ANOTHER RECORD LOW SET FOR LONG-TERM MORTGAGE RATES THIS WEEK
The 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
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FannieMae DU Refi Plus
To allow more borrowers to take advantage of today's historically low interest rates FannieMae is extending its refinance offerings through DU Refi Plus™. DU Refi Plus™ will streamline the underwriting of refinance transactions for potentially millions of current mortgage holders. Some of the features include and limitations include:
- Must be a FannieMae loan – Click here to verify.
- Appraisal may not be required.
- Reduced employment and income documentation requirements.
- Not required to go through your current lender.
- New loans must be either 10-40 year fixed rate mortgages or ARMS with initial 5 years fixed.
- No subordinate financing may be paid off with new loan.
- Cash back in an amount no more than the lesser of 2% of the new mortgage loan balance or $2000.
- Relaxing of minimum credit score requirements.
- Available for 1-4 unit primary residence and investment properties.
- Loan to Value Ratios (LTV%) up to 105%
- Mortgage Insurance (PMI) may not be required.
This program will be implemented in two phases, April 4th and May 2nd.
MORTGAGE ORIGINATIONS MAY DOUBLE TO $3.1 TRILLION THIS YEAR
Mortgage originations may double to $3.1 trillion this year as historically low interest rates and looser financing standards at Fannie Mae and Freddie Mac lure more borrowers, Bank of America Corp. analysts said.Click Here for full article.