US 30-Year Mortgage Rates Average Rises To 3.85 Percent

30 year mortgage rates

Long-term mortgage rates ticked up slightly this week as the average 30-year fixed-rate mortgage rose to 3.85 percent from 3.83 percent a week ago. Mortgage buyer Freddie Mac says the 15-year home loan, often used by homeowners who refinanced their mortgages, also rose slightly to 3.15 percent from 3.13. While near historically low, mortgage rates are higher than they are a year ago. The increase reflects in part the expectation that President Donald Trump and the Republican majority Congress will approve tax cuts that are meant to stimulate growth and…

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How Home Buyers Who Aren’t Citizens Can Get a Mortgage

home mortgage for non-citizens

Home buyers don’t have to be citizens or residents to get a mortgage in the U.S. In fact, the credit and financial requirements are essentially the same for any buyer. But there is a difference: Home buyers who don’t live in the U.S. or who aren’t citizens can find it challenging to produce the required documentation for a mortgage. Because most U.S. lenders work with standard forms and reports, they aren’t set up to easily help a borrower who can’t produce a FICO score or a U.S. tax return .…

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Mortgage Rejection: How To Reduce Your Chance of Refusal

mortgage rejection

Your home loan application was denied. These words sound unforgiving, however they don’t generally mean you can’t get a home loan. About 1 in 2 applications for a home loan gets rejected by lenders according to the Mortgage Bankers Association or about 30 percent of mortgage applications for new purchases. Regardless of the tight lending condition, borrowers shouldn’t generally take “no” for an answer. At times, they simply need to apply with a different lender or find a way to improve their credit. Once denied, find out exactly why the lender turned you down. By…

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Sales Of New Homes Increased Despite Rising Mortgage Rates

new home sales

Americans reacted to higher home loan rates by snapping up new homes in February at the quickest pace since July. New home sales increased 6.1 percent month-over-month to an occasionally balanced yearly rate of 592,000, according to the Commerce Department. That sales pace is almost 13 percent higher than February of a year ago, a favorable indication for the housing market that demand is strong towards the beginning of the spring home buying season. An improved job growth and a recovering economy have pushed up enthusiasm for new homes, while the possibility of rising home loan rates since the November presidential race may…

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