Little Change for Mortgage Rates

December 14, 2017
As widely expected, the Fed increased the federal funds’ target rate this week for the third time in 2017. The market had already priced in the rate hike so long-term interest rates, including mortgage rates, hardly moved. Mortgage rates held relatively flat across the board, with the 30-year fixed mortgage rate inching down 1 basis point to 3.93 percent in this week’s survey. Mortgage rates have been in a holding pattern for the fourth quarter, remaining within a 10 basis point range since October.
Learn more at http://www.freddiemac.com/pmms/

Rate Chart-12-19

 

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The Mazzo Group Funds 4th Home for Family in Nicaragua. Plans for 5 before year’s end.

When JJ first joined Giveback Homes, he helped fund a home for the Saballos Family,  just one month later he funded a second home for the Sanchez family. Followed by a third home for the Jarquin family and now, the fourth home for Santos, a mother in Nicaragua.

Santos (49) is a stay at home mother. She has been a single mother for the majority of her children’s lives, however, has now been with her partner Alfonso Augustin (33) for two years.  Together, they live with her three sons: Gerald (23), Luis (18), and Yalis (13). The older two work in construction as masons along with Alfonso. They each earn between $100 – $160/month. Gerald and Luis also work in Costa Rica for 6 months out of the year. Yalis will be starting high school this year at the local secondary school in the community, which has only been open for about 2-3 years; previously students in the community had to travel on dangerous roads to another nearby town for school.

Santos has been living in her current home, which she inherited from her mother about ten years ago. Their house is in poor conditions and has termites. Santos expresses her happiness and is already imagining how she will decorate their new home.

 

Mortgage Rates Hold Flat

September 28, 2017

Rates held relatively flat this week. The 10-year Treasury yield fell just 1 basis point, while the 30-year mortgage rate remained unchanged at 3.83 percent.
9-28 Mortgage Rates

©2017 by Freddie Mac. www.freddiemac.com

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Fed will begin tapering in October

The Federal Reserve announced Wednesday that it will begin unwinding its massive balance sheet beginning in October, a move that could push up longer-term mortgage rates.

Also, as widely expected, the central bank’s Federal Open Market Committee (FOMC) left the target federal funds rate unchanged at the conclusion of its two-day meeting this week, setting the stage for a possible rate hike in December.

In its other major decision, Fed policymakers left the benchmark rate unchanged in the range of 1 to 1.25 percent. Fratantoni said the Fed’s statement was “relatively hawkish,” suggesting a rate hike in December, and possibly three or four increases each year until the fund target range hits 3 percent.

Mike Fratantoni, chief economist for the Mortgage Bankers Association, explained. “Even though inflation remains relatively low, the tight job market is leading the Fed to slowly move rates up to prevent the economy from overheating.” Suggesting a rate hike in December, and possibly three or four increases each year until the fund target range hits 3 percent.

Most analysts have predicted the FOMC will raise the rate by a quarter percent at least one more time this year. The most likely date is following the Dec. 12-13 FOMC meeting, for which Yellen has scheduled a news conference. The FOMC also has a two-day meeting slated for Oct. 31 and Nov. 1.

© 2017 Scotsman Guide Media. All Rights Reserved. | Read the full article here.

Rates September 21, 2017
30-year fixed-rate mortgage (FRM) averaged 3.83 percent with an average 0.5 point for the week ending September 21, 2017, up from last week when it averaged 3.78 percent. A year ago at this time, the 30-year FRM averaged 3.48 percent.

15-year FRM this week averaged 3.13 percent with an average 0.5 point, up from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.4 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 5-year ARM averaged 2.80 percent.

© 2017 Freddie Mac | www.freddiemac.com

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877.237.9694 | www.themazzogroup.com | support@mazzogroup.com

JJ Mazzo
Branch Manager
NMLS ID# 186548, CA BRE ID# 01350228, AZ MLO Lic# 0913442
31351 Rancho Viejo Road Suite 201
San Juan Capistrano, CA 92675

support@mazzogroup.com
http://www.themazzogroup.com

Mortgage Rates Hold at 2017 Low

September 14, 2017

Following a sharp decline last week, the 10-year Treasury yield rose 11 basis points this week. The 30-year mortgage rate, however, remained unchanged at 3.78 percent. If Treasury yields continue to rise, mortgage rates could see an increase in next week’s survey.

9-14-17 Rate
©2017 by Freddie Mac. http://www.freddiemac.com

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877.237.9694
support@mazzogroup.com
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Summit Funding Now Offering Appraisal Waivers!

Summit Funding is now implementing FNMA’s new Property Inspection Waiver Policy. Meaning, on Automated Approvals that allow for Property Inspections Waivers, clients do not need to pay for a property appraisal.

On eligible purchase and refinance transactions. Summit Funding clients save valuable time and appraisal money!

Give me a call today to discuss this further!

JJ Mazzo

Branch Manager
NMLS ID# 186548, CA BRE ID# 01350228, AZ MLO Lic# 0913442
31351 Rancho Viejo Road Suite 201
San Juan Capistrano, CA 92675
Direct: 877-237-9694

support@mazzogroup.com
http://www.themazzogroup.com

 

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31351 Rancho Viejo Road, Suite 201, San Juan Capistrano, CA 92675, Branch NMLS ID# 1420160, Summit Funding, Inc. NMLS ID# 3199 (Refer to http://www.nmlsconsumeraccess.org to see where Summit Funding, Inc. is a licensed lender). Arizona License (#0925837), Georgia License (#39456), Licensed by the California Department of Business Oversight (#6072526) and holds a CA Bureau of Real Estate Broker’s License (#01220358) under Nationwide Mortgage Licensing System (NMLS). In all states, the principal licensed office of Summit Funding, Inc. is 2241 Harvard Street, Suite 200, Sacramento, CA 95815; Phone: (916) 571-3000; http://www.summitfunding.net. This communication is for informational purposes only, this is not a commitment to lend. All programs are subject to change or cancellation at any time and without notice. Contact Summit Funding to learn more about mortgage products and your eligibility. Summit Funding, Inc. is an approved equal housing lender.

Best 2017 Labor Day Activities In Orange County

Happy Labor Day weekend! It’s going to be a scorcher of a weekend, but that doesn’t stop us Orange County folks from stepping outside to enjoy Labor Day with friends and family.  From street fairs with delicious food and music to art exhibits + more, Orange County knows how to kick off summers-end the right way!

Orange International Street Fair
www.orangestreetfair.org
WHERE: Orange Circle & Plaza Center, 112 E. Chapman Ave., Orange / (714) 633-4816
WHEN: Date: September 1, 2017 – September 3, 2017

Sawdust Festival
www.sawdustartfestival.org
WHERE: 935 Laguna Canyon Road, Laguna Beach / (949) 494-3030
WHEN: Until September 3, 2017

35th Annual Great Labor Day Cruise
www.thelabordaycruise.org
WHERE:  Orange County Fair & Event Center, 88 Fair Dr., Costa Mesa
WHEN: September 1 – 3, 2017

We hope you enjoy this time with your friends and family and a good BBQ! Drink plenty of fluids, its going to be hot out there and stay safe!