Blog – CTeBockhorst's Blog

Find Something Wrong During a Home Inspection? How to Discuss Repairs or Defects with a Seller

April 12, 2024 by Coleen TeBockhorst

Find Something Wrong During a Home Inspection? How to Discuss Repairs or Defects with a Seller When it comes to selling a home, it is a common belief that once the offer is accepted, there is nothing else to be negotiated. However, issues and obstacles that can arise during the home inspection can be a cause for discussion with the seller. Whether you’re currently searching for houses or your offer has already been accepted and you’re preparing for the next step, here are some tips in the event that the home inspection isn’t up to par.

Be Cautious About What You Say

Without a doubt, anything that you discuss with the real estate agent regarding the property you’re looking at is going to be addressed with the seller. Instead of telling the agent everything is fine and dandy, maintain a poker face with any deficiencies in the home so you can assess them after the inspection. While a seller may think they have you on the line if all seems fine during the inspection, maintaining your peace and negotiating after the fact may end up providing a better post-inspection deal for you.

Decide What Deficiencies Are Most Important

Before negotiating any repairs or defects with the seller and how this can benefit you, ensure you prioritize what deficiencies must be fixed and what you can live without. There may be leaks and small dings in cupboards that may not be much of an issue, whereas damage in a hardwood floor that you don’t want to renovate may serve as a deal breaker. Deciding what is most important will ensure that the seller knows you’re really interested, and it will likely convince them that the fixes will make for a successful sale.

Request A Credit For Repairs

If a seller knows you’re interested in a home, you may be able to get a little bit of leeway in terms of what you can negotiate following the inspection. Instead of expecting them to deal with the hurdles of home repair, ask the seller to consider a credit so that you can ensure the repairs are completed on your own. This will not only enable you to have the repairs completed the way you would like them done, but it may also make the moving process a smoother transition for all of you.

Certain deficiencies can show up during the home inspection, so it’s important to consider how re-negotiation can benefit both the buyer and the seller. If you’re curious about home inspections and other aspects of purchasing a home, you may want to contact your local real estate agent for more information.

Unlocking Home Equity With Home Equity Loans and HELOCs

April 11, 2024 by Coleen TeBockhorst

Home equity loans and Home Equity Lines of Credit (HELOCs) are two avenues through which homeowners can tap into this valuable asset. Understanding the differences between them is crucial for making informed financial decisions. We will review the intricacies of these financial products, exploring how they work and helping you determine which might be the better fit for your needs.

What is Home Equity?

Before we dive into the specifics of home equity loans and HELOCs, let’s first grasp the concept of home equity. Put simply, home equity is the portion of your property that you truly own—the difference between your home’s market value and the outstanding balance on your mortgage. As you pay down your mortgage or as your home appreciates in value, your equity increases, becoming a valuable asset that you can leverage for various financial needs.

Home Equity Loans:

A home equity loan, also known as a second mortgage, allows homeowners to borrow a lump sum of money using their home equity as collateral. These loans typically come with fixed interest rates and fixed monthly payments over a predetermined term, making budgeting more predictable. Home equity loans are ideal for one-time expenses such as home renovations, debt consolidation, or major purchases.

Key Features of Home Equity Loans:

Lump-sum disbursement: Borrowers receive the entire loan amount upfront.

Fixed interest rates: Rates remain constant throughout the loan term, providing stability in monthly payments.

Predictable payments: Fixed monthly payments make budgeting easier.

Interest may be tax-deductible: In some cases, the interest paid on home equity loans may be tax-deductible, depending on how the funds are used. Consult a tax advisor for details.

HELOCs (Home Equity Lines of Credit):

HELOCs, on the other hand, offer homeowners a revolving line of credit, similar to a credit card, that they can draw from as needed. The credit limit is determined by the equity in the home and other factors. Borrowers can access funds during a specified draw period, typically up to 10 years, and then enter a repayment period where they must repay the outstanding balance with interest.

Key Features of HELOCs:

Revolving line of credit: Borrowers can withdraw funds as needed, up to the credit limit, during the draw period.

Variable interest rates: Interest rates are often tied to an index, such as the prime rate, meaning payments can fluctuate over time.

Flexible borrowing: Borrowers have the flexibility to borrow what they need, when they need it, within the draw period.

Interest-only payments: During the draw period, borrowers may only be required to make interest payments, although paying down the principal is advisable.

