Loan Limits and Revitalization Plan

March 8th, 2008 Connor MacIVOR Posted in Interest Rates, Lending and Truth 1 Comment »

So here is what is going on with the Revitalization plan that is going to be instituted April 1, 2008.  There are a few things that have not been released as of yet, but I will put these documents from Fannie Mae AT this LINK.

So, they have deemed April 1 as the date of the kick off - April Fools Day, I’m hoping that was coincidence.  But that is funny just the same.

They are going to call these Jumbo-Conforming loans.  On the link you will see which counties get what limit.  Through implication it is said HUD will publish an official list of areas and also limits prior to April 1, 2008.  If I were to be a betting man, I would guess that Los Angeles and Ventura County will be part of the counties that are going to be labeled the "high-cost" areas.

Here are how the numbers break down, the "high-cost" areas will get the top limit of $729,750, but that figure could change when those locations are released.  If you direct your attention to page 3 on the link, it is a 90% loan - CLTV - Combined Loan to Value Ratio.  This is for fixed loans and there will be credit score requirements.

Adjustable Rate Mortgages will only get to 80% Combined Loan To Value, CLTV.  It would also appear that these "Jumbo-Conforming" loans will get an origination increase of .250 points for the fixed product and .750 for the adjustable product.  This is pertaining to the Lender’s Fee not an increase of Rate.

Be Safe - CONNOR with HONOR

AddThis Social Bookmark Button

Mortgage Rates for 30 Year Fixed From 1971 to Present

March 6th, 2008 Connor MacIVOR Posted in Interest Rates, RE/MAX of Santa Clarita, RE/MAX of Valencia No Comments »

Hey all, here are the status for the Mortgage Rates since 1971, I thought this would be nice to get a gauge of what is going on.  When it comes to Real Estate Resale it is very important for me to establish a base line with the history of home selling prices.  Therefore, because as a buyer you are not paying any Realtor Fee’s and your closing costs consist of the fee’s you are paying to Escrow, Title, and a Lender - I thought this would be a nice Time-Line.  Give me a call if you need anything at all 661.400.1720 - CONNOR with HONOR

Please check out a Sister site from Top Producer that I was able to get going recently - There is a lot of good information on this site as well as the "Market Snapshot".  Enjoy!

30-Year Fixed-Rate Mortgages Since 1971

Monthly Average Commitment Rate And Points On 30-Year 
Fixed-Rate Mortgages Since 1971
 
 
2008
2007
2006
2005
2004
 
Rate
Pts
Rate
Pts
Rate
Pts
Rate
Pts
Rate
Pts
January
5.76
0.4
6.22
0.4
6.15
0.5
5.71
0.7
5.71
0.7
February
5.92
0.5
6.29
0.4
6.25
0.6
5.63
0.7
5.64
0.7
March
 
 
6.16
0.4
6.32
0.6
5.93
0.7
5.45
0.7
April
 
 
6.18
0.5
6.51
0.6
5.86
0.6
5.83
0.7
May
 
 
6.26
0.4
6.60
0.5
5.72
0.6
6.27
0.7
June
 
 
6.66
0.4
6.68
0.5
5.58
0.6
6.29
0.6
July
 
 
6.70
0.4
6.76
0.5
5.70
0.5
6.06
0.6
August
 
 
6.57
0.4
6.52
0.4
5.82
0.5
5.87
0.7
September
 
 
6.38
0.5
6.40
0.5
5.77
0.6
5.75
0.7
October
 
 
6.38
0.5
6.36
0.4
6.07
0.5
5.72
0.7
November
 
 
6.21
0.4
6.24
0.5
6.33
0.6
5.73
0.6
December
 
 
6.10
0.5
6.14
0.4
6.27
0.5
5.75
0.6
Annual Average
 
 
6.34
0.4
6.41
0.5
5.87
0.6
5.84
0.7
 
 
2003
2002
2001
2000
1999
 
Rate
Pts
Rate
Pts
Rate
Pts
Rate
Pts
Rate
Pts
January
5.92
0.6
7.00
0.8
7.03
0.9
8.21
1.0
6.79
0.9
February
5.84
0.6
6.89
0.7
7.05
1.0
8.33
1.0
6.81
1.0
March
5.75
0.6
7.01
0.7
6.95
0.9
8.24
1.0
7.04
0.9
April
5.81
0.6
6.99
0.7
7.08
0.9
8.15
1.0
6.92
1.0
May
5.48
0.6
6.81
0.7
7.15
1.0
8.52
1.0
7.15
1.0
June
5.23
0.6
6.65
0.6
7.16
1.0
8.29
0.9
7.55
1.0
July
5.63
0.5
6.49
0.6
7.13
0.9
8.15
0.9
7.63
1.0
August
6.26
0.7
6.29
0.6
6.95
0.9
8.03
1.0
7.94
1.0
September
6.15
0.6
6.09
0.6
6.82
0.9
7.91
1.0
7.82
1.0
October