As of April 23rd, Freddie Mac reports the National average 30 year fixed mortgage rate is at 3.65%. This is with a buyer paying .6 in points and or fees to the lender to obtain this rate. I am not a fan of paying points to buy the rate lower as the financial breakeven is usually longer than the average time a Family will keep the Home. Radian, a National Mortgage Insurance Company is now offering an industry first -Jobloss insurance. The new program will pay borrowers’ mortgage if they lose their job. The Dow is down, and if you have been reading my updates, what does that usually mean? You guessed it, Bonds are up. This will alleviate the upward pressure rates have felt the last 3 trading days. With New loan products like 3% down and no monthly Mortgage insurance, FHA lowering their monthly Mortgage Insurance and the rates holding their levels the market is picking up quickly.
Have a great weekend and call me if you need anything!
For more information contact Nick Russo at Towne Mortgage - Your Hometown Mortgage Lender!
Vice President, Towne Mortgage - Your Hometown Mortgage Lender
NMLS Company ID # 91904
600 22nd Street, Suite 302
Virginia Beach, VA 23451