Tag Archives: home mortgage rates

08.13.13
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Mortgage Rates RISE Dramatically after today’s retail sales data report!

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According to & article today on mortgage news daily:
Mortgage rates were abruptly higher today, moving back toward the highs of the month and erasing most of the improvements seen since the Employment Report on August 2nd.  After an excessively calm week last week, market participants had eagerly anticipated today’s Retail Sales report as the first major dose of information since that Employment Report.  Rates were already on the move higher ahead of the data owing to bond market weakness in overnight.  While the headline numbers on the Retail Sales report weren’t as high as expected, not only was the previous reading revised higher, but the other components of the report–such as those that strip out the more volatile auto sales–were stronger than expected.  By the end of the day, the most prevalent 30yr Fixed quote (best-execution) is edging up from 4.5 to 4.625% for some lenders.

In order to understand why rates moved as much as they did today, we first need to frame Retail Sales in the context of the prospects for a reduction in the Fed’s asset purchases–aka “tapering.”  Markets and even the Fed itself are undecided as to whether tapering will start in September or later in the year.  Because the asset purchases are seen as a mathematically quantifiable reason for lower rates, the sooner the reduction in purchases occurs, the higher rates will go, all other things being equal.  This morning’s Retail Sales numbers stood as the first major piece of data to inform that debate since the Employment Report at the beginning of the month.

Quite simply, the data “wasn’t bad enough” to push out the expectations for a tapering time frame.  Combining this with the upward momentum in rates coming out of the European market hours and it was enough for a significant move higher.  Unfortunately, it wouldn’t be until Thursday that we even have a chance to get data that counteracts this “vote.”  Even then, this would require several different pieces of data having the same economically bearish suggestion.  In other words, rates aren’t likely to stampede back toward better levels unless that happens.  If the data happens to confirm today’s message from Retail Sales, rates could go even higher.

Today’s Best-Execution Rates based on the larges 40 lenders in the US!

  • 30YR FIXED – 4.5% “ZFG Mortgage 4.375%”
  • FHA/VA – 4.25% “ZFG Mortgage 4.125%”
  • 15 YEAR FIXED –  3.625%-3.75% “ZFG Mortgage 3.375%”

To check today’s mortgage rates in Oklahoma

Click Here

To Apply for a mortgage or obtain Free No cost or obligation Rate quote

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05.14.13
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Why you’re probably not getting the best mortgage rate quote?

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A home loan is basically a product and like all products, its sales pitches can be exaggerated. The end result is that you end up with a loan that may not suit your needs at all. When shopping around for the best mortgage rate that is most suitable for you, one needs to be highly discerning with exactly what is being offered.

Short-Term Adjustable Rate

Many consumers make the common mistake of choosing a one-year adjustable rate mortgage due to the deceptively low rate being advertised. Deceptive, because, in the very next year, the rate shoots up.

It is most important that you keep in mind that it is not in the best interests of lenders to offer you a loan with the lowest possible interest rate. Typically they would prefer you to opt for the highest rate you could possibly afford. Doing so will ensure that in addition to their regular commission, mostly one percent of the loan amount, an overage of an extra one or two percent is earned for selling you a loan priced higher than the most favorable deal for you. To avoid this situation, insist on the daily rate card from your loan officer that lists the lowest rates of all his products.

Regulation Offers Some Protection

The Real Estate Settlement Procedures Act (RESPA) lays down that lenders must give an accurate estimate of closing costs at the time of submitting your application. Extra charges are in violation of the law. Nevertheless many banks often try to slip them in. Insist on a detailed list of closing costs. If you find any suspicious or unnecessary charges, you have the right to ask your loan officer for an explanation.

While it may be advisable to seek recommendations for mortgage lenders, you need to be careful if the advice comes from a real estate agent. With estate agents, it is more likely that instead of referring you to the best deal possible, they send you to the lenders who pay them a commission for doing so.

Some mortgage brokers will often mislead you with pre approvals. They lead you to believe that a pre approval practically guarantees you the mortgage. However, at the actual time of getting approved for a mortgage, these pre-approvals are of no value and may as well be wastebasket approvals.

The Government has made efforts to ensure protection for the consumers with government mandated disclosure forms. However the miniscule type combined with complex financial figures can be difficult to read or comprehend easily. Even worse, it can be use to conceal the truth just as it can reveal it. Overall, make sure that when you are selecting your quotes, you keep in mind that opting for what appears to be the cheapest quote initially, or depending completely on the recommendations of the lender are not good strategies with seeking out the right mortgage for you.

For current rates on mortgage loans in Oklahoma, Log on to the #1 rated lender in the state for the last 4 years website www.zfgmortgage.com or call

1-877-205-7266 

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