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Raleigh Mortgage Rates Update

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The Raleigh Mortgage Rates Markets

•Raleigh mortgage Rates were stable at recent lows in the past week.
•Freddie Mac announced that for the week ending July 24, 30-year fixed rates were unchanged at 4.13%.
•The average for 15-year loans ticked up to 3.26%.
•Adjustable rates were also stable in the past week with the average for one-year adjustables unchanged at 2.39% and five-year adjustables increasing marginally to 2.99%.
•A year ago 30-year fixed rates were at 4.31%.
•Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac –“Rates were little changed for the week with 30-year fixed-rate loans remaining unchanged. Meanwhile, we received some good news on housing with existing home sales climbing 2.6 percent to a seasonally adjusted annual rate of 5.04 million in June, the highest pace since October 2013.”

Raleigh mortgage rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

The Consumer Financial Protection Bureau (CFPB) clarified its rules regarding lending to same-gender, married couples. The agency recognizes all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated. CFPB Director Richard Cordray recently issued a memo to lenders explaining the CFPB’s laws, regulations and policies regarding lending to same-gender married couples. The memo follows the June 26 United States v. Windsor case in which the Supreme Court struck down section 3 of the Defense of Marriage Act (DOMA) as unconstitutional. Section 3 provided that marriage would only be recognized as a legal union between one man and one woman. “The Bureau will regard a person who is married under the laws of any jurisdiction to be married nationwide for purposes of the federal statutes and regulations under the Bureau’s jurisdiction regardless of the person’s place of residency,” Cordray writes. Source: Reverse Mortgage Daily For Access to the Full Memo Click Here

The Federal Housing Administration (FHA) posted two draft sections of its Single Family Housing Policy Handbook (SF Handbook) — Doing Business with FHA—FHA Lenders and Mortgagees and Quality Control, Oversight and Compliance — for stakeholder review and feedback.
•The draft Doing Business section contains information regarding eligibility, approval, and recertification requirements for FHA lenders and mortgagees; and
•The draft QC/Oversight section explains ongoing lender and mortgagee responsibility to perform institution and loan-level quality control.

The posting of these two sections is a continuation of FHA’s overall effort to develop a comprehensive SF Handbook that will be, at its completion, the single, authoritative source for all Single Family housing policy. Both sections, as well as supporting information, will be posted for review and feedback on the SF Drafting Table on their respective web pages — Doing Business with FHA—FHA Lenders and Mortgagees and Quality Control, Oversight and Compliance. FHA invites voluntary stakeholder feedback on these SF Handbook sections until the end of July. Source: FHA

One of Julian Castro’s early dilemmas as head of the Department of Housing and Urban Development likely will be how he handles industry calls to lower Federal Housing Administration premiums. The San Antonio mayor, who won Senate confirmation July 9 as the new HUD secretary, is bound to face lobbying from banking and housing groups that view lowering FHA premiums as the answer to improving loan affordability. Many expect HUD to avoid such a move, and instead push for lenders to reduce their self-imposed credit overlays that limit lending. HUD is also developing special programs to help marginal borrowers gain access to FHA financing. Both Shaun Donovan, Castro’s predecessor, and FHA Commissioner Carol Galante have resisted calls to lower premiums. But the lobbying effort is expected to continue. “Based on what I hear in conversations with lending and real estate executives, lowering premiums needs to be part of the solution,” said industry consultant Brian Chappelle. “While FHA proposed steps will help, they simply do not go far enough.” Last year’s actuarial report showed the FHA’s Mutual Mortgage Insurance Fund was undercapitalized, triggering a $1.7 billion infusion from the Treasury Department. However, according to David Stevens, head of the Mortgage Bankers Association, some projections suggest the upcoming MMIF report due out in November could show the fund’s capital ratio being above the critical 2% threshold. Stevens said that would give Castro an opportunity to make at least a modest reduction in premiums. Source: National Mortgage News

Foreclosure activity in June was down 16 percent from a year prior, marking the lowest level since July 2006 — before the housing bubble burst — according to RealtyTrac’s Midyear 2014 U.S. Foreclosure Market Report. The report showed a much-improved picture: Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, were down 19 percent in the first half of 2014 compared to the previous six months and 23 percent from year-ago levels. Ten states in June reached their lowest level of foreclosures since 2006. “Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing-price bubble burst in August 2006,” says Daren Blomquist, vice president at RealtyTrac. “Over the next six to nine months, nationwide foreclosure numbers should start to flatline at consistent historically normal levels.” Not all states are out of the woods yet. For example, nine states saw foreclosure activity rise during the first half of 2014 compared to a year ago according to the report. “While it’s important that any remaining foreclosure infection is addressed promptly to keep it from festering, foreclosures are no longer a widespread contagion threatening to derail the housing market’s return to full health,” Blomquist says. Source: RealtyTrac

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Edyta Rhodes has written 25 articles on Service 1st Mortgage

I am an experienced mortgage broker, Raleigh-based with access to top national lenders. I have over 10 years experience, so I know how to design your mortage loan to fit your overall financial picture. I guarantee to find the best mortgage rate for you. You can find out more about me on Google+ Or you can email me at

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