Mortgage Rates Drop for Fourth Straight Week for Kentucky Mortgage Loans 


Kentucky Mortgage Rates for May 23, 2019
30 year and 15 year fixed rate Mortgage Loans in Kentucky

Mortgage rates continue to decline while lowering borrowing costs for home buyers this spring.

“Mortgage rates fell for the fourth consecutive week and continued the medium-term trend of lower rates since late 2018,” says Sam Khater, Freddie Mac’s chief economist. “The drop in mortgage rates is causing purchase demand to rise, and the mix of demand is skewing to the higher end as more affluent consumers are typically more responsive to declines in rates.”

Freddie Mac reports the following national averages with mortgage rates for the week ending May 23:

  • 30-year fixed-rate mortgages: averaged 4.06%, with an average 0.5 point, falling from last week’s 4.07% average. Last year at this time, 30-year rates averaged 4.66%.
  • 15-year fixed-rate mortgages: averaged 3.51%, with an average 0.4 point, falling from a 3.53% average last week. A year ago, 15-year rates averaged 4.15%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.68%, with an average 0.4 point, rising from last week’s 3.66% average. A year ago, 5-year ARMs averaged 3.87%.
Source:

The decrease is particularly enticing to higher-end buyers who are rushing to lock in the low rates.

Source: Mortgage Rates Drop for Fourth Straight Week

Louisville Kentucky First Time Home Buyer Programs and Resources


Louisville Kentucky First Time Home Buyer Programs and Resources.

via Louisville Kentucky First Time Home Buyer Programs and Resources.

 
Joel Lobb
Senior  Loan Officer

(NMLS#57916)
 
American Mortgage Solutions, Inc.
800 Stone Creek Pkwy, Ste 7,
Louisville, KY 40223
 Fax:     (502) 327-9119
 
 Company ID #1364 | MB73346

 

Joel Lobb - Mortgage Broker or Lender at Kentucky FHA, VA, USDA, KHC and  First Time H

Where to Get the Best Mortgage Rates – 4 Things You Need to Know


Interest Rates Increasing
Interest Rates Increasing (Photo credit: 401k Limits)

Where to Get the Best Mortgage Rates – 4 Things You Need to Know.

To properly answer this question (Where can I get the best mortgage rates?), we must address four different factors. Each of these factors can affect the rate you receive from a lender:

  1. Types of home loans (ARM vs. fixed)
  2. Credit unions vs. “regular” banks and lenders
  3. Using points to get the best mortgage rate
  4. How your credit score and other qualifications play a role

Let’s start by discussing the different types of home loans, and how those differences could affect your interest rate.

 

Read more: http://www.homebuyinginstitute.com/2013/08/getting-the-best-mortgage-rate/#ixzz2bZlk01D3

Check out this great MSN video – Race to Lock in Lower Mortgage Rates


Check out this great MSN video – Race to Lock in Lower Mortgage Rates.

 

 

8 ways to lock in a mortgage rate you can live with

You can’t keep mortgage rates from bouncing around. But the right strategies can stack the odds in favor of snagging a lower rate.

Mortgage rates are jumpier than a cat in a room full of rocking chairs. In a single week this month, the average rate on a 30-year fixed-rate loan shot from 4.29% to 4.51% (with 0.8 point). This week, rates averaged 4.37%,Freddie Mac says.

Those numbers matter. At the higher rate, your payment on a $300,000 mortgage would be $1,521. The week before: $39 less. That’s $468 a year — $14,040 more, if you kept the loan for 30 years.

Ping-pong

There have been other crazy rate surprises this summer, most of them bad for mortgage shoppers. Blips like these mean that home shoppers get less home for the money. Refinancing homeowners face higher monthly payments.

You can’t stop the mortgage rate ping-pong. But you can maximize your chance at a good rate. Mostly, that involves timing your interest rate lock.

