Mortgage rates recently fell to 4.84% according to the Phoenix Business Journal likely in 
response to the continuing downward spiral of the European financial market and the U.S. shifting of stocks. This concludes 6 weeks of lowering rates on mortgages. In the week ending May 20, rates were down as indicated by Freddie Mac:
- 30-year mortgage rates fell from 4.93% to 4.84%
- 15-year mortgage rates fell from 4.30% to 4.24%
Though rates fell, there was an unfortunate rise in the number of mortgage delinquencies of existing homeowners.
The delinquency rate for home mortgage loans increased to a seasonally adjusted rate of 10.06 percent of all loans outstanding as of the end of the first quarter. That’s up 59 basis points from the fourth quarter, and up 94 basis points from one year ago, according to the Mortgage Bankers Association’s National Delinquency Survey.
For buyers, this is rather good news. Buying a home is a process that can sometimes be aggravating, and it requires research and time. Interest rates are currently lowering, making the market ideal for new home purchases. Both long-term and short-term mortgage rates are currently favorable.
There are numerous loan types for various buyer situations. Whether you’re looking a veteran looking for a VA loan, a buyer looking for a jumbo loan, or an interested buyer who qualifies for the government-backed FHA loan program, financing does not have to be a difficult process, and you should certainly contact us with any of your financing questions or concerns to explore available options. FHA loans have become increasingly popular due to their low down payment amounts, low closing costs, easy credit qualifying and overall ease of the homebuying process. There are stipulations by state and specific requirements for FHA loans. We specialize in FHA mortgage loan programs and can help with all of your homebuying needs, questions and concerns. Let us know how we can help you.
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