Usually I digest the information that I read about and then try to put my own spin on it and interpret this information. Working with the top professionals in the business has definite advantages in my business. I am really interested in the real estate market, especially the financial aspect and how it affects purchasing power for my clients in the Porland-Beaverton-Vancouver areas where I mainly work.
 Interest rates can adjust upwards - or downwards, each day, or sometimes multiple times in a day. We have been experiencing unbelieveable rates for the past year. This mortgage interest rates have been supported by the Federal Government and this support is going away, throwing the interests rates to find their place in the open market. The following is from a broker that sends me daily updates on interest rates and the mortgage interest rates: Rates Are Heading Up? OK so it has been a roller coaster ride, but very good news on the interest rates. Historical 40 year lows, FHA and Conventional loans running in the 4% - 5% range. The rates have been this low for the best part of September 2010 and heading into October 2010 Remember, rates always rise like a rocket (fast) and fall like a feather (slow). Won’t take too much to push them upwards – very fragile market. FHA Loans Will Cost More As of right now, the Up-Front-Mortgage-Insurance-Premium (UFMIP) for most FHA purchase loans is set at 1.75% of the loan amount. This is not paid at closing, but added to the loan balance. Starting with new FHA Case Numbers pulled October 4th or after, the UFMIP will rise to 2.25% of the loan amount. Again, not paid at closing, but it will be a larger amount added to a borrowers loan balance, and will affect the payment slightly.
If you would like to contact this mortgage broker directly: ERIC P. NEWMAN | P: 503.698.5801 | F: 503.716.4604 MORTGAGE BANKER, SUMMIT MORTGAGE CORP. eric@gonwloans.com |