A “rate lock” is your contract with a lender that guarantees you a certain prevailing interest rate. You agree to buy the loan at that rate within a time period — 60 days, say. The lock lets you nail down a rate, so you’re covered if rates rise. (Here’s more from Bankrate.com.) If rates drop and you want to exit the agreement early, you stand to lose a fee or deposit.

1. Catch a dip

Avoid locking when rates are on an upswing, says Dale Robyn Siegel, a real-estate attorney and owner of Circle Mortgage Group in Harrison, N.Y. Well, duh. Sure. But can you know if rates will go up?

You can’t know for sure. But you can watch rates every day at your bank’s website. And MSN Money (at the bottom left of the page) shows whether rates are trending up or down. Even when rates are rising generally, as they are now, they’ll probably take a few detours up or down along the way, Siegel says.

The trick is to lock in a dip. Whether you can wait and watch depends on your timing. If you are refinancing, you may have time. If your home purchase is closing soon, you may have to lock now.

2. Don’t act on news

Rates react to news. Recent rate jumps, for example, began when traders reportedly worried that the Federal Reserve would slow its bond-buying program, which has helped keep rates low.

After rates shot up they dropped back a bit, points out Perry Harmon, mortgage broker with Financial Strategies Group, in Berkeley, Calif.

Bad news financial news or a major catastrophe in the world can push rates higher temporarily. If possible, wait a bit to lock. Rates may simmer down.

3. Put service first

When shopping for a lender, focus initially on great service, says Siegel. Collect recommendations from friends, colleagues and family. Interview several of the lenders. Tell them your approximate credit score and any problems that could affect your application — bankruptcy, for example, or a short sale, or credit problems. But don’t allow them make credit score inquiries. Wait until you’ve selected a lender. Too many inquiries could drive down your score.

After you’ve found two or three good lenders, then compare their rates to help choose, Siegel advises. Ultimately, though, good advice from a smart, expertise of a great broker or lender’s representative might get you the best rate.

4. Ask about a ‘float down’

Some lenders offer a “float down,” a rate-lock provision that offers you the chance at a lower rate if prevailing rates drop after you’ve locked. These contracts vary and they cost extra.

5. Know your limit

Identify the highest rate you can afford. Use a mortgage calculator (here’s one, at MSN Money) to find the monthly payment at various interest rates.

Maybe it’s 4.75%, for instance. If rates go any higher, your monthly payments would be too expensive. When rates approach your limit, you’ll know it’s time to lock or drop out of the game.

6. Be ready to pounce

Be prepared to pounce when rates dip, says Harmon. Do that by clearing away obstacles as they arise. If your mortgage banker, broker or lender wants a document or piece of information, get it to them as quickly as possible, Harmon says.

7. Buy a shorter lock

The shorter your lock period, the smaller your lock fees. Most borrowers now lock for 45 or 30 days, so the rate guarantee won’t expire before the loan is processed, says Harmon. On a $300,000 mortgage, a 30-day lock costs about $540 less than a 45-day lock, he says.

Other factors may trump the rate-lock timing. If rates are trending up, for instance, you may need to lock quickly, even if you need a long lock. But ideally, wait until your appraiser has delivered his report to the lender and the loan processing is nearly complete. A 15-day lock could save you $960 compared with a 45-day lock, Harmon says.

8. Chill a little

These numbers matter, but only to a point. Obsessing over tiny rate increases that actually mean just $10 or $25 more or less a month could cause you to lose a good rate.

Don’t try for bragging rights among your friends over who got the lowest rate. Relax, says Harmon. “It’s not worth the worry.”

The Mortgage Lender Implode-O-Meter News Pick-ups: Can Housing Recovery Survive a Mortgage Rate Increase?


The Mortgage Lender Implode-O-Meter News Pick-ups: Can Housing Recovery Survive a Mortgage Rate Increase?.

 

 

 

Mortgage rates rise at fastest pace in 10 years | HousingWire

Louisville VA, FHA, USDA, KHC , Fannie Mae Mortgage Guide: Mortgage rates rise at fastest pace in 10 years | … (louisvillekentuckyvamortgage.blogspot.com)


Mortgage rates rise at fastest pace in 10 years | HousingWire.

