It's a dangerous time for home buyers in Phoenix to be without a locked mortgage rate. Friday morning, at 8:30 AM ET, the government releases its Non-Farm Payrolls report for September. More well-known as "the jobs report", Non-Farm Payrolls data has the power to move mortgage rates up or down. Unfortunately, ahead of the release, we can't know which. Last year, job growth more than doubled between August and September. If this year shows that same growth, Arizona mortgage rates are expected to rocket higher. The connection between rising jobs and rising rates is a chain reaction-type link, … [Read more...]
Coming Next Week : New, Mandatory Loan Fees For All Conforming Mortgages
Beginning as soon as next week, new, mandatory mortgage fees will push mortgage rates higher throughout Phoenix and nationwide. Fannie Mae and Freddie Mac are raising their respective "guarantee fees". Guarantee fees are fees that mortgage-backed securities providers charge to lenders for mortgage-related services including the bundling, selling and reporting of mortgage-backed bonds. Guarantee fees are also used to insure providers against credit-related losses. As announced by the Federal Housing Finance Agency, effective for all conforming loans delivered to Fannie Mae or Freddie … [Read more...]