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The average interest rate for a 30-year, fixed-rate mortgage loan continued to decline last week, according to Freddie Mac's Primary Mortgage Market Survey.
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Jan 24, 2015 7:48:00 AM
The average interest rate for a 30-year, fixed-rate mortgage loan continued to decline last week, according to Freddie Mac's Primary Mortgage Market Survey.
Topics: Mortgage Rates & News
Jan 12, 2015 7:23:00 AM
Many potential Massachusetts home buyers may have heard the recent news that the Federal Housing Administration (FHA) reduced cost of private mortgage insurance (PMI), but there are two other important things to know about PMI as it applies to FHA mortgages.
Topics: Home-buying Tips, Mortgages 101, Loan Programs, Mortgage Rates & News
Dec 15, 2014 8:07:00 PM
The real estate media, as well as many real estate bloggers, have been buzzing about the announcement that Fannie Mae and Freddie Mac will now offer first-time home buyers conventional mortgages with only a 3 percent down payment, but in Massachusetts home buyers already have two options for low down payment mortgages.
Topics: Home-buying Tips, Mortgages 101, Mortgage Rates & News
Nov 17, 2014 7:30:00 AM
Mortgage applications for home purchases rose 1.1 percent for the week ending November 7, 2014, according to a report by the Mortgage Bankers Association (MBA), Reuters reported November 12, 2014.
Topics: Mortgage Rates & News
Sep 5, 2014 4:59:21 PM
Have you been on the fence about starting the home-buying process? You may want to take advantage of what may be a limited window of opportunity.
ZIllow reported on its blog September 2, 2014, that 30-year, fixed-rate mortgage interest rates declined "12 basis points this week," with the current rate borrowers were quoted on Zillow Mortgages at 3.96 percent. The interest rate is down from 4.08 percent at the same time the previous week. These rates are averages across the United States, and may include points or other fees that increase the overall cost of borrowing, but overall rates are down.
Topics: Mortgage Rates & News
Aug 22, 2014 2:30:00 PM
In June of 2013 the Commonwealth of Massachusetts announced the creation of a homeownership compact, with the goal of bringing lenders together to provide 10,000 mortgage loans to first-time home buyers over five years. The compact included a commitment among participating lenders to originate a specific number of loans through MassHousing and the Massachusetts Housing Partnership (MHP) home loan programs.
As part of the effort to provide Massachusetts first-time home buyers with lower and moderate incomes an opportunity to own a home, the state launched a new Web site to provide potential home buyers information about MassHousing mortgages and the MHP One Mortgage.
Topics: Home-buying Tips, Mortgages 101, Loan Programs, Mortgage Rates & News
Aug 21, 2014 8:36:49 PM
Despite the recent rise in median home prices, a report released by Zillow August 21, 2014 found that buying a home in the Greater Boston Area was still more affordable in July than renting.
Home prices have risen over the past two years, but that was after a significant decline in the Boston real estate market. Meanwhile, rents never really declined during the recession. Rents have just kept climbing.
Topics: Real Estate Market, Mortgage Rates & News
Jul 12, 2014 8:23:00 AM
The Boston Globe reported on July 9, 2014 that a few additional lenders have agreed to participate in a state program to provide loans to first-time home buyers through MassHousing and the Massachusetts Housing Partnership. What types of loans are available to first-time home buyers? Eligible first-time home buyers may qualify for mortgages with low down payments, no private mortgage insurance (PMI) and other benefits.
The following are a few, but not all, of the loan programs available to first-time home buyers in Massachusetts.
Topics: Home-buying Tips, Mortgages 101, Loan Programs, Mortgage Rates & News
Jun 8, 2014 1:35:00 PM
Massachusetts first-time home buyers now have an additional loan option when considering mortgages to purchase a single-family, condominium or multi-family home.
MassHousing, a self-sustaining agency that does not use taxpayer money, announced on its blog May 20, 2014 a new lender-paid mortgage insurance (LMPI) program that increases a borrower's home-buying power.
Through the program, the lender pays the full mortgage insurance premium for the borrower at the time of closing, which is good for the life of the loan. This cost is offset by a higher interest rate on the mortgage, compared to a loan with borrower-paid MI (BPMI). Even with the higher rate, the LPMI loan generally results in a lower monthly payment for the borrower for the first several years of the loan.
Topics: Home-buying Tips, Loan Programs, Mortgage Rates & News
Apr 5, 2014 5:15:00 PM
The average interest rate for a 30-year, fixed-rate mortgage in the United State rose slightly this week, mortgage buyer Freddie Mac reported April 3, 2014.
Topics: Mortgage Rates & News
Oct 19, 2013 7:52:00 AM
Massachusetts first-time home buyers, and really any home buyer, should keep in mind that certain personal and financial moves may hurt their chances of, or disqualify them from, obtianing a mortgage loan or delay their closing. Several seemingly innocent financial or personal changes by a borrower during the loan process may have unintended consequences. The following are 12 things a potential home buyer should not do when seeking a mortgage.
Topics: Home-buying Tips, Mortgages 101, Mortgage Rates & News
Oct 5, 2013 5:11:00 PM
Average U.S. mortgage interest rates for 30-year, fixed rate loans declined for the third consecutive week, USA Today reported Thursday October 3, 2013.
Continued chaos in Washington D.C., some bleek economic news and the Federal Reserve's decision to continue purchasing mortgage-backed sercurities have resulted in rates dipping below mid August highs.
Topics: Mortgage Rates & News
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