Mortgage Loan Delinquency Rates Hit Lowest Level Since 2000

According to a report just released by Corelogic, the 30-59 day mortgage delinquency rate in March (the most recent month reported) fell to just 1.7%, the lowest level since January 2000.  The “seriously delinquency” rate (30+ days late) fell to 4.4% in March, the lowest level sine November 2007, according to Corelogic.

In addition, the “transition rates” all improved as well from a year ago.  Transition rates show which way the borrowers are moving, from slightly delinquent to more delinquent, or from slightly delinquent to current for example.  Below are the transition rates for March 2017, according to the Corelogic report:

  • Borrowers going from current to 30 days late – 0.6% for March 2017, down from 0.7% in March 2016
  • Borrowers going from 30 days late to 60 days late – 11.6% for March 2017, down from 13.2% in March 2016
  • Borrowers going from 60 days late to 90 days late – 20.8% for March 2017, down from 23.1% in March 2016

All of this is good news for the real estate industry as the trends are positive and are is a good “leading indicator” of what is to come.  As mortgage delinquencies decrease, foreclosures, short sales and other distressed home sales decline, putting less downward pricing pressure on the housing market and providing sustainability to the improving housing market.

Speaking of mortgages, if you are considering refinancing, want to know what current rates and terms are, or would like to get pre-approved for a mortgage, I would highly recommend speaking with Ryan Derryberry, a mortgage loan professional with Movement Mortgage.  Ryan is a great guy, is honest and knows his stuff. Movement is a great company, founded and operated on great principals and offer some mortgage products you won’t find anywhere else….More information on Ryan, including his contact info, can be found here.

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St. Louis Mortgage Rates Drop Even Further;  Which refinancing option is best for you?

Every borrower’s situation is different.  My goal is to provide various options/loan programs that are available to meet the borrower’s needs.  When considering a refinance, the following are typical situations borrowers face:

Are you refinancing primarily to lower your rate and monthly payments? Your best option might be a low fixed-rate loan. Maybe you have a fixed-rate mortgage now with a higher rate, or maybe you have an ARM — adjustable rate mortgage — where the interest rate varies. Even if it’s low now, unlike your ARM, when you qualify for a fixed-rate mortgage you lock that low rate in for the life of your loan. This is especially a good idea if you don’t think you’ll be moving within the next five years or so. On the other hand, if you do see yourself moving within the next few years, an ARM with a low initial rate might be the best way to lower your monthly payment. Continue reading “St. Louis Mortgage Rates Drop Even Further;  Which refinancing option is best for you?

Historic low mortgage interest rates, Refinancing Options & New HUD program

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Interest rates have been strong all year, last week however, we saw mortgage backed securities rally each day and with the release of unemployment figures on Friday we are now officially sitting at historic lows! If you have not taken advantage of these rates…what are you waiting for? Maybe you have been told that you don’t have enough equity in your home due to the housing market trending down over the past few years?

Well there is something here for you too! The Home Affordable Refinance Program (HARP) is a program developed by Fannie Mae and Freddie Mac that helps folks with little or no equity in their homes take advantage of today’s fantastic mortgage rates. Continue reading “Historic low mortgage interest rates, Refinancing Options & New HUD program

St. Louis Mortgage Rate Update; Why Refinance?

With interest rates at all time lows, it is worth the few minutes to do a mortgage check up and determine if a refinance would be beneficial to your situation. Since there are many reasons a homeowner may choose to refinance, we’ll take a look at the few most common reasons to consider a refinance. Continue reading “St. Louis Mortgage Rate Update; Why Refinance?

St. Louis Mortgage Rate Update; Refinancing Homeowners Reduced Debt In Fourth Quarter

Freddie Mac recently released their fourth-quarter refinance analysis and it shows that 85 percent of homeowners who refinanced their mortgages during the fourth quarter of 2011 maintained or reduced their principal balance by paying-in additional money at the closing table. Frank Nothaft, Freddie Mac’s vice president and chief economist, said savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings.

According to Nothaft, the typical borrower who refinanced during the fourth quarter reduced their interest rate by approximately 1.4 percentage points. During the fourth quarter, 37 percent of homeowners who refinanced their mortgage maintained about the same loan amount and 49 percent reduced their principal balance. The percentage of cash-in borrowers was the highest in the 26-year history of the analysis. Continue reading “St. Louis Mortgage Rate Update; Refinancing Homeowners Reduced Debt In Fourth Quarter

Mistakes borrowers make when refinancing their home loan

Dennis Norman, St Louis REALTORThe top five mistakes consumers make when refinancing their home loan were revealed by LendingTree Network’s newly released “Monthly Lender Marketplace Survey”. According to the survey, the top 5 mistakes made by consumers refinancing their home loans are: