New Home Sales Continue to Improve on Annual Basis

New home sales dipped in April, a reversal that was expected by many analysts. The U.S. Census Bureau and the Department of Housing and Urban Development said sales of newly constructed homes during the month were at a seasonally adjusted annual rate of 662,000 units.  This is 1.5 percent below the revised rate of 672,000 units in March.  The March estimate was revised down from 694,000 units, erasing much of that month’s reported 4 percent gain.

Las Vegas is forecast to have the fastest rising home values in the country in 2018, according to a new report.

The estimated median home value in the Las Vegas area is expected to reach $247,331 in September 2018, up 5.9 percent from September 2017, according to home-listing service Zillow.

That’s the fastest forecasted rise among the 30-plus metro areas listed in the report.

Nationally, Zillow expects home values to climb 3.1 percent in the next year.

Las Vegas home prices have already been rising at among the fastest rates nationally.

According to a report last week from the S&P CoreLogic Case-Shiller Indices, Las Vegas-area home prices were up 8.6 percent year-over-year in August, second-fastest among 20 metro areas listed in the report.

How to Choose a Mortgage Lender

Selecting a mortgage lender for your home purchase is a big decision. Every home purchase or refinance is very unique so you may want to ask your lender if they have experience with situations similar to yours. Are you a first-time homebuyer? Do you have less-than-stellar credit? What type of loan are your looking to quality for, like VA, FHA, Conventional, USDA? When meeting with a mortgage originator ask for a Loan Estimate, a form that can help you easily compare different loans from different lenders. A Loan Estimate will show you all the details of your loan, including rates, fees, monthly payment, and more.

 

Advertisements
Posted in Las Vegas Mortgage Broker | Leave a comment

Mortgage Rates Unchanged to Begin Week

May 21 2018, 3:38PM

 

Mortgage rates held steady today, which is better than what could be said for most of last week when rates shot up to the highest levels in 7 years.  Friday was the only day of improvement, but it was scarcely enough to undo the damage from the previous 4 days.  That said, it did raise questions.  Specifically, was Friday some sort of indication that the worst was behind us in terms if upward rate momentum?

Answering that question is tricky business because the time frame matters greatly.  In the short term, there’s always a possibility that a prevailing trend toward higher rates will cool-off and reverse course.  While that’s also technically possible over longer time horizons, we can begin to talk more about probabilities and less about random chance.  With that in mind, we’ve be discussing the general momentum toward higher rates for many months now.  Rest assured it will be big news when and if it changes.

Until then, assume that underlying risk of gradually higher rates remains intact, and that it will continue to be mitigated by periodic corrections toward lower rates.  Unfortunately, in addition to being relatively less common, those friendly corrections haven’t really helped rates make up much of the lost ground.  As such, last week’s same bottom line still applies: it will take a much bigger, much more sustained move in bond markets for lenders to make meaningful changes to mortgage rates.  Until then, it makes sense to remain defensive in terms of locking vs floating.

Today’s Rates

Mortgage Rates change on a daily basis and can vary depending on your unique situation. Simply use the quick link below to receive FREE and accurate rate quotes from a nationwide network of trusted lenders www.superiorml.com/todays-rates/  

about-housing-market

 

Posted in Las Vegas Mortgage Broker | Leave a comment

First Time Home Buyers

Superior Mortgage Lending specializes in First Time Home Buyers

We are here to educate borrowers and lead you to the first step to becoming a homeowner. At Superior Mortgage we make your Dream Home Work For You! The process is easier, faster and smarter than you might think.

Most people turn to their local bank for a home loan, rather than an Independent Mortgage Broker. What you might not know is that a Mortgage Broker is often the best choice and they are able to offer you more Loan Options than a bank. Let us show you The Easy Way Home!

First Time Home Buyer  is an individual who meets any of the following criteria: An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered firsttime homebuyers).

First-Time Homebuyer Mistakes to Avoid:

  • Assuming you won’t get approved for a mortgage

Ideally, you’d like to have as little debt as possible, an impeccable credit score, and a 20% down payment before borrowing money for a home. However, even borrowers with less can get loans in today’s market, thanks to options like Federal Housing Authority loans, which are meant to help out low-income and first-time buyers.

Don’t have a big down payment? We have lower Down Payment Options

  • 1% Down Payment – Dreaming of Owning Your Own Home? You’re 99% There
  • 3% Down Payment – Don’t Waste Money On Rent When You Can Afford To Buy
  • 5% Down Payment – 10% Down Payment – 20% Down Payment – also available
  •  Not getting pre-approved early on

Getting pre-approved for a mortgage serves two important purposes: First, it gives you a realistic understanding of how much you can spend on the house. Second, it shows sellers that you’re serious and gives you slightly more standing if you’re competing for homes with all-cash buyers.

Make it less stressful by gathering up relevant financial documents like bank statements, tax returns, and pay stubs, and by checking your credit report for errors in advance.

  • Maxing out your mortgage limit

Just because a lender says that you can borrow a certain amount, doesn’t mean you should borrow that much. Staying below that limit will give you more financial flexibility to cover the added expenses that come with purchasing a home,as well as long-term changes to your income.

  •  Letting your emotions control your decisions

Buying a home can be a long and frustrating process. These days, starter homes go quickly, and it’s common for first-time buyers to experience rejection on the first offers they make. In that kind of environment, it’s easy to fall in love with a house that’s out of your budget, or get caught up in the heat of a bidding war and end up paying more than you expected.

  • Waiving contingencies without understanding the risks

In highly competitive markets, it’s becoming increasingly common for buyers to make offers that aren’t contingent on financing or inspection. While waiving contingencies can make your bid more desirable to a seller, it can make the transaction much more risky for you. Have a conversation with your realtor and a lawyer before opting out of contingencies in your contract. In a worst-case scenario, you may end up losing your deposit.

  • Allowing your credit score to change before the close

A pre-approval letter is not a guarantee of funding, and if your credit score or income levels change drastically between the pre-approval and the closing of the loan, lenders may change their terms or rescind the offer entirely. While you’re home shopping, be sure to pay all your bills on time and steer clear of new credit accounts, even if that means you have to wait to pick out your furniture. If possible, try not to switch jobs until after you close, particularly if you’re moving into a new industry.

Get Started! Click on the link below and fill out an application today

http://www.superiorml.com/first-time-home-buyers/ 

Posted in Las Vegas Mortgage Broker | Leave a comment

Tips for Moving With PETS

28954031_10155069126172000_1495886131507609534_o

May is National Moving Month. It marks the official beginning of the moving season, a four-month period between Memorial Day and Labor Day when millions of American families relocate. And because some 68 percent of Americans consider their pets to be members of the family, according to a 1999 report by pet supply retailer PetsMart, it stands to reason that every possible measure should be taken to ensure the safety and comfort of all nonhuman family members during the upheaval of a relocation.

“Moving is very stressful for a family,” say ASPCA President Larry Hawk, D.V.M. “That stress is also experienced by the pets. They want to know that they’re part of the family and that they’ll be going, too.”

Sadly, many pets will not be going with their families to new homes. According to research published in 1999 by the National Council on Pet Population Study and Policy, moving is identified as the most common of 71 reasons for relinquishing dogs and the third most common reason for relinquishing cats to shelters. In addition, when citing moving as the reason for giving up their pets, 38.8 percent of dog owners and 38.1 percent of cat owners cited the refusal of a landlord to allow the animal in an apartment or house.

But for most people, leaving their companion animals behind is out of the question. With the proper preparation, you can ensure that your next move will go more smoothly, for you and your pets.

Before the Move

Moving with a companion animal usually means moving with a cat or dog. While these animals may react similarly to changes within the home, cats and dogs will, for the most part, respond to a family relocation with different behaviors.

“We tend to socialize our dogs a lot more,” says Jacque Lynn Schultz, director of special projects for ASPCA Animal Sciences. “We take them more places and often stay overnight with them. We don’t do that with our cats.”

If your cat’s only exposure to a carrier was when she came home from the shelter, now’s the time to leave it where she can examine it daily. Place your cat’s favorite blanket or toy in the carrier, and praise her when she goes inside. “Set the carrier up well in advance, so your cat will get used to going in there and hiding out,” says Schultz. “This way, when she feels stressed, she’ll hide in the carrier instead of in a suitcase.”

Dogs are often easier to travel with, but if Fido’s only experience in a car has been a trip to the vet, you’ll want to acclimate him to riding in the car a few weeks before your move. Start with short trips, perhaps to the park. Positive association will reinforce the pleasurable aspect of car rides and help decrease anxiety.

On the day of the move, place your cats or other small animals in their carriers and confine your dogs to one room or the backyard. If your dog has any territorial protectiveness or gets stressed out easily, ask a neighbor to watch him for the afternoon until all of your belongings are packed away. Only after everything is out of the house should you retrieve your animal and place him in the car or moving truck.

Your Dream Home Awaits You!

This Free Purchase Assistant has been designed to narrow down options based on your individual needs. Superior Mortgage Lending is your premier Las Vegas Mortgage Broker. You will be able to get accurate and reliable quotes and your information is kept private. Feel free to call us (702) 507-4170 to speak with one of our Professional Mortgage Loan Officers

We can help you with all types of home purchases; primary homes, vacation homes, second homes and investment properties.

We specialize in all First Time Home Buyers. Use our Home Purchase Assistant to get pre-qualified today!

Posted in Las Vegas Mortgage Broker | Tagged , , , , , , , , | Leave a comment

Monitor: Eye-Catching Decline in Defaults, Deceleration in Home Prices Sighted

May 7 2018, 11:22AM

 

The month of March nearly always sees a significant decline in the national delinquency rate.  The average March decrease during this century has been just under 11.0 percent.  Black Knight has speculated in the past that this is likely because the receipt of tax refunds allows delinquent borrowers to catch up on their mortgage payments.  However, this March the correction was, in the words of the company, “eye-catching.”

Black Knight’s Mortgage Monitor, covering loan performance details for the month, notes that overall delinquencies dropped 13.2 percent, the largest change since the recovery began.  Approximately 569,000 borrowers paid themselves current from some stage of delinquency or foreclosure and 52,000 of those came current from being 90 days or more past due, although not in active foreclosure.  This was the highest such cure volume in more than three years.

Historically FHA/VA and the GSEs, Freddie Mac and Fannie Mae, benefit the most form the March phenomenon, and that was true this year as well.  Rates fell 17 percent for lender groups.   Portfolio lenders saw a 10 percent decrease and private lenders 6 percent.

In related delinquency news, the Monitor notes that over the five years preceding last fall’s twin hurricanes Texas and Florida accounted for 15 percent of all mortgage defaults.  After the storms, missing payments spiked from 51,000 in the third quarter of 2017 to 184,000 in the fourth.  Default activity remained elevated in January and February, but as of March non-current loans in the two states fell to 14,400, only 1,000 above their long-term (2000-2005) March averages.

Black Knight also found that home prices in 2018 had the strongest gains at the start than in any year since 2005.  Ninety-eight percent of the largest real estate markets in the county and 97 percent of the Core Based Statistical areas tracked by the company pasted annual increases, with the Western United States seeing some of the greatest gains.

 

Posted in Las Vegas Mortgage Broker | Leave a comment

Residential Building Drags Down Construction Numbers

The construction spending report for March was a bit of a jolt, especially given the reason for the unexpected decline.  Some significant softness in private residential spending drove the Census Bureau’s estimated overall spending for the month down 1.7 percent to a seasonally adjusted annual rate of $1.29 trillion compared to a revised February estimate of $1.31 trillion.

