Mortgage Rates

July 1, 2016 09:23 AM Eastern

Refinance rates now in Woodbridge, NJ[Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

30 Year Fixed

Interest Rate
3.000%
APR
3.166%
Monthly Payment
$843
AnnieMac Home Mortgage
30 Year Fixed
Be the first to write a review.
NMLS: 338923
Interest Rate
3.000%
APR
3.166%
Monthly Payment
$843
(844) 332-2241 Contact
AnnieMac Home Mortgage
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $843
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $843
Lender Fees $4,194
Lender Credit $1,676
Total Closing Fees* $2,518
*Other 3rd party fees may apply
AnnieMac Home Mortgage
Email Lender

About the Lender

Headquartered in Mount Laurel, New Jersey, AnnieMac Home Mortgage, a d/b/a of American Neighborhood Mortgage Acceptance Company, LLC has provided quality mortgage loan products to consumers nationwide. As an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae, we have access to the best mortgage programs available, including Conventional, Government and Non-Conforming mortgages. Since our processing and underwriting are completed in-house, consumers can expect an efficient process and exceptional customer service, positioning us as a leader in the mortgage lending industry.
AnnieMac Home Mortgage
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15 Year Fixed

Interest Rate
2.500%
APR
2.561%
Monthly Payment
$1,334
AnnieMac Home Mortgage
15 Year Fixed
Be the first to write a review.
NMLS: 338923
Interest Rate
2.500%
APR
2.561%
Monthly Payment
$1,334
(844) 332-2241 Contact
AnnieMac Home Mortgage
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,334
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,334
Lender Fees $856
Lender Credit $1,014
Total Closing Fees* ($158)
*Other 3rd party fees may apply
AnnieMac Home Mortgage
Email Lender

About the Lender

Headquartered in Mount Laurel, New Jersey, AnnieMac Home Mortgage, a d/b/a of American Neighborhood Mortgage Acceptance Company, LLC has provided quality mortgage loan products to consumers nationwide. As an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae, we have access to the best mortgage programs available, including Conventional, Government and Non-Conforming mortgages. Since our processing and underwriting are completed in-house, consumers can expect an efficient process and exceptional customer service, positioning us as a leader in the mortgage lending industry.
AnnieMac Home Mortgage
Email Lender Write a Review

Lender Reviews

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5/1 ARM

Interest Rate
2.250%
APR
3.198%
Monthly Payment
$764
AnnieMac Home Mortgage
5/1 ARM
Be the first to write a review.
NMLS: 338923
Interest Rate
2.250%
APR
3.198%
Monthly Payment
$764
(844) 332-2241 Contact
AnnieMac Home Mortgage
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $764
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $764
Lender Fees $3,298
Lender Credit $572
Total Closing Fees* $2,726
*Other 3rd party fees may apply
AnnieMac Home Mortgage
Email Lender

About the Lender

Headquartered in Mount Laurel, New Jersey, AnnieMac Home Mortgage, a d/b/a of American Neighborhood Mortgage Acceptance Company, LLC has provided quality mortgage loan products to consumers nationwide. As an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae, we have access to the best mortgage programs available, including Conventional, Government and Non-Conforming mortgages. Since our processing and underwriting are completed in-house, consumers can expect an efficient process and exceptional customer service, positioning us as a leader in the mortgage lending industry.
AnnieMac Home Mortgage
Email Lender Write a Review

Lender Reviews

Be the first to write a review. See All Reviews
Sebonic Financial
5/1 ARM
Interest Rate
2.500%
APR
3.382%
Monthly Payment
$791
(866) 544-4064 Contact
Sebonic Financial
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $791
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $791
Lender Fees $4,161
Lender Credit $0
Total Closing Fees* $4,161
*Other 3rd party fees may apply
Sebonic Financial
Email Lender

About the Lender

Sebonic Financial is a division of Cardinal Financial Company, a full service mortgage banking firm in operation since 1987.  The company is an approved seller/servicer for Fannie Mae, Freddie Mac and Ginnie Mae. Cardinal is also an approved lending institution for the Department of Housing and Urban Development/Federal Housing Administration and the Department of Veteran Affairs/Veterans Administration with FHAs Direct Endorsement and VA Automatic Lender Authority.  Cardinal is an authorized lender for the USDA/Rural Housing Program, the Pennsylvania Housing Finance Agency and the New Jersey Mortgage Housing Finance Agency.