Differences and Considerations:

When deciding between a home equity loan and a HELOC, several factors come into play:

Purpose of the loan: If you have a specific, one-time expense, a home equity loan may be more suitable. For ongoing or variable expenses, a HELOC might be preferable.

Interest rates: Home equity loans offer fixed rates, providing stability, while HELOCs feature variable rates, which can lead to fluctuating payments.

Repayment structure: Home equity loans have fixed monthly payments, whereas HELOCs offer more flexibility during the draw period but may require larger payments during the repayment period.

Home equity loans and HELOCs provide homeowners with valuable options for tapping into their home’s equity. Understanding the differences between these financial products is essential for making informed decisions that align with your financial goals and circumstances. Whether you opt for the predictability of a home equity loan or the flexibility of a HELOC, leveraging your home equity wisely can help you achieve your financial objectives while maximizing the value of your most significant asset—your home.

Negotiating Repairs After a Home Inspection

April 10, 2024 by Coleen TeBockhorst

So, you’ve found your dream home, made an offer, and had the home inspection done. But wait—what happens next? For many homebuyers, negotiating repairs after a home inspection can be a daunting task. However, with the right approach and some negotiation skills, you can ensure that your new home is in tip-top shape without breaking the bank.

1. Understand the Inspection Report

The first step in negotiating repairs is to thoroughly review the inspection report. Take note of any major issues that could affect the safety or structural integrity of the home. These are the items that should be your top priority during negotiations.

2. Prioritize Your Requests

Not every item in the inspection report warrants negotiation. Focus on the repairs that are essential for the functionality and safety of the home. Structural issues, electrical problems, plumbing leaks, and issues with the roof should be at the top of your list.

3. Consult Your Realtor

Your real estate agent is your partner in the negotiation process. They can provide valuable insight into which repairs are reasonable to request and how to approach negotiations with the seller. Lean on their expertise to guide you through the process.

4. Be Reasonable

While it’s important to advocate for necessary repairs, it’s also crucial to be realistic in your expectations. Remember that no home is perfect, and some wear and tear are to be expected, especially in older homes. Focus on addressing the most critical issues rather than nitpicking every minor flaw.

5. Get Quotes

Before entering into negotiations, obtain quotes from licensed contractors for the repairs you’re requesting. Having concrete estimates will give you leverage during negotiations and help ensure that the requested repairs are fairly priced.

6. Be Open to Compromise

Negotiations are a give-and-take process. Be prepared to compromise with the seller, especially if they are willing to address some of your concerns but not all of them. Consider alternative solutions or concessions that could satisfy both parties.

7. Put It in Writing

Once you’ve reached an agreement with the seller regarding repairs, make sure to document the details in writing. A formal addendum to the purchase agreement outlining the agreed-upon repairs and timelines will help prevent misunderstandings down the road.

8. Consider Credits

In some cases, the seller may offer credit towards closing costs instead of making repairs themselves. Evaluate whether this option makes sense for you financially and factor it into your negotiations if it aligns with your preferences.

9. Stay Focused on the Big Picture

While negotiating repairs can be stressful, it’s important to keep the big picture in mind. Ultimately, the goal is to ensure that the home is safe, functional and meets your needs. Don’t let minor issues derail the entire process.

10. Know When to Walk Away

If the seller is unwilling to address significant issues uncovered during the inspection, you may need to reconsider whether this is the right home for you. Don’t be afraid to walk away from the deal if you feel that the seller is unwilling to negotiate in good faith.

Navigating negotiations after a home inspection requires patience, clear communication, and a willingness to compromise. By following these tips and staying focused on your priorities, you can successfully navigate the negotiation process and move one step closer to making your dream home a reality.

3 Considerations When Making A Down Payment

April 9, 2024 by Coleen TeBockhorst

When considering the journey of purchasing a new home, one of the fundamental decisions you’ll encounter revolves around determining the appropriate amount of money to allocate for your down payment. It’s a decision-making process that involves weighing the benefits of opting for a larger down payment against the potential advantages of utilizing some of those funds to purchase “discount points,” thereby reducing your interest rate. Each option carries its own set of merits and demerits, and the optimal choice for you hinges on a careful examination of your unique financial circumstances and objectives.

Here’s a more detailed exploration of the factors to consider:

Cost of Borrowing: In general, reducing your interest rate typically involves paying a premium upfront. Lenders commonly charge up to one percent (or one point) of your loan amount to lower your mortgage interest rate. Before committing to paying discount points, it’s imperative to conduct a thorough cost-benefit analysis. Calculate the potential monthly savings resulting from the reduced interest rate and determine how long it will take to recoup the initial investment. Additionally, it’s worth noting that discount points are typically tax deductible, adding another layer of financial consideration. Consulting with your tax planner or financial advisor can provide valuable insights into the tax implications and overall financial impact of this decision.

Larger Down Payment Equals More Equity: One of the primary advantages of making a larger down payment is the immediate boost it provides to your equity in the home. By putting more money down upfront, you reduce the amount of money you need to borrow, thereby increasing your stake in the property. This enhanced equity position can have several favorable implications, including lower monthly mortgage payments, potentially more favorable loan terms, and the possibility of avoiding private mortgage insurance (PMI) requirements, depending on the amount of equity you have at the time of closing. Additionally, a higher level of equity provides a greater cushion against fluctuations in the housing market and may increase your borrowing power for future endeavors.

Qualifying for a Loan: For individuals facing challenges in qualifying for a mortgage loan, carefully assessing the impact of different down payment and interest rate scenarios is crucial. In some cases, strategically combining a larger down payment with a lower interest rate achieved through discount points can make the difference between approval and rejection. Your mortgage advisor or loan officer can provide personalized guidance and assistance in evaluating which approach is most conducive to your financial goals and loan eligibility criteria.

Ultimately, the decision regarding your down payment strategy should be informed by a comprehensive evaluation of your financial situation, long-term objectives, and risk tolerance. Engaging in open dialogue with your mortgage advisor, financial planner, and tax professional can help you navigate this complex decision-making process with confidence and clarity. By carefully weighing the potential benefits and trade-offs of each option, you can devise a strategy that aligns with your unique needs and aspirations, setting you on the path to homeownership success.

What’s Ahead For Mortgage Rates This Week – April 8th, 2024

April 8, 2024 by Coleen TeBockhorst

With the upcoming CPI and PPI reports this week, last week still had a number of important data points to consider. First, the non-farm payroll data, helping reveal the situation of pay versus inflation data giving an overall description of the state of the economy in the future. Among that, the manufacturing data has shown to be contracting the past year, with the first signs of relief this month. Lastly, trade data has shown that the trade deficit has grown bigger than expected with Q1 coming to completion.

All of these are broader indicators of the state of the economy and the most important data is to come this week, as inflation data will firmly decide when and where rates may be cut in the future. It appears to be becoming increasingly unlikely we will see a rate cut decision by the Federal Reserve in Q2. Many of the Federal Reserve’s Chairman had spoken last week, illuminating a resolve to resist rate cuts until “Inflation was under control.”

Non-farm Payrolls

March jobs report showing incredible strength of the job market in the U.S. with a 50% gap above the numbers expected. A strong job market is a strong economy.

U.S. Trade Balance

The numbers: The U.S. international trade deficit widened 1.9% in February to a seasonally adjusted $68.9 billion, the Commerce Department said Thursday. It is the third straight month with a wider deficit and the largest imbalance since last April.

ISM Manufacturing

A barometer of business conditions at U.S. manufacturers turned positive in March for the first time in 17 months, in another sign that the industrial side of the economy is on the mend.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates are seeing a decrease by -0.05% with the current rate at 6.06%
• 30-Yr FRM rates are seeing an increase by 0.03% with the current rate at 6.82%

MND Rate Index

• 30-Yr FHA rates are seeing a 0.06% increase for this week. Current rates at 6.45%
• 30-Yr VA rates are seeing a 0.05% increase for this week. Current rates at 6.46%

Jobless Claims

Initial Claims were reported to be 221,000 compared to the expected claims of 213,000. The prior week landed at 212,000.

What’s Ahead

CPI and PPI data will very much decide whether we will be seeing rate cuts this upcoming quarter, with little in the way of other reports.

A Consumer’s Guide To Mortgage Escrow Accounts

April 5, 2024 by Coleen TeBockhorst

Are you in the process of purchasing a home or considering refinancing your mortgage? If so, you’ve likely encountered the term “escrow account” during your discussions. Mortgage escrow accounts are a crucial component of many home loans, yet they can be a bit mysterious to those unfamiliar with the ins and outs of the mortgage process. Let’s embark on a journey to explore what escrow accounts are, how they work, and what you need to know as a homeowner.