Analysts had expected construction spending to increase only slightly, the range among those polled by Econoday was 0.3 to 0.9 percent with a consensus of 0.5 percent.  Econoday said that while the March data was a surprise, it was offset by a heavy upward revision to the February numbers, a 1.0 percent increase from January, rather than the 0.1 percent originally reported.

Despite the hit, the March estimate is still 3.6 percent higher than that from March 2017.  On an unadjusted basis total spending for the month was $99.33 billion compared to $90,41 billion in February. Total outlay for the first three months of the year is estimated at $264.53 billion, a 5.5 percent increase compared to the same period in 2017.

Private construction numbers were at a seasonally adjusted annual rate of $987.49 billion, a 2.1 percent month-over-month decline, but was still higher than the previous March by 3.9 percent.  For the year-to-date at the end of March the private sector has spent $220.39 billion on construction, a 5.1 percent gain from the first three months of 2017.

Private residential construction, which has been a bright spot in earlier reports, was at a seasonally adjusted annual rate of $536.79 billion compared to $556.53 billion in February, a 3.5 percent loss.  That number remains 5.3 percent greater than the March 2017 total.

Single-family construction, at a rate of $283.54 billion, was down 0.4 percent from February and multi-family construction fell 2.7 percent.  The single-family sector remains 9.7 percent higher on a year-over-year basis, but multifamily is lagging March 2017 by 8.2 percent.  Spending on home improvements was also down, by 8.0 percent.

On a non-adjusted basis there was $42.82 billion spent on housing in March, $22.20 billion of it on single-family spending. The respective figures in February were $37.19 billion and $18.96 billion.  Year-to-date spending is up 7.8 percent for overall residential spending and 10.5 percent for single family construction.  The multifamily part of the industry has fallen 5.1 percent below last year’s first quarter total.

Public dollars spent on construction were nearly flat – an annual rate of $297.25 compared to $297.30 in February – but were 3.0 percent higher than in March 2017.  First quarter spending increased by 6.7 percent from last year with the big winners being healthcare construction, up 37.3 percent and commercial construction up 26.3 percent.  Seasonally adjusted residential spending was down 0.1 percent for the month but was 4.9 percent higher on an annual basis and on an unadjusted basis is running 7.7 percent higher over the first three months of the year.

  • CONVENTIONAL LOANS – Giving you a low down payment, a great rate and a head start on your equity
  • FHA LOANS – Taking FHA borrowers to a new level with industry-leading government rates and pricing
  • VA LOANS – A hero for our veteran borrowers. Whether you are purchasing a new home or refinancing
  • REFINANCE LOANS – Multiple options allowing you to refinance with aggressive pricing that help you lower your payment or cash-out
  • JUMBO LOAN – Look no further. Superior gives you the pricing and turn times you deserve with competitive pricing 
  • FIRST TIME HOME BUYERS – We have great alternatives for borrowers looking to purchase with a low down payment
  • MORTGAGES FOR CANADIAN CITIZENS – Canadian citizens who are interested in purchasing a second home in the US. We can help!
  • COMMERCIAL LOANS – With over 30 years of business, commercial and multifamily purchase, refinance and construction financing experience
  • ELITE – The obvious choice for top-tier borrowers! Comprised of some of the best rates and pricing in the industry. You’ve build outstanding credit, you deserve an outstanding rate
Posted in Las Vegas Mortgage Broker | Leave a comment

Pending Sales Post Slight Increase in March

It wasn’t much of a gain, even missing analysts’ predictions, but given the recent performance of the Pending Home Sales Index (PHSI), any positive change is a relief. The National Association of Realtors® said the PHSI, which measures new contracts for existing home purchases, managed an 0.4 percent increase in March, bringing the index to 107.6.  At the same time, the February PHSI was downgraded from 107.5 to 107.2.

While it was the second straight monthly gain, following a 3.1 percent increase in February, it was the third straight month that the index lagged on an annual basis. This time the shortfall was 3.0 percent.

Analysts polled by Econoday had expected a 1.0 percent month-over-month increase, but the results fell short of even the most pessimistic of forecasts.  The range was from 0.5 to 1.8 percent.

Lawrence Yun, NAR chief economist, says contract activity is moving sideways and not breaking higher despite the strong job-creating economy. “Healthy economic conditions are creating considerable demand for purchasing a home, but not all buyers are able to sign contracts because of the lack of choices in inventory,” he said. “Steady price growth and the swift pace listings are coming off the market are proof that more supply is needed to fully satisfy demand1. What continues to hold back sales is the fact that prospective buyers are increasingly having difficulty finding an affordable home to buy.”

The PHSI in the Northeast fell 5.6 percent to 90.6 in March and is now 8.1 percent below a year ago.  Yun said the multiple winter storms and unseasonably cold weather were expected to contribute to a decline in contract signings in the region.  That weather was also believed to be responsible for a Census Bureau report of a serious decrease in the level of residential construction in that area.

The index rose 2.4 percent in the Midwest to 101.3 but is 6.0 percent lower than a year earlier.  Pending sales in the South climbed 2.5 percent to an index of 128.6 and are 0.3 percent higher than last March.  Pending sales dipped 1.1 percent in the West to an index reading of 94.7, down 2.2 percent on an annual basis.

Looking ahead to the so-called Spring Market, the peak time for home sales, Yun believes that affordability will be a significant topic of discussion and driving factor of if overall activity manages to break out above year ago levels. Price appreciation in most markets continues to outpace incomes, and the recent uptick in mortgage rates to over a four-year high only adds to the budget constraints aspiring buyers are feeling this spring.

“Much of the country is enjoying a thriving job market, but buying a home is becoming more expensive,” said Yun. “That is why it is an absolute necessity for there to be a large increase in new and existing homes available for sale in coming months to moderate home price growth. Otherwise, sales will remain stuck in this holding pattern and a growing share of would-be buyers – especially first-time buyers – will be left on the sidelines.”

He is still looking for existing-home sales to catch up in 2018 and pass the 2017 total by about 1.8 percent, bringing sales to around 5.61 million units.  He forecasts the national median existing-home price to increase around 4.4 percent. In 2017, existing sales increased 1.1 percent and prices rose 5.8 percent.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

CONTACT US TODAY 702-507-4170

One of the Best Mortgage Brokers in Las Vegas. Helping You Finance Your Dreams!

Posted in Las Vegas Mortgage Broker | Leave a comment

Homebuyers are Stretching Their Budgets and Mortgage Limits

Homebuyers are Stretching Their Budgets and Mortgage Limits

  • More buyers are stretching their budgets, putting less money down or using adjustable rate loans that offer lower rates.
  • Buyers today need to be not just pre-approved for a mortgage but have a mortgage commitment.
  • Borrowers have more options for low-downpayment loans, options that were not available as recently as just a few years ago.

Buyers today not only need to be pre-approved for a mortgage, but they must also have a mortgage commitment. Home prices are hitting new highs and the gains are growing, just as mortgage interest rates are turning higher again. All of that has more buyers stretching their budgets, putting less down or using adjustable rate loans, or ARMs, that offer lower rates.

They are actually feeling emboldened to do so, thanks to the rise in the stock market and the improving economy.

Borrowers also have more options for low-down-payment loans, options that were not available as recently as just a few years ago. Fannie Mae reintroduced a 3 percent down-payment loan that it had discontinued during the recession, and some private lenders are venturing back into subprime, although they’re calling them “non-prime” loans. These are mortgages to borrowers with lower credit scores.

homebuyers

CONVENTIONAL Loans  | FHA Loans  | VA Loans  – Superior Mortgage Lending offers the best loan options for borrowers

1% DOWN HOMEREADY

A low down payment, a great rate and a head start on their equity. Superior Mortgage Lending works directly with the first wholesale lender in the industry to offer 1% down on conventional loans with a 2% equity boost!