Mortgage rates nudge higher as economy firms


Mortgage rates nudge higher as economy firms.

 

 

 

 

Louisville Kentucky Mortgage Rates

Louisville Kentucky Mortgage Rates.

via Louisville Kentucky Mortgage Rates.

Kentucky Mortgage Rates

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                                                            Open Today 9:00 am -7:00 pm

Kentucky Mortgage  Rates

Kentucky Mortgage Current Interest Rates
Fixed Rate Programs
    Lock
days
 iQualifying
Ratios
Program Calculator Rate Points APR
 Conforming 30 year fixed 3.500 0.000 3.574 30 28 / 41Prequalify
Kentucky Mortgage Only- Rates Change w/o notice
Conforming 20 year fixed 3.500 0.000 3.412 30 40 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 Conforming 15 year fixed 3.00 0.500 2.974 30 28 / 41Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 30 year fixed 3.125 0.500 4.187 30 35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 FHA 15 year fixed 3.125 0.000 3.389 30 35 / 50Prequalify
kentucky mortgage rates only- change w/o notice
 Jumbo 30 year Fixed 4.375 1.000 4.385 30 28 / 36Prequalify
kentucky mortgage rates only- change w/o notice
 VA 30 Year fixed 3.125 0.000 4.114 30 41 / 41Prequalify
kentucky mortgage rates only- change w/o notice

Kentucky Mortgage  Rates are subject to qualifying criteria and Mortgage Rates can change without notice.
Assumptions include a 640 or higher credit score for FHA, USDA, KHC,  and 620 credit scores for a VA loan. A loan amount of $100,000.00 is assumed and a 30 day lock required for a Kentucky Mortgage Only.

A 720 credit score or higher is assumed for a Kentucky Conventional Rate Mortgage loan rates and a loan amount of $100,000.00. The loan to value for Kentucky Conventional loans are assumed at 80% ltv or less.

  • The displayed Annual Percentage Rates (APRs) reflect the interest rates, total points, and additional estimated pre-paid finance charges for the loan products shown for Kentucky Mortgage Rates, but do not include other closing costs.
  • The approximate cost of prepaid finance charges does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a Kentucky Mortgage  loan. This is not a Kentucky mortgage loan approval or commitment to lend. The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs.
  • For loans with less than 20% down payment borrower-paid mortgage insurance may apply.
  • These Kentucky  mortgage rates are based on a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing.
  • FHA

    • Kentucky FHA loans require both an upfront and an annual mortgage insurance premium. The premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling, and other factors. All Kentucky FHA loans require a minimum credit score of 640
  • Jumbo

    • Kentucky Jumbo Mortgage  rates are higher for borrowers who do not meet the criteria for Conventional Mortgage Loans. All Jumbo loans require a 680 or higher score and a maximum loan to value of 80% 
  •   VA Loans
                Kentucky VA loans require a funding fee upfront paid to VA in the form of mortgage insurance .he premium varies based on the loan characteristics, your credit score, whether you’ve received loan counseling   factors. Kentucky VA loans require a minimum credit score of 620
  • USDA Loans
                         Kentucky  USDA loans require a funding fee upfront and a monthly mortgage insurance premium paid to RHS/USDA. The premium varies based on the loan characteristics, your credit score,    and other factors. Kentucky USDA loans require a 640 minimum credit score. 

Free Credit Report and Pre qualifications available anytime. 

                                                                

.  Joel Lobb (NMLS#57916) is a licensed mortgage loan officer in the state of Kentucky.

This website is not an Government Agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. 


Joel Lobb (NMLS#57916)Senior  Loan Officer
502-905-3708 cell
502-813-2795 fax
jlobb@keyfinllc.com

Key Financial Mortgage (NMLS #1800) 107 South Hurstbourne Parkway*
Louisville, KY 40222*

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