Author Archives: ipgocorp

Mortgage Rates Notch Higher for Ninth Consecutive Week According to Bankrate.com National Survey

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NEW YORK, NY – Mortgage rates inched upward, but it was enough to extend the climb to a ninth consecutive week, with the benchmark 30-year fixed mortgage rate now at 4.32 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed similarly nosed higher to 4.37 percent, and the average 15-year fixed mortgage rate reset a 32-month high of 3.57 percent. Adjustable mortgage rates were mixed, with the 3-year ARM slipping to 3.48 percent while the 5-year ARM rose to 3.57 percent.

Mortgage rates increased for a ninth week in a row and the 12th time in the past 13 weeks, with rates holding steady the only week they didn’t go lower during that stretch. As a result, benchmark 30-year fixed mortgage rates did not decline once during the fourth calendar quarter of 2016, the first time that has happened in the 31 years that Bankrate has been conducting a national mortgage rate survey. At the current average 30-year fixed mortgage rate of 4.32 percent, the monthly payment for a $200,000 loan is $992.09.

SURVEY RESULTS

30-year fixed: 4.32% — up from 4.31% last week (avg. points: 0.24)

15-year fixed: 3.57% — up from 3.56% last week (avg. points: 0.19)

5/1 ARM: 3.57% — up from 3.56% last week (avg. points: 0.35)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The panelists are split this week, with half expecting mortgage rates to fall and the other half predicting mortgage rates will remain more or less unchanged over the coming week. Fascinatingly, none of this week’s respondents see a continued rise in mortgage rates during the next seven days.

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Trump Win Could Usher in Boom for U.S. Housing, Says Shiller

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(RECAP: Donald Trump’s unexpected victory in the November U.S. presidential election could prove a pivotal moment for the U.S. housing market, according to economist and Nobel laureate Robert Shiller. “I reckon we’re at a turning point. The numbers that we’re reporting today are October, before the Trump election, and everything looks different now,” he told Bloomberg Television’s. S&P CoreLogic Case-Shiller data released earlier on Tuesday showed that home prices in 20 U.S. cities maintained a steady pace of increases in October, rising by 5.1 percent, while a gauge of nationwide property values rose by the most since mid-2014. Bond yields and the dollar have risen since Trump secured the White House on Nov. 8 as investors bet he’ll follow through on campaign promises to cut taxes, ease regulations and spend billions of dollars on upgrading U.S. infrastructure.)

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Hunt Mortgage Partners uses Freddie Mac to Finance the Rehabilitation and Preservation of an Affordable Housing Property in Portsmouth, Virginia

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(RECAP: Hunt Mortgage Partners, LLC today announced it provided financing to facilitate the acquisition and moderate rehabilitation of a multifamily property located in Portsmouth, Virginia. The total investment was $4.7 million. The property being bought is Dale Homes Phase I, a single parcel containing 146 units. The loan has an eighteen-year term, with two-years interest-only payments and a 35-year amortization schedule beginning in year three. “Dale Homes will be part of the Rental Help Demonstration (RAD) program in which its public housing units will be converted to project-based Section 8 housing with a 20 year HAP contract in-place at closing for 100% of the units,” clarified Joshua Reiss, Assistant Vice President at Hunt Mortgage Group. “The property will remain affordable housing relying upon LIHTC financing, and other sources, to finance the rehabilitation of the property,” noted Reiss. “By converting through the RAD program the property receives two 20 year project based rental help contracts thereby preserving affordability for the next 40 years.”)

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