This Week’s Mortgage News
With mortgage rates still historically low, many consumers are in a position to refinance their home loans and reduce their monthly payments. In fact, according to a Black Knight Financial Service Mortgage Monitor report, more than 7 million U.S. households may be eligible for a home loan refinance.
Refinance opportunities are available for a variety of types of loans, including conventional, FHA and VA loans. Additionally, hundreds of thousands of homeowners are eligible for the Home Affordable Refinance Program (HARP), which expires at the end of 2016, as well as for the FHA Streamline Refinance and VA Streamline Refinance programs.
When it comes to refinancing, the most common type is the “rate-and-term” refinance, where a homeowner is looking for a lower interest rate, and thus a lower monthly payment. There are also cash-out refinances that are used to finance home construction, pay for college, fund retirement or for other cash needs, and cash-in refinances where the homeowner pays down the mortgage balance at closing in order to get better loan terms.
Industry Trends
WFS Jumbo rate – 5/5 ARM: 3.250%
Other WFS rates – Check with your GSM for current rates.
Refi Index – (-7.0%)
Purchase Index – (-1.0%)
NAHB Builder Confidence – 58 (-3 pts.)
Existing Home Sales – 5,470,000
(+0.4%)
New Home Sales – 494,000 (-9.2%)
Pending Home Sales – 106.0 (-2.5%)
Housing Starts – 1,099,000 (-3.8%)
Building Permits – 1,202,000 (-0.2%)
(As of March 3, 2016)
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Weichert Financial Services offers a jumbo loan option for borrowers with loan amounts above conventional conforming and below high-balance loan limits. This fixed-mortgage loan only requires a 5% down payment.
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