What it Means to “Lock in” on an Interest Rate

by Irene Moustakas | May 15, 2009 | Rates, Tips

When a mortgage professional quotes you an interest rate, you can decide to “lock” it in at the terms and fees quoted, or you can decide to wait and see how the market goes.  Remember that if you do not lock in, that quoted rate and cost scenario cannot be...

Fannie Mae Refi Plus Program

by Irene Moustakas | May 4, 2009 | Loan Programs and Products, Rates

The Making Home Affordable program is in full effect. You can read about the requirements here, but the highlight of this program is that it allows homeowners that have between 80% to 105% Loan-to-Value (LTV) ratio to refinance. I locked a client in on this program...

Big Rally in Interest Rates

by Irene Moustakas | Mar 19, 2009 | Rates, Tips

After news on the Fed’s announcement yesterday to continue to purchase mortgage-backed securities, interest rates started improving significantly. This morning’s rates were the bottom of what I’ve seen. If you were on my Watch List, you got a call...

Interest Rate Update: the 5/1 LIBOR ARM

by Irene Moustakas | Mar 10, 2009 | Loan Programs and Products, Rates

I’ve mentioned in previous posts that interest rates on 30 Year Fixed mortgages have been better and more competitive than any other loan products, namely Adjustable Rate Mortgages (ARMs). This has been the trend for the past 6 months or so. It is...

The Latest Interest Rate Happenings

by Irene Moustakas | Jan 8, 2009 | General Market News, Industry News, Rates

Interest rates are incredible, but I want to point out some recent limitations to these excellent rates. Normally, in terms of points vs. no points vs. no points/no fees, interest rates tend to work in .25% increments. For example, you would be quoted in the following...

The Latest Scoop in Mortgage Market News

by Irene Moustakas | Dec 1, 2008 | General Market News, Industry News, Rates

GREAT news: The Federal Reserve announced last week that it would buy $600 billion worth of Fannie Mae and Freddie Mac Mortgage-Backed Securities.  With the guarantee that the government will buy these mortgages, rates dipped dramatically. This action by the Fed will...