Mortgage rate forecast for the New Year

Mortgage rate forecast for the New Year

Mortgage rates are forecasted to increase 0.25%.  Talk is it is coming as soon as the middle of February.  The government is requiring Fannie Mae and Freddie Mac to fund the Temporary Payroll Tax Cut Continuation Act of 2011.  However, part of the legislation contains an offset provision that requires Fannie and Freddie to increase certain fees associated with delivery and security of conventional loans.  It is just fancy wording that these two organizaitons will be charging an extra 0.05% for each conventional loan they secure in the secondary market.  Fannie and Freddie know that banks ultimately need them to replinish their cash , all banks will be increasing their fees as well by the same 0.05%.  Example: A $200,000 would expect an $1000 in up-fees or choose a higher interest rate so that the bank can cover the cost for you. Consumers will see either higher interest rates or an increase in fees to obtain conventional mortgage financing in the near future.  There is still good news...mortgage rates are still incredibly low!  Now is the time to BUY BUY BUY real estate!


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Phone: 214-394-8299
Dated: January 19th 2012
Views: 3,187
About Michael: Are you looking for a Realtor that will put your interests first? As a young kid growing up in the ...

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