 

Cardinal is licensed by the Departments of Banking in many states, mainly in the eastern and southeastern United States.  Its retail and wholesale divisions originate first mortgage loans for qualified borrowers.

Sebonic Financial
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Lender Reviews

Thomas Denton

Yes, I recommend this lender

Tom did a great job helping us with our refinance. He walked us through each step of the process. We closed on time, with even a better rate than we expected.

By: Jamie (Thomasville, NC)

I recommend Renato Paz

Yes, I recommend this lender

excellent

By: albertina (Leesburg, VA)

My experience with Sebonic Financial

Yes, I recommend this lender

Although it took a while to get the loan approved, Sebonic Financial did a great job in helping to secure my loan.

By: George (Fernandina Beach, FL)
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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

Mortgage Rate Trends

Monthly | Daily

Mortgage Rate Lock Recommendation

June 30 2016
  •   Lock if closing in 7 days:
    Rates may be heading up

Outlook

Once again, there looks to be a good chance of mortgage rates holding steady or maybe rising a little today. However, the early trends on which that prediction is based frequently change course, so there are no guarantees. Indeed, as recently as yesterday and the day before, rates inched down, contrary to the expectations created by those trends. Still, if we were buying a home in June or July, we'd lock now, while rates are at three-year lows and close to all-time lows, rather than gamble on further falls. But, if you're braver than we are, you could legitimately take a chance and continue to float. Read on for more.

Today

As the shock of Brexit (British exit from the European Union) recedes, domestic economic data regain their influence on markets and mortgage rates. And, this morning, weekly jobless numbers were released. During the week ending June 25, there were 268,000 new claims for unemployment insurance. The number had been an unexpectedly low 259,000 over the previous seven days, and the consensus forecast among analysts for today's figure had been 266,000, according to Econoday. Hmm. Given that weekly figures are inevitably volatile, and that 268,000 is very close to 266,000, maybe we're back to reading the entrails of the Brexit vote for clues about today's movements in mortgage rates.

And, for those, we have mainly to rely on yields on 10-year U.S. Treasury bonds, which are usually closely tied to mortgage rates. At about 10:00am ET, those were higher, though not sharply so. While those yield trends on those bonds at that time of the morning frequently turn out to be accurate predictors of the direction of travel for the day's mortgage rates, they slow, accelerate or reverse sufficiently often that they can't be relied upon as a basis for making important financial decisions. And, as we've seen recently, the relationship between those and mortgage rates can sometimes become slightly elastic.

Major foreign stock-market indexes were mostly higher across Asia and Europe earlier, though all changes were moderate. Twenty-five minutes after opening, the Dow Jones industrial average was up by +0.12 percent. At 9:48am (ET), crude oil prices stood at $48.69/barrel, compared with the $48.30/barrel seen at roughly the same time yesterday.

Recent Mortgage Rates

Average rates for 30-year fixed-rate mortgages (FRMs) fell yet again yesterday, dropping by a single basis point (1/100th of 1 percent – see below for a longer explanation), according to Mortgage News Daily. Add that to the 16-basis-point tumble seen over Friday through Tuesday, and the average is at a 37-month low and remains within a stone's throw of its all-time low. Yesterday's fall (the smallest possible) was a surprise to some, because it went against the yield trend for those 10-year Treasury bonds, which rose quite sharply later in the day. But such phenomena aren't rare during times of volatility.

The average rate nationwide for a 30-year FRM during the week ending June 30 was 3.48 percent with an average 0.5 point, according to Freddie Mac's latest weekly survey, published this morning. It was 3.56 percent during the week ending June 23, and 3.54 percent seven days before that. This time last year, the average 30-year FRM came in at 4.08 percent.

Freddie Mac chief economist Sean Becketti remarked in a statement accompanying the latest data:

In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points. The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48 percent. This week's survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.

Your Dilemma

There remains a risk in choosing to float or lock your rate. True, there are opportunities for rewards should rates fall further, but there is also a continuing danger of being trapped in an upward cycle that doesn't end before you have to lock

So those who are cautious may wish to lock today, trading the possibility of further falls in rates for the security of fixing what should still be an exceptionally good mortgage deal by both recent and historical standards. Those who like to gamble might prefer to wait awhile before locking, hoping there will be further falls ahead. Only you can decide on the risk with which you personally are comfortable.