Program highlights include:

  • Clients pay 1%, lender gifts 2%, up to $5,000, giving borrowers  3% equity at closing
  • 720+ FICO
  • DTI per DU findings
  • Close in 30 days or less
  • Available with no monthly Mortgage Insurance

ELITE

The obvious choice for your top-tier borrowers! Comprised of some of the best conventional rates and pricing in the industry, Superior’s Elite program allows you to close quickly, while generating solid referrals.

  • 700+ FICO
  • Up to 80% LTV
  • Loan amounts from $200,000 up to County Loan Limits
  • Appraisal Waivers honored
  • Includes Conventional, High Balance and ARMs

HOME POSSIBLE

A great alternative to FHA financing for borrowers looking to purchase with a low down payment or refinance with limited equity.

  • Up to 95% LTV
  • First time homebuyers, move-up borrowers, and retirees
  • No income limits for Underserved Areas
  • Appraisal fee credit up to $525 given at closing

FHA STREAMLINE

Superior’s FHA Streamline program allows you to refinance your FHA borrower with no appraisal or AVM. Time is of the essence—stop the shop and use our quick closing process to secure your borrower.

  • 620+ FICO
  • Debt ratios accepted per AUS findings
  • Up to 60 days interest allowed

FHA ELITE

Take your FHA borrowers to a new level with industry-leading government rates and pricing. This is the obvious choice for your top-tier clients.

  • 640+ FICO
  • $125,000 – county loan limit
  • All fixed term mortgages
  • Single family primary residences
  • Debt ratios accepted per AUS findings
  • 3/1 and 5/1 ARMs available

VA ELITE

Taking VA borrowers to a new level with industry-leading government rates and pricing. This is the obvious choice for top-tier VA borrowers

  • 640+ FICO
  • $125,000 minimum loan limit
  • Maximum loan amount can exceed county limits
  • Fixed term and ARM loans eligible
  • Single family primary residences

VA IRRRL

Serve those who have bravely served in the Armed Forces with Superior’s VA IRRRL with no appraisal. Allowing veteran borrowers to take advantage of their VA benefits by streamlining their current VA loan into a lower interest rate.

  • No underwriting fees or tax service fees
  • LTVs available up to 150% with no appraisal
  • No AVMs with a 680+ FICO
  • No income or asset overlays
  • Fast closings, often less than 20 days

Your Dream Home Awaits You!

This Free Purchase Assistant has been designed to narrow down options based on your individual needs. Superior Mortgage Lending is your premier Las Vegas Mortgage Broker. You will be able to get accurate and reliable quotes and your information is kept private.

Feel free to call us (702) 507-4170 to speak with one of our Professional Mortgage Loan Officers. We can help you with all types of home purchases; primary homes, vacation homes and investment properties. We specialize in all First Time Home Buyers. Use our Home Purchase Assistant to get pre-qualified today!

Posted in Las Vegas Mortgage Broker | Leave a comment

Refinance Your Home

How to refinance your home?

At Superior Mortgage Lending we will show you how to refinance your current mortgage loan step by step. The first thing you must do is determine your goals. When considering refinancing you need to determine how you will repay the loan or we can help you find out how much equity you currently have. If the home equity line of credit is to be used for home renovations in order to increase the value of the house, you may consider this increased revenue upon the sale of the house to be the way in which you will repay the loan. On the other hand, if the credit is going to be used for something else, like a new car, education, or to pay down credit card debt, it is best to sit down and put to paper exactly how you will repay the loan.

Contact one of our Mortgage Experts to learn your current credit score and to discuss the options available. It is very important to know exactly what you must do in order to let a refinancing opportunity best benefit you. Our Mortgage Experts will research your home’s current value, shop for the best mortgage rate and programs that fits your needs.

