Mortgage rates this week dipped slightly, with only the 30-year fixed mortgage rate holding strong to its spot from last week.
Can you imagine buying a mail-order home? “Impossible!” you shout. “Who would do something like that?” your friends ask, incredulous. Oh, but it’s true! Around the turn of the century, people looking for a new, “modern” home could just open up their good old Sears Modern Homes catalog, choose their dream home plan, and a short wait later, they would have a ready-to-assemble home kit delivered to their soon-to-be doorstep.
This week, mortgage rates have started their slow and steady climb and according to all reports, they show no sign of stopping.
Last week, we saw mortgage rates stop and take a breather on their climb up Rate Mountain. Well, this week, they stocked up on supplies, got their gear and rallied because, friends, those rates are climbing. In fact, the 30-year fixed is the highest it’s been since September, 2012.
While I may be a creature of habit, I don’t mind little fluctuations in my routine; it helps keeps things interesting. But for the most part, I like to minimize the amount of change I experience on a weekly basis.That’s why when I saw this morning’s Primary Mortgage Market Survey, I felt a bit of relief. Mortgage rates mostly remain unchanged from last week.
January is National Hobby Month! And you know what that means? It’s time to celebrate the majesty of this small, swift bird. The hobby is very similar to the falcon, but are often praised for their speed and aerial acrobatics…Wait. No. I’m sorry. Not that kind of hobby. The kind of hobby we’re celebrating this month is an activity that you do – that you enjoy – to pass the time.
According to the Primary Mortgage Market Survey report released this week, rates are starting to rise. By no means have you missed your opportunity to take advantage of low rates – they’re still pretty darn near to record lows – but the trend might be on the upswing, and I would be woefully remiss if I didn’t try to encourage you to get in while the gettin is good.
So you’re interested in a VA loan, but you’re confused about some of the terms? You’re not alone. One of the most common questions that’s asked about VA loans is “What is the funding fee?” Simply put, the funding fee is a cost associated with obtaining a VA loan. Because VA loans are paid for both by the government and taxpayer dollars, the funding fee helps to offset the cost of administering the loan.
Happy 2013! The new year is all about ritual and resolutions. Everyone plans to eat better, work out more, and get more organized or spend more time with friends and family. We’re all guilty of at least one of these, aren’t we? I wonder, did you, my mortgage-rate seeking friends, resolve anything fun this year? This year, I resolved to avoid a cliche resolution and promised to laugh more and worry less, and bring you the PMMS report every Thursday!
I may have mentioned once or twice (or several times) how strongly Quicken Loans supports our service men and women. But if that wasn’t enough, maybe I should tell you about the awesome charity fundraiser we had this afternoon for our friends at Operation Homefront. This afternoon, Operation Homefront Executive Director Sarah Davis, met with our incredible Cleveland banking team so we could present her and the organization with a check for $25,000!