Memorial Day is fast approaching and that means summer is just around the corner. For those of us who are veterans or personally know veterans who have passed away, this day is extra special. My own grandfather fought in WWII, making this day a sobering reminder of the sacrifice he and his fellow countrymen made to protect our country.
With interest rates near historic lows many people are ready to buy their first home. Being prepared for what’s to come will help make the process easy and painless.
Yesterday, U.S. Treasuries and mortgage bonds rallied throughout the day. Meanwhile, the Dow closed -376 points and the S&P closed -43 points. Mortgage bonds are slightly higher again this morning over concerns that the European debt crisis could slow the global economic expansion.
Quicken Loans now offers a 100% loan-to-value refinance on VA loans. This is great news for veterans who want to refinance 100% of their home’s value to enjoy today’s extremely low rates.
U.S. Treasuries and mortgage bonds are higher this morning as inflation remains subdued and heavy concerns remain in Europe. Meanwhile, the Initial Jobless Claims and Continuing Claims reports posted higher than expected numbers, which added fuel to the fire.
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Interest rates on 30-year fixed-rate mortgages dropped in the last week. The average mortgage rate was 4.70% Tuesday afternoon, down from 4.79% compared to the same time last week.
Home loan applications sank to a 13-year low last week despite low borrowing costs. Many experts correlate this drop in loan applications to the expiration of the home buyer tax credit that ran out on April 30.
Treasuries are lower this morning after rallying yesterday and after the CPI came in lower than expected. Treasuries got another boost after Germany banned naked short selling, fueling speculation European financial institutions are in worse shape than anticipated.
There are many reasons homeowners want to refinance their mortgage. Refinancing can get you a lower monthly payment, provide cash and pay down debts. But before you refinance, you should be informed and make sure it’s right for you.