Understanding Mortgage Escrow Accounts

What exactly is an escrow account? Essentially, an escrow account is a financial arrangement set up by your mortgage lender to hold funds for property-related expenses such as property taxes, homeowners’ insurance, and, in some cases, mortgage insurance.

How Escrow Accounts Work

Initial Setup: When you obtain a mortgage loan, your lender may require you to establish an escrow account. Typically, this occurs at closing, where you’ll make an initial deposit into the escrow account to cover upcoming expenses.

Monthly Contributions: In addition to your mortgage principal and interest payments, your lender will collect a portion of your property taxes and homeowners insurance premiums each month. These amounts are added to your mortgage payment and deposited into the escrow account.

Payment of Expenses: When your property taxes or insurance premiums become due, your lender uses the funds in the escrow account to make these payments on your behalf. This ensures that these vital expenses are paid on time and in full, helping you avoid penalties or lapses in coverage.

Annual Escrow Analysis: Each year, your lender will conduct an escrow analysis to ensure that the funds in your escrow account are sufficient to cover upcoming expenses. If there’s a shortage, you may be required to make a one-time payment to bring the account up to the required balance. Conversely, if there’s an overage, you may receive a refund or have your monthly payments adjusted downward.

Benefits of Escrow Accounts

Simplified Budgeting: By spreading out your property-related expenses over the year, escrow accounts help you budget more effectively, avoiding large lump-sum payments.

Peace of Mind: With your property taxes and insurance premiums taken care of automatically, you can rest easy knowing that these essential expenses are being handled.

Compliance with Lender Requirements: Many lenders require escrow accounts as a condition of the loan, so having one in place helps you meet your contractual obligations.

Things to Keep in Mind

While escrow accounts offer numerous benefits, there are a few important considerations to keep in mind:

Changes in Expenses: Property taxes and insurance premiums can fluctuate over time, which may result in adjustments to your monthly escrow payments.

Understanding Escrow Statements: Your lender will provide you with an annual escrow statement detailing the activity in your escrow account. It’s essential to review these statements carefully to ensure accuracy.

Escrow Cushion: Lenders often require a cushion or buffer in their escrow account to cover any unexpected increases in expenses. This cushion is typically equivalent to two months’ worth of escrow payments.

While mortgage escrow accounts may seem complex at first glance, they serve a valuable purpose in helping homeowners manage their property-related expenses efficiently. By understanding how escrow accounts work and staying informed about your financial obligations, you can navigate the homeownership journey with confidence.

Remember, if you ever have questions or concerns about your escrow account, don’t hesitate to reach out for clarification. With a solid understanding of escrow accounts, you’ll be well-equipped to make informed decisions about your mortgage and homeownership finances.

Choosing the Right Mortgage Term

April 4, 2024 by Coleen TeBockhorst

You’re about to start on an exciting journey toward homeownership. But before you dive headfirst into the world of real estate financing, there’s an important decision you’ll need to make which is choosing the right mortgage term.

The mortgage term refers to the length of time you commit to a specific mortgage rate, lender, and conditions. It’s a critical aspect of your mortgage because it determines how long you’ll be making regular payments and the total amount of interest you’ll pay over the life of the loan.

Here’s a comprehensive guide to help you navigate the process of choosing the right mortgage term:

1. Understand the Basics

Short-term vs. Long-term: Mortgage terms typically range from as short as one year to as long as 30 years. Short-term mortgages offer lower interest rates but higher monthly payments, while long-term mortgages have higher interest rates but lower monthly payments.

Fixed vs. Adjustable: With a fixed-rate mortgage, your interest rate remains constant throughout the term of the loan. In contrast, an adjustable-rate mortgage (ARM) offers a fixed rate for an initial period, after which it adjusts periodically based on market conditions.

2. Assess Your Financial Situation

Your financial circumstances play a critical role in determining the right mortgage term for you. Consider the following factors:

Income Stability: If you have a stable income and can comfortably afford higher monthly payments, you may opt for a shorter mortgage term to save on interest costs in the long run.

Budget Constraints: If you have budget constraints or prefer more predictable monthly payments, a longer mortgage term with lower monthly payments might be more suitable.

