What is Happening in the Mortgage Market

October 28th, 2011 12:49 PM
 
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Richard Woodward
Banker / Senior Manager
Envoy Mortgage
Phone: 972-661-5136
Fax: 972-314-9647
License: NMLS ID #217454
Rwoodward@Envoymtg.com
www.Envoy-Mtg.com

Mortgage Product Highlight of the Month   
 
Texas Veteran Home Loans at 3.99% (4.145 APR)  or 3.49% (3.64% APR) for disabled Vets.
  • Exclusively for eligible Texas veterans 
  • Up to $325,000 for home purchase 
  • Fixed rate loans of 15, 20, 25 or 30 years 
  • Originates with participating lender only  
  • Home must be primary residence 
  • Home must be in Texas 
  • New homes must be ENERGY STAR® certified

In 1983, the Legislature created the VLB Veterans Housing Assistance Program to assist Texas veterans in purchasing a home. Through this program, eligible Texas veterans have an opportunity to purchase a home with an unbeatable, low-interest loan with little or no money down.

The VLB can make a Home Loan for most types of homes, but check to make sure .  Texas veterans must find a lender participating in the Veterans Housing Assistance Program (VHAP), and request a Texas Veterans Home Loan application to start the process.  

The veteran must occupy the home within 60 days after the closing of the loan, and the home must remain the veteran's primary residence for at least three years. 

 
Market News  for October 

The Dow Jones Industrial Average and S&P 500 saw historic gains in the month of October. The Dow advanced 13.5%, it's biggest gain since January 1987. The S&P 500 saw an increase of 12%, it's largest gain since October 1974. Optimism surrounding Europe, positive economic data and better than expected earnings reports all helped these indexes to huge monthly gains.

How does this affect home loan rates? Home loan rates pushed up in October in large part due to the meteoric rise in stocks. As investors looked to take advantage of favorable stock conditions, money flowed out of bonds. With all the money coming out of bonds, home loan rates took a hit.

Mortgage Interest Rates*
Rates as of Friday, 28th October, 2011:
  Term Conforming APR Payment per
$1,000		 Jumbo APR Payment per
$1,000		 Arm Reset Term
30-Yr. Fixed 360 4.000% 4.124% $4.77 4.625% 4.711% $5.14 -
15-Yr. Fixed 180 3.625% 3.843% $7.21 4.125% 4.273% $7.46 -
7-Yr. Fixed ARM 360 3.750% 3.872% $4.63 3.750% 3.831% $4.63 7
5-Yr. Fixed ARM 360 2.750% 2.865% $4.08 3.375% 3.455% $4.42 5
30-Yr. FHA 360 3.750% 3.872% $4.63 9999% 9999.000% $nan -
30-Yr. VA 360 3.750% 3.872% $4.63 4.50% 4.585% $5.07 -
USDA 100% Financing 360 3.875% 3.998% $4.70 9999% 9999.000% $nan -
10 Year ARM 360 3.750% 3.872% $4.63 4.125% 4.208% $4.85 10
203K Remodel FHA 360 4.125% 4.250% $4.85 9999% 9999.000% $nan -
30-Yr. HomePath Fannie Mae 360 4.250% 4.375% $4.92 9999% 9999.000% $nan -

*Rates are subject to change due to market fluctuations and borrower's eligibility. Payment amounts do not include amounts for taxes and insurance. Actual payments will be higher.

For professional use only. Not intended for consumer distribution.
 
This is not a commitment to lend. Credit and collateral subject to approval, other restrictions may apply. Programs, rates, terms and conditions are subject to change without notice. Rate base upon 780 FICO score, 20% down purchase, $261,000 loan amount and one origination point. Jumbo loans quoted at 25% down but 20% down is available. Envoy Mortgage, Ltd NMLS #6666, Richard Woodward NMLS # 217454, Licensed held by the State of Texas. Equal Housing Lender.


© Copyright 2011. All About News, Inc.
Posted by Richard Woodward on October 28th, 2011 12:49 PMPost a Comment (0)

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Envoy Mortgage Ltd. – Mortgage Banker Registration- #45300 COMPLAINTS REGARDING MORTGAGE BANKERS SHOULD BE SENT TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF MORTGAGE BANKERS . A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV

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