Author Archives: ipgocorp

Mortgage Rates Continue Post Election Climb According to Bankrate.com Weekly National Survey

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NEW YORK, NY – Mortgage rates inched higher, rising for a seventh consecutive week, with the benchmark 30-year fixed mortgage rate rising to 4.18 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.21 discount and origination points.

The larger jumbo 30-year fixed inched to 4.18 percent, while the average 15-year fixed mortgage rate climbed upward to 3.42 percent. Adjustable mortgage rates were mostly unchanged, with the 5-year ARM remaining at 3.45 percent and the 7-year ARM holding steady at 3.69 percent.

Mortgage rates continue to climb, reaching the highest levels since July 2015. While the run-up in mortgage rates was driven largely by the expectation of government stimulus and more government borrowing with the new administration, the Federal Reserve’s upward estimate of economic growth and projection of three interest rate hikes in the new year are continuing to drive mortgage rates upward. Inflation will be another variable to keep an eye on as any upside surprises would force the hand of the Fed into raising interest rates even quicker.

At the current average 30-year fixed mortgage rate of 4.18 percent, the monthly payment for a $200,000 loan is $975.70.

SURVEY RESULTS

30-year fixed: 4.18% — up from 4.15% last week (avg. points: 0.21)
15-year fixed: 3.42% — up from 3.40% last week (avg. points: 0.19)
5/1 ARM: 3.45% — unchanged from 3.45% last week (avg. points: 0.30)

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 majority, 63, percent, forecast that rates will continue to rise in the coming week, while 13 percent expect rates to go down. The remaining experts, 25 percent, predict that rates will remain more or less unchanged over the next seven days.

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HUD Announces New Housing Counseling Certification Requirements

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(RECAP: HUD today announced it will require that housing counselors participating in HUD programs to be certified to offer counseling services to consumers. In order to become certified, housing counselors must pass a standardized written examination and work for a HUD-approved housing counseling agency. Though announced today, HUD’s final rule will take full effect three years following the release of the certification examination. To help counselors prepare for the exam, the Department is offering intensive training and study resources (in English and Spanish) to its counseling stakeholders. HUD is providing a wealth of resources to individuals seeking HUD certification including a practice test that will be available shortly and the actual certification test is expected to be published in the Spring of 2017.)

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CFPB issues brief on consumers without credit histories or credit scores

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(RECAP: Earlier this week, the CFPB published a blog post, to announce that it has released a brief, “Who are the credit invisibles?,” that describes the May 2015 report’s “most significant findings” and a checklist of action items for consumers “who are new to credit or looking to rebuild.” Among the report’s findings highlighted in the new brief are that consumers in low-income neighborhoods are more likely to have no credit history with one of the nationwide consumer reporting agencies or an unscorable credit file and that Black and Hispanic consumers are more likely to have no credit history with one of the nationwide consumer reporting agencies and have unscored credit records than White or Asian consumers. The brief also includes a section describing actions consumers can take to build a credit history.)

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