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AS SEEN ON... Mortgage Rates FHA Mortgage Rates Jumbo Mortgage Rates Mortgage Refinance Mortgage Rates As Low As 2.7% 3.3 APR* FIXED Mortgage Rates from 2.7% 3.3 APR* Searching Banks. Refinance Mortgage HARP Refinance Home Purchase * Advertising Disclosures Mortgage Rates: Rising Home Prices Drive Housing Recovery Forward By: Rosemary Rugnetta | May 1st, 2013 Rising home prices continue to drive the housing recovery forward as was seen in the most recent S&P/Case-Shiller Home Price Index. The indices showed that average home prices rose 8.6% and 9.3% for the 10 and 20 City Composites for the 12 months ending in February 2013. From January to February, the 10 and 20 City Composites increased 0.4% and 0.3%. According to the report, both Composites had the highest annual growth rates since May 2006 and all 20 cities had higher prices for two months in a row, something that hasn’t happened since early 2005. The four cities with the highest year-over-year price increases were Phoenix, San Francisco, Las Vegas and Atlanta. Current conforming 30 year fixed mortgage rates are as low as 3.250%, 15 year fixed mortgage interest rates are as low as 2.250% and 5/1 ARM loan rates are as low as 2.250%. Borrowers are required to have good credit in order to receive low rates offered by lenders at the time of application. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending April 26th shows that application volume increased 1.8% on a seasonally adjusted basis. The seasonally adjusted Purchase Index fell 1.4% and the Refinance Index rose 3%. Refinance applications hit the highest level since the week ending January 18th and represented 75% of total applications. HARP applications increased to 34% of all refinance applications which is the highest level since February 2012. HARP is the Home Affordable Refinance Program which is available for underwater homeowners who have loans that were sold to Fannie Mae and Freddie Mac prior to June 1, 2009. Since HARP guidelines do not have loan to value caps, there is no need for an appraisal in most cases. Information for HARP loans, traditional refinances and purchase loans can be obtained when submitting the online form that will return a response almost instantly. Today’s FHA 30 year fixed mortgage interest rates are as low as 3.125%, FHA 15 year fixed rates are as low as 3.325% and FHA 5/1 ARM loan rates are as low as 2.750%. FHA loans continue to be popular with first time home buyers because they allow homeownership with a low down payment of 3.5%. Borrowers can also use housing grants or loans, as well as, gifts from approved sources when obtaining an FHA mortgage. FHA does have an annual mortgage insurance premium which, effective June 3, 2013, will need to be paid for the entire life of the loan since it is no longer allowed to be canceled. In addition, FHA closing costs (APR) are high because of the upfront mortgage insurance premium and other FHA fees. H
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