Weekly Report: Mortgage Rates Rise Slightly to 3.62%

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ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

By Lauren Braun

Mortgage rates for 30-year fixed loans rose this week, with the rate borrowers were quoted on Zillow Mortgages on Tuesday morning at 3.62 percent, up 6 basis points from the same time last week.

The 30-year fixed mortgage rate rose early in the week, then hovered around 3.65 percent before returning to 3.62 percent Tuesday.

“Rates increased last week on strong economic data from both the U.S. and Europe,” said Erin Lantz, vice president of mortgages at Zillow. “This week we expect some volatility as markets hold their breath for Friday’s monthly jobs report.”

Additionally, the 15-year fixed mortgage rate Tuesday was 2.87 percent. For 5/1 ARMs, the rate was 2.75 percent.

Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

 

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Mortgage Rates at 3.56% on Fed’s Signal Rise Won’t Come Soon

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ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

By Lauren Braun

Mortgage rates for 30-year fixed loans fell this week, with the rate borrowers were quoted on Zillow Mortgages at 3.56 percent Tuesday, down 9 basis points from this time last week.

The 30-year fixed mortgage rate dropped last week, then rose to 3.69 percent Monday before falling Tuesday.

“Rates fell sharply last week after the Fed statement suggested that rates will remain lower for longer than expected,” said Erin Lantz, vice president of mortgages at Zillow. “We expect mixed domestic data to drive some small market movements this week, but mortgage rates should remain unchanged.”

Additionally, the 15-year fixed mortgage rate Tuesday morning was 2.81 percent. For 5/1 ARMs, the rate was 2.70 percent.

Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

 

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Mortgage Rates Dip to 3.65% Ahead of Yellen News Conference

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ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

By Lauren Braun

Mortgage rates for 30-year fixed loans fell this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.65 percent, down 8 basis points from this time last week.

The 30-year fixed mortgage rate dropped Wednesday, then hovered around 3.69 percent before falling to the current rate on Tuesday.

“Rates fell early last week as the European Central Bank officially launched its bond purchase program, and remained low due to weak U.S. data released later in the week,” said Erin Lantz, vice president of mortgages at Zillow. “This week we expect rate volatility leading up to Wednesday’s Federal Open Market Committee statement and Fed Chair Janet Yellen’s press conference.”

Additionally, the 15-year fixed mortgage rate Tuesday morning was 2.87 percent. For 5/1 ARMs, the rate was 2.75 percent.

Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to see what your monthly payments would be at the current rates.

 

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Take A Look At The Following Considerations Before You Purchase A Home

If someone is eager to sell their property, they may keep a few defects hidden. It is unfortunate that if you were to hire a professional inspector for each viewing, it would get incredibly expensive. Therefore, here are some things that are obvious even to a novice which can tell you not to buy the home.

First and foremost, think hard before you buy a “fixer up.” It is certainly true that these properties seem very interesting because they are so affordable. Many of us believe that we have sufficient DIY skills to fix up such a property. In reality, however, they are often things that must be done by qualified professionals. Qualified professionals are incredibly expensive and you may not have sufficient budget for that. Secondly, be very careful of properties that have clearly had DIY adjustments. With all the best intentions, things that have been done without professional help can look great, but are often full of problems.

Next, make sure you know if the property has been foreclosed on or is going through a short sale. Although it is true that these are the cheapest properties, they are also often in poor condition and in bad neighborhoods.

In truth, you are the only person who can really make a decision in terms of whether or not to buy a home. It is also true that if you are looking for a true bargain, then a house with problems is what you are looking for. However, you must also be very careful that you aren’t buying into a money pit, or a property that you will never be able to sell again. A home is a place where someone, either you or a tenant, will have to live and this means it does have to be an enjoyable property to seem extent. It goes without saying that checking the condition of the property itself is very important, but the area it is in must be focused on as well. To check on the actual property, all you really need to do is hire the services of a property inspector. When it comes to the neighborhood, however, you need to have a personal feel, something that cannot be achieved by a check box list.…

3 Things To Consider Before Home Buying

The moment we buy a home is a momentous occasion. However, because we are eager to make the purchase, we sometimes fail to notice see the various defects of a property. As much as you may feel that a certain property has stolen your heart, if it exhibits a number of red flags, you should leave it behind. Let’s take a look at a few of these red flags.