What does it mean when you refinance your loan?

Refinancing your mortgage means that your are replacing the original loan. Refinancing your home loan allows borrowers to obtain better interest rate and terms of the loan. When you refinance your first loan gets paid off allowing the second loan to take place. The process of refinancing your mortgage loan can offer many benefits such as, reduce monthly payments, lower interest rates, pay off debt, take cash out of your home to make home improvements or even fund large purchases.

Family portrait in yard

 When should you refinance your mortgage?

This is the perfect time to find out about your refinance options. The first step is to speak with a Mortgage Loan Officer to find out if refinancing is a offer excellent Cash Out and Debt Consolidation Refinances with No Fees and Low Rates as well. Take advantage of today’s Refinance Rates. Superior Mortgage Lending has many options, and you can feel confident in your refinance decisions.

Contact us for Mortgage Rates and Home Refinance Options

This Free Refinance Advisor has been designed to help narrow down options based on your individual needs. It’s quick, it’s easy, and the more questions you answer – the more accurate your results. You’ll receive the Refinance information you need instantly without all the calls and emails!

One of the Best Mortgage Brokers in Las Vegas. Helping You Finance Your Dreams!

Posted in Las Vegas Mortgage Broker | Leave a comment

Mortgage Rates & Market Improvements

Mortgage Rates Unchanged Despite Market Improvements

Mortgage rates were generally unchanged today, although a few lenders offered slight improvements.  This stands in contrast to the noticeable improvements in underlying bond markets.  As we discussed yesterday, Treasury yields are leading the charge toward lower rates, and while the bonds that underlie mortgages are definitely lagging that move, they’re improving nonetheless.  But again, you wouldn’t really know it based on today’s rate sheets.

The absence of lender improvements on days like today is unfortunately par for the course.  It was only a half day for bond markets and tomorrow is a full closure for the Good Friday holiday.  As such, there’s additional risk involved for lenders dropping mortgage rates for 2 reasons.  First, the counterparties required to trade the underlying bonds are harder to find on either side of a holiday weekend.  Also, an extra day and a half simply creates risk of additional market movement between now and the next time lenders can update rate sheets.  If they price too low today and rates jump higher next week, today’s commitments would have cost lenders more money than a typical market swing.

Today’s Most Prevalent Rates

  • 30YR FIXED – 4.5%
  • FHA/VA – 4.375%
  • 15 YEAR FIXED – 3.875%
  • 5 YEAR ARMS –  3.5-3.75% depending on the lender

Mortgage Rates

Ongoing Lock/Float Considerations

  • 2017 had proven to be a relatively good year for mortgage rates despite widespread expectations for a stronger push higher after the presidential election in late 2016.
  • While rates remain low in absolute terms, they moved higher in a more threatening way heading into the beginning of 2018
  • The scariest part of the move higher looks like it ended as of early February, and rates have been generally sideways since then
  • Even so, the potential remains for more weakness (i.e. higher rates).  It makes more sense to remain defensive (i.e. more inclined to lock) until we’ve seen a more convincing shift lower.
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are “effective rates” that take day-to-day changes in upfront costs into consideration.

Superior Mortgage Lending is a Las Vegas Mortgage Broker by design. We partner with several lenders to offer multiple Loan Products and we are not captured with certain credit scores and can offer better rates and no fees.  We have been in the Mortgage Industry  for over 18 years and we offer the most competitive rates in Nevada, California and Arizona. At Superior we have NO ORIGINATION AND NO UNDERWRITING FEES.

Posted in 15 Year Mortgage Rates, 30 Year Mortgage Rates, Best Mortgage Brokers in Las Vegas, Home Buyers Las Vegas, home loans california, home loans las vegas, Home Mortgage, Home Refinance, Las Vegas Mortgage Broker, Las Vegas Mortgage Lender | Tagged , , , , , | Leave a comment