Why Mortgage Rates Move

Unlike most other interest rates, those for mortgages (except ones for existing adjustable-rate mortgages) are largely determined by the supply of money into the market from investors and the demand for such loans from consumers. That supply is heavily affected by the amount of risk investors are prepared to sustain in their portfolios. When spooked by economic uncertainty, they tend to buy safer assets, including mortgage securities, which can result in an increased supply of product (cash) that drives down the price (rates). When they're more confident, they tend to invest in riskier but more profitable assets, which reduces the supply of money for home loans and pushes up rates. A second influence is perceptions of how inflation rates are likely to move over the long term, but that tends to be a less important factor in daily and short-term movements. None of this is to suggest the Federal Reserve doesn't affect mortgage rates; merely that it does so only indirectly.

The relationship between 10-year Treasury bonds and mortgage rates is more complicated. Investors generally view those bonds and mortgage securities as similarly secure havens for their money when they're spooked – with bonds the safer of the two. That means they tend to buy or sell both at the same time, depending on their level of confidence in the U.S. and global economies. So many lenders refer to those particular Treasury yields when setting their rates. Usually, the relationship between 10-year Treasury yields and mortgage rates is surprisingly close, though rates tend to be less volatile, and sometimes the two drift apart a little.

Some Questions Answered

Why, counterintuitively, do bond yields fall when prices for Treasuries rise? It's because you're buying a fixed return on your investment, and the more you pay for the right to that same fixed amount of money, the lower the yield you're going to get. That's a mathematical inevitability.

Why go on about "analysts' consensus forecasts" when reporting economic data? Well, they're often relevant. That's because investors frequently trade ahead of actual data based on those forecasts. So sometimes the difference between what's reported and what was expected can be as important as that between the new number and the one for the previous reporting period.

What is a basis point? Yes, it's 1/100th of 1 percent, but, when it comes to percentage points and basis points, these numbers are often mind-numbingly confusing. To give a purely theoretical example, suppose the best mortgage rate you could have gotten yesterday was 6.00 percent (let's hope it wasn't!), and that rate subsequently dropped by a single basis point. Your new rate would be 5.99 percent.

The Longer Term

In its latest (June) Housing Forecast, Fannie Mae predicts the rate for 30-year FRMs will average 3.6 percent this quarter and next, and rise to 3.7 percent through the following six months. It expects that to inch up to a 3.8 percent average for the last three quarters of 2017.

Freddie Mac's economists are less optimistic. In their latest Outlook report, published earlier this week, they wrote:

Despite rates stalling over the past two months, we still believe they will move up in June, allowing for the 30-year fixed to reach 3.7 percent in the second quarter and averaging 3.9 percent in 2016 and 4.5 percent in 2017. For short-term rates, we are still assuming a rate hike in the third quarter.

The Mortgage Bankers Association is even more pessimistic. In its June Mortgage Finance Forecast, published prior to the Brexit referendum, it reckoned that same average rate will creep up each quarter for the foreseeable future, reaching 4.0 percent in the last three months of this year, and hitting 4.8 percent by the last quarter of 2017.

You may prefer to see all these numbers as a sign of how difficult it is to forecast rates in this challenging economic environment, rather than as reliable guides to the futures.

What Does it Mean to "Lock" Your Mortgage?

"Locking" your mortgage means that you and your lender have agreed on an interest rate and price for your home loan. Once your loan is locked, that's the rate and price you get, regardless of what happens in the financial markets. If rates go up, you're protected but if rates go down, you won't benefit either -- you close your loan at the rate you've locked and you can’t change it. Locks have expiration dates ranging from 30 to 60 days or more, and the longer your lock period, the more it costs. If you don't close your loan on time, you could end up paying a higher interest rate.

When Should You Lock?

You can lock in your loan at any time during the process. Until you lock your interest rate, you are said to be "floating" your mortgage. The only rule is that you have to lock in before you can close on your purchase or refinance.

The decision to lock or float your loan can have a long term impact so it’s important you make the right choice. That’s why we offer a quick rundown of the key factors that drive mortgage rates today and everything you need to know.

Mortgage Rates by State

Mortgage rates can vary a lot between lenders on any given day. So, if you only get one mortgage quote, you won't have any idea if there's a better deal out there. That's why the best way to get a mortgage rate it to request quotes from multiple lenders and compare interest rates, loan terms and closing costs. It puts you on in charge and keeps the banks competing to get you the best rate possible. Remember, even .1 percent can amount to thousands of dollars over the course of a loan. Make sure you shop around!

Find Rates In Your State
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