The first is the neighborhood. This is of absolute vital importance. Look into whether the community is growing and thriving, or whether it is declining. Signs of decline include numerous boarded up businesses and foreclosed homes. Make sure you visit the area on two different occasions. This is also a great way to find out what traffic is like. Do also come at least once at night, so you can see whether the streets are safe and quiet at night or not. Speak to the police and ask for statistics on local crimes.

There are also a number of things that can cause a lot of damage to a property that are almost irreparable. Make sure you check for signs of the presence of water damage, pest damage, asbestos, mold and faulty wiring. The issue is that identifying these types of problems can be very difficult. It is very much possible that the sellers don’t know these problems exist. In the cases where they do know that these issues are present, they may take steps to hide them. It is incredibly easy to hide these significant issues through simple things such as cleaning and switching the power off. To find out, you can arrange for a home inspection, but do also make sure you speak to members of the community. They can tell you about the history of various properties in the area. It is safe to say that most major problems like pests, water damage and mold will occur in more than one home.

The reality is that you are the only one who can decide whether or not to buy a property. Additionally, if you find that there are certain problems, you could use this as a negotiating point to drive the price down. However, you must also be very careful that you aren’t buying into a money pit, or a property that you will never be able to sell again. Homes, whether purchased as an investment or not, are places for people to live in, which means they have to be inhabitable. Although it is certainly true that you should look into the condition of the actual property, focusing on the neighborhood is equally important. A property inspector is all you really need in order to look into the condition of the actual property after all. In terms of checking out a neighborhood, there is no data available to do this right, only your own personal feelings.…

3 Red Flags To Look Out For When Buying A Home

Buying a home is a joyful period in a person’s life. The only problem is that you have to make sure your excitement doesn’t make you stop from seeing any issues that a property may have. Although we do sometimes fall in love with a property, we should never purchase it without running a few necessary checks. Let’s take a look at a few of these red flags.

Always look through the neighborhood. Are people seemingly leaving in a mass exodus? Ask people who live in the area whether it is a good place to live. Look at the land as well. If the land slopes downwards towards the property, there is a chance that the foundations have been or will be damaged by flowing rain water. Use your nose: bad smells in or out the property are a bad sign. Look into whether there are pests. This is also something to ask others in the neighborhood about as they are likely to know all about past insect, rodent or other pests problems.

Then, you need to look into things that may have caused damage to the property that are very hard to fix. Make sure you check for signs of the presence of water damage, pest damage, asbestos, mold and faulty wiring. But it often takes a professional eye to actually spot these problems. It is very much possible that the sellers don’t know these problems exist. In the cases where they do know that these issues are present, they may take steps to hide them. By simply ensuring the property is very clean and no sockets are used unnecessarily, you are not able to see the problems are there. To find out, you can arrange for a home inspection, but do also make sure you speak to members of the community. They will be happy to tell you about any historical issues that have occurred in the area. Usually, problems like pests, water damage and mold don’t occur in just one home.

At the end of the day, you are the only one who an decide whether you will buy a property or not. But do make sure to exercise due diligence. Always make sure a professional inspector has looked over the property first. If some serious issues are identified, you can then decide whether this means the property is not for you, or whether you want to try and have the current owner reduce the selling price. Do be careful with this, however, as you don’t want to end up purchasing a money pit.…

Top Things To Be Careful About Prior To Home Purchasing

When someone tries to sell their home, they do not always tell the whole truth. Sadly, most of us cannot afford hiring a professional inspector for each property that we view. Therefore, here are some things that are obvious even to a novice which can tell you not to buy the home.