Future Plans: Consider your long-term financial goals and lifestyle preferences. Are you planning to stay in your current home for the foreseeable future, or do you anticipate relocating within a few years?

3. Evaluate Interest Rates

Interest rates play a significant role in determining the overall cost of your mortgage. Generally, shorter-term mortgages tend to have lower interest rates compared to longer-term ones. Take the time to compare current interest rates and projections to make an informed decision.

4. Calculate Total Interest Costs

Use online mortgage calculators or consult with a financial advisor to estimate the total interest costs over the life of the loan for different mortgage terms. This will help you understand the long-term financial implications and make a more informed decision.

5. Consider Your Risk Tolerance

Your risk tolerance and comfort level with fluctuations in interest rates should also influence your decision. If you prefer stability and predictability, a fixed-rate mortgage may be the better option, regardless of the term length.

6. Seek Professional Guidance

Don’t hesitate to seek advice from mortgage brokers, financial advisors, or real estate professionals. They can offer valuable insights and help you navigate the complexities of mortgage terms and options.

Choosing the right mortgage term requires careful consideration of your financial situation, goals, and risk tolerance. Remember, your mortgage term is a significant financial commitment, so take the time to explore your options and choose wisely. By understanding the basics, assessing your needs, evaluating interest rates, and seeking professional guidance, you can make an informed decision that aligns with your long-term objectives.

Understanding Interest-Only Mortgages

April 3, 2024 by Coleen TeBockhorst

What exactly is an interest-only mortgage? Simply put, it’s a type of home loan where you pay only the interest for a certain period, typically the first five to ten years. After this initial period, you begin paying both the principal and interest, resulting in higher monthly payments.

Weighing Your Options

Pros:

Lower Initial Payments: One of the primary attractions of interest-only mortgages is that during the initial period, your monthly payments are significantly lower compared to traditional mortgages. This feature can be particularly appealing for buyers looking to ease into homeownership without straining their finances.

Flexibility: Interest-only mortgages offer greater financial flexibility, allowing borrowers to allocate funds towards other investments or financial goals during the interest-only period. This flexibility can be advantageous for those with fluctuating incomes or investment opportunities.

Tax Benefits: Depending on your circumstances and location, you may be able to deduct the interest portion of your mortgage payments from your taxable income, potentially resulting in lower tax liabilities.

Cons:

Higher Payments Later: While the lower initial payments may seem enticing, it’s essential to remember that once the interest-only period ends, your monthly payments will increase significantly as you start paying down the principal. This sudden increase can catch some borrowers off guard if they haven’t adequately prepared.

Risk of Negative Equity: During the interest-only period, you’re not building equity in your home through principal payments. If property values decline or remain stagnant, you may find yourself owing more than your home is worth, a situation known as negative equity.

Interest Rate Risks: Interest-only mortgages often come with adjustable interest rates, leaving borrowers vulnerable to fluctuations in interest rates. If rates rise significantly after the interest-only period, your monthly payments could skyrocket, potentially causing financial strain.

Is an Interest-Only Mortgage Right for You?

Determining whether an interest-only mortgage is the right choice depends on your financial situation, risk tolerance, and long-term goals. Here are some key points:

Financial Stability: Are you confident in your ability to handle higher payments once the interest-only period ends? Consider your job security, income prospects, and overall financial stability.

Investment Strategy: Do you have alternative investment opportunities that could yield higher returns than paying down your mortgage? Evaluate your investment portfolio and consider whether directing funds elsewhere aligns with your financial objectives.

Housing Market Outlook: Assess the current state and future outlook of the housing market in your area. Understanding market trends can help you anticipate potential changes in property values and mortgage rates.

Long-Term Plans: How long do you plan to stay in the home? If you intend to sell or refinance before the interest-only period ends, an interest-only mortgage might suit your needs.

Interest-only mortgages can be a valuable financial tool for certain borrowers, offering lower initial payments and increased flexibility. However, they also come with risks and considerations that warrant careful evaluation. Before committing to an interest-only mortgage, take the time to assess your financial situation, long-term goals, and risk tolerance.

As always, it’s essential to consult with a qualified mortgage advisor or financial planner to explore your options fully. Armed with knowledge and foresight, you can make informed decisions that pave the way to homeownership and financial well-being.

