Market Update

  • No Income Check Loans – Making a Comeback?

    No income check home loans were very common prior to the 2008 credit crisis.  However, they bacame extinct after 2008.  So far, there are no lenders offering the old style no income check loans, but there are a few programs available through North Atlantic Mortgage that allow for alternative ways of verifying income.

    Here are two alternative ways of verifying income:

    Option One – Asset Qualification

    • Borrowers are qualified based on verified liquid assets
    • Employment and income are not stated on application
    • Debt To Income ratios not calculated
    • 4506T IRS Transcript not required
    • Payment shock not calculated
    • Foreign Nationals allowed
    • Option Two- Bank Statements

    Option Two- Bank Statements

    • Self-employed borrowers* using

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  • Home loan rates react to Fed hike

    The Federal Reserve approved its second rate hike of 2017 even amid expectations that inflation is running well below the central bank’s target.

    As financial markets had anticipated, the policymaking Federal Open Market Committee increased its benchmark target a quarter point. The new range will be 1 percent to 1.25 percent for a rate that currently is 0.91 percent.

    Mortgage bonds, which started the day up 47 basis points lost 14 basis points in price on the announcement. Mortgage rates move higher as bond prices move lower.  This also impacts most adjustable-rate and revolving debt like credit cards and home equity

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  • Home Prices & Supply Map & Mortgage Rate Update

    WASHINGTON, D.C. (May 17, 2017) – Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 12, 2017.

    The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.23 percent, with points increasing to 0.37 from 0.31 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

    The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.23 percent from 4.22 percent, with points increasing to

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  • Breaking News Mortgage Rates

    WASHINGTON, D.C. (May 3, 2017) – Mortgage applications decreased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 28, 2017.

    The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.23 percent from 4.20 percent, with points decreasing to 0.32 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

    The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.18 percent from 4.15 percent, with points

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  • Where are Americans Moving?

     

    Where Did Americans Move in 2016? | Keeping Current Matters

    Buying or Refinancing a home doesn’t have to be Stressful

    With rates so low many have refinanced at least once, even twice.  But there are still many who have not, due to either not wanting to deal with the stress of gathering documents and not sure of qualifying for a loan.  At North Atlantic you receive attentive personalized service
    (see what our clients say).

    Believe me, it’s a great deal easier with our help and expertise.

    The average time to close a loan is about 30 days.

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  • Post Election Surprise for Mortgage Rates

    Mortgage rates move higher

    The recent election result weighed heavily on the mortgage interest rate market. Surging stock prices and plummeting bond prices dominated headlines.  While Mortgage rates benefit when mortgage bonds move higher, the reverse is true when those prices move lower.

    Mortgage rates have continued to move higher in the post-election period, as investors worldwide are looking for increases in growth and inflation, with the 30-year mortgage rate reaching its highest weekly average since the beginning of 2016,

    The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since

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  • The Real Estate Market is Back?

    So, is the Real Estate market back?  Some believe it is, others are not so sure. While these recent reports point to improvement, it is still a far cry from where the market was before the financial crises of 2008.  As we all know, the economy is growing at a very anemic rate and jobs are still a very big issue. While good news is encouraging many remain guarded.

    WASHINGTON (October 20, 2016) — Existing-home sales rebounded strongly in September and were propelled by sales from first-time buyers reaching a 34 percent share, which is a high not

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  • No Fed Rate Change

    The Federal Open Market Committee left rates unchanged last week as expected.  They also reduced the expected growth rate for the economy (GDP) from 2% to 1.8%.  The bond market generally favors poor economic data.  Lower growth signals economic concern and helps mortgage interest rates stay low.

    The Fed has a dual mandate from Congress, full employment and price stability. With the unemployment rate running below 5% it can be argued that the employment mandate has been met. What is lacking is inflation. The Fed would like to see a 2% inflation rate, which has been elusive. The slower the

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  • With real estate values increasing and mortgage interest rates dropping, now is the time to get your loans closed with North Atlantic.

    Call Today  877-794-5363

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  • Mortgage Rates Down to 2-Week Lows After GDP

    Mortgage rates enjoyed another strong day, falling to the best levels in exactly 2 weeks.  Rates were actually set to move higher early this morning, but a much weaker-than-expected reading on Q2 GDP helped drive demand for bonds.  Better buying pushes bond prices higher and rates lower.  The strength in bond markets gave lenders the peace of mind needed in order to offer even better terms than yesterday.  The most prevalent conventional 30yr fixed rate is quickly returning to 3.375% on top tier scenarios.

    Next week brings important economic data, including the big jobs report on Friday.  The

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