED INCOME

Agency Stated programs are back!!!  We can offer conforming pricing on stated income programs again… the only drawback is 75% max financing.  NO DOC loans are no longer available in N.C.

INVESTMENT Programs

PMI companies are no longer offering mortgage insurance for cash-out refinances on non-owner occupied properties.  If you own investment property and are looking to get some cash, you are now stuck with 80% loan to value.

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Rates improved a little this week. I am still concerned about inflation and many analysts think that oil prices might reach $200. Let’s hope not. The continued rise of the oil prices will negatively effect mortgage bonds. Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.625% and 6.25% depending on credit score and loan program. ARM pricing is still weak but has improved. The 7/1 ARM rates are about .50% better than the 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before the value is the worth the risk.

100% Programs

GONE. The only way to buy right now without any down payment is with some time of down payment assistance. FHA loans are back in the spotlight!
STATED INCOME

Agency Stated programs are back!!! We can offer conforming pricing on
stated income programs again… the only drawback is 75% max financing.
NO DOC loans are no longer available in NC
INVESTMENT Programs (more…)

Rates improved this week as economic reports came in stronger than expected. I am still concerned about inflation. Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.625% and 6.25% depending on credit score and loan program. ARM pricing is still weak but has improved. The 7/1 ARM rates are about .25% better than the 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before the value is the worth the risk.

100% Programs

GONE. The only way to buy right now without any down payment is with some time of down payment assistance. FHA loans are back in the spotlight!

STATED INCOME

These programs are rare but still exist. You must be self-employed, and the credit must be pretty good. Rates for these programs range from 6.375% to 7.25% for fixed rate loans. NO DOC loans are no longer available in N.C.

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Rates went up this week as the stock market had a strong week. Current 30 Year Fixed rates are hovering around 6.00% but can easily range between 6.00% and 6.50% depending on credit score and loan program. ARM pricing is still weak. The 7/1 ARM rates are about the same as 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before the value is the worth the risk.

The mortgage bond market is near unchanged right now.

100% Programs

GONE. The only way to buy right now without any down payment is with some time of down payment assistance. FHA loans are back in the spotlight!

STATED INCOME

(more…)

Current 30 Year Fixed rates are hovering around 5.75% but can easily range between 5.5% and 6.25% depending on credit score and loan program.
ARM pricing is still bad but it is getting better. The 7/1 ARM rates are about the same as 30 Year fixed rates. It should get to about a 1% lower than the 30 Year Fixed before people will take it.

The mortgage bond market closed near unchanged today. The DOW closed down 257 points as concerns about the health of the economy continue.
Treasuries outperformed mortgage bonds. Be careful next week… a lot of reports are issued that have a direct link to inflation. (more…)