Exploring the HECM Reverse Mortgage Program for Seniors

April 2, 2024 by Coleen TeBockhorst

For many seniors, home equity represents a substantial portion of their wealth. However, accessing this equity while maintaining homeownership can be challenging. This is where Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, emerges as a potential solution. We will discuss the HECM program, shedding light on its features, costs, and potential risks, to help seniors make informed decisions about their financial future.

Understanding HECM

HECM is a federally-insured reverse mortgage program designed for homeowners aged 62 and older. Unlike traditional mortgages, where homeowners make monthly payments to lenders, HECM allows seniors to convert a portion of their home equity into cash without having to sell their home or incur monthly mortgage payments. The loan is repaid when the homeowner sells the home, moves out, or passes away.

Features of HECM

No Monthly Mortgage Payments: One of the primary appeals of HECM is that borrowers are not required to make monthly mortgage payments. Instead, the loan balance accrues over time and is repaid when the home is sold.

Flexible Disbursement Options: Seniors can receive funds from HECM in various ways, including lump sum payments, monthly installments, lines of credit, or a combination of these options, offering flexibility to meet individual financial needs.

Federally-Insured: HECM loans are insured by the Federal Housing Administration (FHA), providing protection for both borrowers and lenders.

Non-Recourse Loan: HECM is a non-recourse loan, meaning that the borrower or their heirs will never owe more than the home’s appraised value at the time of repayment, even if the loan balance exceeds the home value.

Costs Associated with HECM

Origination Fees: Lenders may charge origination fees for processing the loan, typically capped by the FHA.

Mortgage Insurance Premium (MIP): Borrowers are required to pay an upfront mortgage insurance premium, as well as ongoing premiums throughout the life of the loan.

Closing Costs: Similar to traditional mortgages, HECM loans involve closing costs, which can include appraisal fees, title insurance, and other administrative expenses.

Potential Risks

Accruing Interest: The loan balance increases over time as interest accrues, potentially reducing the equity available to borrowers or their heirs.

Impact on Inheritance: Since the loan must be repaid upon the borrower’s death, heirs may inherit a home with an outstanding mortgage balance, which could impact their inheritance.

Maintaining Homeownership Obligations: Borrowers must continue to pay property taxes, and homeowners’ insurance, and maintain the property in good condition. Failure to do so could lead to default and potential foreclosure.

HECM offers seniors an opportunity to tap into their home equity while retaining homeownership and financial independence. However, it’s crucial to carefully consider the features, costs, and potential risks associated with the program. Seniors should consult with financial advisors, HUD-approved counselors, and family members to evaluate whether HECM aligns with their long-term financial goals and retirement plans.

What’s Ahead For Mortgage Rates This Week – April 1st, 2024

April 1, 2024 by Coleen TeBockhorst

As expected from the prior inflation reports with CPI and PPI, the PCE index had also shown the same corollary among its data points, reporting a higher than expected increase for the month of February across all products.

In addition, the Chicago PMI had shown a declining trend of activity among businesses for the 6th week in a row. All this points to that there might be a case for the Federal Reserve to continue holding rates in the next rate decision coming up in the summer of 2024. There has been much speculation that the Federal Reserve will begin cutting rates at this time; however this is evidence of the contrary.

Consumer Sentiment Reports

The numbers: The final reading of consumer sentiment in March rose to a 32-month high, as Americans expressed more confidence that inflation would ease and reduce the financial strain on households. The second of two readings of the consumer-sentiment survey climbed to 79.4 from an initial 76.5.

Chicago PMI

The Chicago Business Barometer, also known as the Chicago PMI, weakened further in March, dropping to 41.4 from 44 in the prior month. This is the fourth straight monthly decline. Economists polled by the Wall Street Journal forecast a 45 reading.

PCI Index

Prices in the U.S. rose again in February based on the Federal Reserve’s preferred PCE index, reinforcing the view that inflation might not slow as much in 2024 as previously believed. The PCE index rose 0.3% last month, the government said Friday. That’s a touch below the 0.4% forecast.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates are seeing a decrease by -0.10% with the current rate at 6.11%.
• 30-Yr FRM rates are seeing a decrease by -0.08% with the current rate at 6.79%

MND Rate Index

• 30-Yr FHA rates are seeing a -0.07% decrease for this week. Current rates at 6.39%
• 30-Yr VA rates are seeing a -0.06% decrease for this week. Current rates at 6.41%