Whitney Minnich Real Estate and Community Updates

Daily Mortgage Rate Update Rates for 8/30/2018 as of 9:00 AM. Rates are FLAT compared to 8/29    Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. Market - 10 year treasury yield is FLAT today and at about 2.86 https://www.cnbc.com/quotes/?symbol=US10Y For more information and the latest market update  contact Evan Karr with Priority Home Lending .

Study: Most Millennials Don’t Have a Qualifying Credit Score August 24, 2018 Millennials could stand to make some improvements to their credit files. Only 39 percent of millennials without a mortgage have a prime or better score, and the majority are facing higher delinquency rates on personal loans, shows a newly released study from Experian, an information services company. Eighty-six percent of millennials recently surveyed say they believe that buying a house is a good financial investment, according to the National Association of REALTORS®’ data. However, Experian’s research shows that only 15 percent have a mortgage today. Further, 61 percent of millennials are near prime or worse and may need to improve their personal loan and bankcard usage habits in order to obtain lower rates for when they are ready to take out a mortgage. “This data presents good news for younger, thin file millennials interested in buying a home,” says Michele Raneri, vice preside

Daily Mortgage Rate Update Rates for 8/24/2018 as of 10:00 AM. Rates are DOWN compared to 8/23 Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. Market - 10 year treasury yield is DOWN today and at about 2.84%+     https://www.cnbc.com/quotes/?symbol=US10Y For more information and the latest market update  contact Evan Karr with Priority Home Lending .

Jumbo Loans May Be More Practical for Average Buyers August 23, 2018 Large-balance mortgage loans called “jumbo” loans are becoming less expensive than conforming loans. Traditionally, jumbo loans have carried higher interest rates, but since mid-2013 that has been gradually changing. Jumbo loan rates have been less expensive to borrow than a conforming mortgage loan by an average of 33 basis points during the first quarter, according to CoreLogic, a real estate data firm, on its Insights Blog. In response, jumbo loans have been growing. The share of jumbo loans has reached its highest rate since 2009 at about 15 percent of home-purchase originations, CoreLogic reports. For comparison, in 2009, the jumbo share was just 6 percent. Jumbo loans are those that exceed the high-balance conforming loan limit, which the  Federal Housing Finance Agency  set at $453,100 for most of the U.S. in 2018. Areas designated as high-cost may stretch up to $679,650. CoreLogic

Daily Mortgage Rate Update Rates for 8/21/2018 as of 10:00 AM. Rates are FLAT compared to 8/20 Assumptions: 30 day lock, on a purchase loan for a primary home, loan amount of $300,000 (75% loan-to-value) with taxes and insurance and with credit scores of 740+. APR is not the interest rate but reflects the rate with charges that are paid to get a loan.  Rates are subject to change without notice.  JUMBO pricing is based on 20% down, 6 months reserves, and a 550K loan amount. All other assumptions are the same. For more information and the latest market update  contact Evan Karr with Priority Home Lending .