Always look through the neighborhood. Are people seemingly leaving in a mass exodus? Make sure that you speak to some of the residents and ask about what the community is like. Look at the land as well. If you notice that the yard is on a downwards slope towards the property, the foundations could be affected by rain water. You should also look into whether there are any weird smells in and out of the property. Look into whether there are pests. If there have been bugs or insects, people in the street are likely to know about it, so ask them.

Secondly, you need to know whether the property you are buying is a regular sale, a short sale or a foreclosure sale. Yes, you can get an amazing deal on this. However, many of these properties are in terrible condition and it can also be a sign of trouble in the neighborhood itself.

The bottom line is very simply that a home should never be bought unless a professional inspector has given you the green light. With the information above, you should be able to find out whether you should walk away, or whether hiring an inspector is a good idea. If any problems are present, you can choose to walk away from the property, or you can request a huge discount on the purchase price so you can arrange the necessary repairs. Do also make sure you listen to professional inspectors’ advice. The goal of professional home inspectors is to make sure that you can truly get your dream home, and not some sort of money pit disaster.…

Run A Few Simple Checks Before Home Buying

A home purchase is both exciting and fun. The only problem is that you have to make sure your excitement doesn’t make you stop from seeing any issues that a property may have. Yes, some properties seem to just call to us, but if they have certain issues, you should still walk away. Hopefully, the information below will show you some of the things to be aware of.

Always look through the neighborhood. Does it look like everybody is leaving? Make sure that you speak to some of the residents and ask about what the community is like. Look at the land as well. If you find that the yard slopes downward towards the property, it is possible that rainwater would run down it and damage the foundations. Use your nose: bad smells in or out the property are a bad sign. Also look for bugs and insects. Ask community members of this, as everybody always knows when someone else has pests.

Now, you need to see how the property was looked after. You should be able to tell whether it was maintained regularly. If it looks run down from the outside, it is likely that the inside isn’t in a much better condition either. Also, look at the wiring. Although you probably won’t be able to identify all of the problems yourself, some red flags are easy to spot. If you spot that outlets are warm or that lights flicker, there is likely to be a wiring problem. Check whether it looks like some of the walls have been repainted recently, which could be a sign of them trying to hide something. Check the windows. Look at whether the windows have mold or condensation or are hard to open; this could be a sign of expensive problems.Naturally, never view a property that you are not allowed to see in full. If any structural work has been done on the property, you need to make sure that it was done by someone who was fully qualified to do this.

After all is said and done, only you can truly decide whether or not you want to purchase a home. However, make sure you exert due diligence at all times. Do only purchase a property once you have had it inspected by a professional inspector. If any issues are found, it is up to you to decide whether you then want to step away from the property, or whether you want to use it as a bargaining tool to bring down the price. However, always be careful that you do not get tied into a money pit.…

Mortgage Rates Ease to 3.73% After Rising on Jobs Report

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ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

By Lauren Braun

Mortgage rates for 30-year fixed loans rose this week, with the rate borrowers were quoted on Zillow Mortgages at 3.73 percent Tuesday, up 3 basis points from the same time last week.

The 30-year fixed rate rose Friday to 3.83 percent, where rates hovered through the weekend before dipping Tuesday.

“Rates remained flat for most of last week but jumped sharply after Friday’s exceptionally strong jobs report, before easing back down early this week,” said Erin Lantz, vice president of mortgages at Zillow. “We expect rates to hold steady this week due to little incoming data and the official start of the European Central Bank’s bond purchases.”

The 15-year fixed mortgage rate was at 2.92 percent Tuesday. For 5/1 ARMs, the rate was 2.89 percent.

Check Zillow Mortgages for rate trends and up-to-the-minute rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

 

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How To Increase Your Credit Score To Get a Good Mortgage

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Hand putting check mark with red marker on poor credit score evaluation form.
AlamyMost banks require a minimum score of 660 in order to grant borrowers a conventional mortgage.

If you’ve been sidelined from buying real estate because the bank won’t give you a mortgage, you still may have an opportunity to get into the market. If you are willing to put in a little work and have patience, you may be able to raise your credit score enough to convince the bank you are a good bet.

Here are five techniques to help you do just that:

1. Scrub Your Credit Report

If your credit score is below 620, any mortgage you get will be expensive because you’ll be considered a sub-prime borrower. And most banks require a minimum score of 660 in order to grant you a conventional mortgage. Now that we know what the goal is, the first step is to see where you stand. You do that by getting your credit report, and you can do it easily and free by visiting AnnualCreditReport.com.

Once you obtain your reports, go through them carefully. First, look for any items that are inaccurate. That includes false negative data. Are there any late payments reported that weren’t really late? Do all the accounts that show up in your file really belong to you? Identify and dispute all errors.

Next, look for information that isn’t verifiable. In order for negative information to remain on your credit report, the creditor or credit bureau has to be able to prove that the item is true. But over time, many companies lose information, go out of business or are purchased. This means they may not be able to produce proof when you rightfully demand they do so. Use that to your advantage. If they can’t come up with the evidence, they have no choice but to fix your report by removing this bad information.

Last, make sure that all the negative information is complete. That means looking for any entries that don’t tell the entire story. For example, if you failed to pay a bill for good reason — if you never received the service or product you were billed for, for example — there is no justification for that failure to hurt your credit score. As a result, the entry is incomplete and must be wiped clean. If you have extenuating circumstances, you may be able to get items removed that while technically true are incomplete.

Just remember that the only way to get negative information off your credit report is for the reporting creditor or the credit bureau to remove it. And they will only do that if you force them to. Take a few minutes to familiarize with the laws that protect consumers and let those financial institutions know that you are ready to go to the mat in order to be treated fairly. Either write these organizations yourself or hire a reputable firm to dispute unfair credit entries on your report. Either way, this is your first step.

2. Pay Your Current Bills

Your payment history accounts for 35% of your FICO credit score. And current balances have much greater weight on your score than older entries. That means it’s very important to pay your bills. If a vendor reports a new late payment it will really knock down your score, so be hypervigilant on this front.

The next most important component of your credit score is the amount you owe. In a perfect world, you would take extra cash you have on hand and pay off all your credit card balances (but not close the accounts). If you don’t have the cash to do that, consider getting a loan from your family. The amount you owe your family won’t show up on your credit report, but your lower overall debt will. That’s going to boost your score nicely.

If getting a loan from the family isn’t an option, you might try getting a loan from a peer-to-peer lender. Many borrowers say loans they take from these sources don’t show up on their credit report, though that’s not always the case. It might be worth a try.

3. Consider Another Way to Boost Your Score

Some people approach people they are very close to and ask them to add them to their existing credit card account. As long as that person’s credit account has been open for two years or more and they add you as joint or co-owner, you’ll see a fast bump in your credit score. Of course this approach exposes both you and your friend to risk, so take this step very carefully.

4. Pay Old Bills, But Make a Deal

Once a legitimate negative is placed in your credit file, it only comes off if the creditor or credit bureau wants it off or seven years pass. Before paying off old bills, contact the creditor and tell them you want to pay off the old amount in exchange for a written guarantee they will remove the old negative item from your credit report.

Some creditors will balk at this but since they have the power to put items on your credit report, they have the power to remove them. If they want your account settled badly enough, they’ll play ball.

5. Slow Down

Even if you do everything mentioned above, it still takes time to see results. Some experts suggest that if you take all these steps, you can add five or 10 points a month to your score. So depending on your current score, you can do the math and figure out how long it will take to achieve the goal you have in mind. In some cases, it could take 24 months, though occasionally some people have been able to increase their credit score by 100 points in as little as six months. Much depends on your starting point, and your individual history.

If you need a mortgage, you want to have the highest credit score you can. Take the steps outlined above and be patient. Prices and/or interest rates may increase while you are waiting, but there is no good alternative. If you rush into buying property with a low score, you’ll pay through the nose for a loan — and you might even end up doing yourself more harm than good.

 

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