Current Interest Rates
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

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PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%
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John B Landers

Refinance Mortgage or Buy Now Before Interest Rates Increase

January 04, 2013 at 6:56 PM
By: John B Landers
Mortgage Refinance
Home owners who intend to complete a mortgage refinance soon and people looking to purchase should move quickly to take advantage of low interest rates.
This is the message put forth by two Federal Reserve by economists Andreas Fuster and David Lucca, who work at the New York regional bank. The communication contradicts the dynamics of the relationship between mortgage rates and mortgage bonds.
Usually, mortgage interest rates have a direct correlation with mortgage bonds. For example, if the interest rates paid on bonds falls lower, a decrease in mortgage interest rates usually follows
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New Home Sales Reach Two-Year High in November

December 30, 2012 at 11:23 PM
By: John B Landers
Home Buying
According to the U.S. Census Bureau, in November new home sales increased to the highest level in two years. For the month, new homes sales climbed 4.4 percent to 377,000. Year-over-year sales rose 15%. The last time the annual rate of new home sales reached this level occurred in April 2010. At that time, the temporary tax credit for home buyers was in effect.
With existing home sales and home construction also showing improvement, the current data provide multiple signals that the housing market has entered into recovery mode. In addition, historic low mortgage interest rates, fewer foreclosures on the market, and a declining unemployment rate, has increased demand among home buyers.
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Mortgage Interest Rate Mixed as Mortgage Refinance Applications Fall

December 26, 2012 at 10:04 PM
By: John B Landers
Mortgage Rates
Mortgage refinance rates turned in mixed result based on amidst various reports on inflation and housing construction, based on figures released by Freddie Mac. The benchmark 30-year fixed rate product rose to a six week high at 3.37% compared to a rate of 3.32 percent a week ago and a year-over-year rate of 3.91 percent. Overall, the 3.37 percent rate still calculates lower than the average rate of 3.5 percent, which covers the past 13 weeks.
The 15-year fixed rate decreased from 2.66 percent to 2.65 percent the prior week. The rate for hybrid adjustable-rate-mortgage (ARMs) was 2.71 percent for the five-year ARM-- up from 2.7 percent. The one-year ARM dropped to 2.52 percent, down from 2.53 percent the previous week.
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Determine If Mortgage Refinance Makes Sense For You

December 18, 2012 at 1:08 AM
By: John B Landers
Mortgage Refinance
As mortgage interest rates continue to plummet and inflation remains under the Federal Reserve two percent benchmark, more and more people ask the question: Should I Refinance My Mortgage. Even a just a slight difference in the interest rate on a 30-year fixed-rate mortgage can make a significant difference.

You should run various scenarios to decide whether you would benefit from a mortgage refinance other if you would lose on the proposition. Of course, your interest rate will depend on your credit score.
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Fed to Likely to Intervene in Economy- More Banks Sued by Bond Investors

December 11, 2012 at 7:57 PM
By: John B Landers
Mortgage News
If all goes as expected on Wednesday, the Federal Open Market Committee will vote to increase its purchase of Treasury Securities to give a badly need stimulus to U.S. economic growth as we enter the new year. The Feds announced after the close of its September policy meeting that it would start buying an additional $40 billion worth of bonds-- starting that same month.
It also left open the possibility that it would take further action if the labor market did not improve.
As we border on a new year, the housing market seems to finally be in recovery with inventories falling across the nation, demand up, a high mortgage refinance applications, more ground-breaking for new homes, and home prices appreciating after five years of decline.
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Which Government Program Helped the Most and What the Fed Has in Mind for 2013?

December 04, 2012 at 11:59 PM
By: John B Landers
Mortgage Refinance
The major criticism about President Obama’s housing programs has been the failure of the programs to help as many homeowners as were originally intended.
The first program called the Home Affordable Modification Program (HAMP) was originally introduced right after the financial crisis in late 2008. When the administration announced HAMP in February of 2009, it promised to help over 4 million American homeowners. The Home Affordable Refinance Program (HARP) came along in March 2009.
Neither program has lived up to its original claims.
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What the Fiscal Cliff Means for Homebuyers and Mortgage Refinance

November 28, 2012 at 11:40 PM
By: John B Landers
Mortgage Refinance
By now, the average U.S. homeowner has probably heard numerous news reports about the looming “fiscal cliff.” Many potential borrowers who plan on a mortgage refinance or to buy a home may be unclear about what the fiscal cliff means and how it affects their personal circumstances.
Fiscal cliff refers to financial repercussions of actions the federal government will be forced into taking--in the form of tax increases and budget cuts—if Congress fails to resolve certain budgetary issues as outlined in the Budget Control Act of 2011. The law goes into effect at midnight on December 31, 2012.
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The Time for Mortgage Refinance Is Now

November 27, 2012 at 12:42 AM
By: John B Landers
Mortgage Refinance
At long last, it seems the five year freefall in home values have reached a bottom and the housing recovery has finally gotten on track. Some economists continue to exercise caution before jumping completely on the bandwagon. They cite tight credit underwriting criteria that are still too tight and a mortgage refinancing backlog caused lenders by reluctance to hire more staff to process mortgage refinance applications.
Record low interest rates have also helped to fuel demand for mortgage refinances. Federal Open Market Committee (FOMC) also express that the housing market has a long ways to go to reach the “optimum level” needed to help grow the economy. To ensure interest rates stay low, and possibly push rates lower, the FOMC has indicated that it will buy more bonds when the current maturity extension program called Operation Twist, which began in late 2011, expires in 2013.
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Banks Release Preliminary Report for Mortgage Settlement Agreement

November 20, 2012 at 4:03 PM
By: John B Landers
Mortgage News
According to a report released by the independent settlement monitor Joseph A. Smith Jr., the lenders to the mortgage settlement have paid out $26 billion to more than 300,000 homeowners. In February 2012, five big banks-- Citibank, JPMorgan Chase, Bank of America, Wells Fargo and Ally Financial, reached a deal with state and federal government negotiators to resolved issues related to the robo-signing scandal, which dominated news headlines in October 2010.
The robo-signing scandal alleges the lenders used deficient paperwork, illegal signatures and faulty procedures to illegal foreclosures on homeowners.
The average settlement amount is $84,385 per homeowners from 49 states and the District of Columbia. The State of Oklahoma worked out a separate settlement with the banks.
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FHA Mortgage Refinance: Options for Homeowners Affected by Sandy

November 15, 2012 at 2:24 PM
By: John B Landers
FHA Loans
As a result of Hurricane Sandy, borrowers who were in the midst of FHA mortgage refinancing, or other mortgage transactions in affected areas, should understand that many of these dealings have now been put on hold. A large number of homes will have to be inspected or re-inspected for potential damages caused by the superstorm. Estimates of damages from the storm is somewhere between 60 billion and $90 billion over seven states.
The Federal Housing Administration (FHA) and Federal Housing Finance Agency (FHFA)— oversight authority for Fannie Mae and Freddie Mac—encourage lenders to work with home owners who homes were destroyed or need repairs, individuals in the trial period of mortgage modifications, or borrowers who need to refinance their homes.
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