According to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association (MBA), overall mortgage application volume rose 2% week-over-week for the week ending December 3, 2021. The MBA’s Refinance Index increased 9% over the previous week, and was 37% lower than the same week just one year ago. The seasonally adjusted Purchase Index fell 5% week-over-week. The unadjusted Purchase Index increased 28% over last week, and was 8% lower than this same time one year ago.
Interest Only Loans Are Back
These Loans are Great for those who are self employed or receive annual bonuses.
They have a Lower monthly payment with a great low rate.
And allow you to pay down the principal balance when you can.
New Loan Limits
Loans up to $627,200 = Conforming (lower) Rates
Loans above $647,200 to $970,800 = Hi balance (Non Jumbo) Rates
Above $970,800= Jumbo Rates
*15 Year Fixed
2.25% APR 2.313%
**30 Year Fixed
3.25% APR 3.28%
If you haven’t refinanced, there’s still time as rates are still Low.
Get cash out for home improvement, debt consolidation or for any reason.
*The Annual Percentage Rate is based on a single family owner occupied purchase or rate & term home loan with a maximum loan amount of $647,200, a 2.25 % interest rate, $320.00 in points, a 30 day rate lock, Fixed Rate for 15 Years with 180 monthly payments of $3,391.77, a 80% Loan to Value, and a minimum credit score of 700.**The Annual Percentage Rate is based on a single family owner occupied purchase or rate & term refinance home loan with a maximum loan, amount of $647,200 a 3.25% interest rate, $650.33 in points, 30 day rate lock, Fixed Rate for 30 Years with 360 monthly payments of $2,816.66 a 80% Loan to Value, and a minimum credit score of 700 . **** The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. The rates quoted are for home purchase or Rate & Term Refinance loans. Refinance cash out loans may have a higher rate. The rates may change or not be available at commitment or closing or may be subject to product restrictions. Offer subject to credit approval. Rates advertised are as of December 9, 2021. Rates are subject to change without notice. 178 Trinity Pass, Pound Ridge NY 10576. CT Mortgage Broker CT Department of Finance. MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER NMLS #1375 & 42481. Registered Mortgage Broker NYS Department of Finance, This Website is Not Authorized by the NYDFS. NY Clients please call 877-794 5363 as no NY applications can be taken from this site. Registered Mortgage Broker Florida Office of Financial Regulation. Loans arranged through third party providers. Verify our licensing information at www.nmlsconsumeraccess.org
