Are Mortgage Rates Higher for Condos?

Mortgage Q&A: “Are mortgage rates higher for condos?”

If you’re in the market for a new condo or a townhouse (as opposed to a house), you’re probably looking to save some money on your mortgage payment each month.

After all, condos tend to be a lot cheaper than single-family homes in similar areas because you get limited space and forgo things like a nice green yard to play in.

But you may be in for a surprise when you start shopping mortgage rates.

Condos May Have Hidden Financing Costs

condo llpa

  • While condos are typically priced lower than single-family homes
  • There are other costs to consider like HOA dues and more expensive home loan financing
  • If you’re unable to put down 25% on a condo purchase you will likely get hit with a pricing adjustment
  • This will either increase your mortgage rate slightly or bump up your closing costs

Sure, a condo might come with a lower price tag, but that’s not the end of the story.

They typically come with higher mortgage rates and costly HOA dues, both of which should be factored into your side-by-side analysis.

In some areas, HOA fees can be nearly as expensive as mortgage payments, totaling $500 or more each month. So definitely factor them in when determining affordability.

Additionally, many mortgage lenders charge a 0.75% mortgage rate pricing adjustment for a condo once the loan-to-value ratio (LTV) exceeds 75 percent.

And let’s face it, most home buyers put very little down these days.

For example, Fannie Mae (and Freddie Mac) charges a loan-level price adjustment (LLPA) for condos, as seen in the screenshot above.

This will likely be passed on to you, the consumer, in the form of a higher rate or higher closing costs.

How to Avoid the Condo Pricing Adjustment

There are two ways to avoid the mortgage pricing hit associated with condos.

Either by going with a 15-year (or shorter) loan term, or by keeping the LTV at 75% or lower, the latter sometimes accomplished via a combo loan.

Simply put, if you want a 30-year loan and can’t put down 25 percent or more on your condo, expect a slightly higher mortgage rate or a higher-cost loan.

This tends to be the case for conforming mortgages, jumbo loans and conventional mortgage loans.

Note that the pricing adjustment doesn’t mean your mortgage rate will/should be .75% higher.

It just means the bank or mortgage broker will make less on the loan, and thus will charge a higher rate or cost accordingly.

So expect a mortgage rate maybe .125% or .25% higher if it’s a condo, and perhaps even more if it’s a high-rise condo.

Why Are Mortgage Rates Higher on Condos?

  • Condominiums are a form of shared ownership
  • One bad apple can affect the entire building
  • As such they are riskier than single-family homes
  • More restrictions mean less competition, which could equate to higher rates

Well, condos are part of a larger complex, unlike a single-family home.

And each unit affects the whole project, so if several owners are unable to make payments (or if they’re vacant because of things like foreclosure or failure to sell), the other units will lose value.

Additionally, the HOA won’t get all the dues it expects, which puts the entire building at risk when it comes to things like maintenance and upkeep. This can create a serious domino effect.

Another thing to consider is the share of investment properties within the complex – more investors generally means more risk.

This explains why Fannie and Freddie charge a premium for a home loan attached to a condo.

Finally, not all mortgage lenders offers condo financing, so less competition could mean higher rates.

FHA Loans on Condos

  • It can be difficult to get an FHA loan on a condo
  • Only FHA-approved condos are eligible for financing
  • And many condo complexes nationwide do not qualify
  • There are strict rules and requirements like investor/FHA concentration, an environmental review, and more

As far as FHA loans go, there generally isn’t a pricing adjustment for condos, but you may find that fewer condominium complexes are actually approved for FHA financing.

This means it might not be an option at all, which could create an even bigger problem if you don’t qualify for a conventional loan.

You can find out if your condo complex is approved for FHA loans here.

The FHA recently enacted a tough set of standards for condos, including strict zoning rules and policies where a certain number of units must be owner-occupied, sold before endorsement, and current on HOA payments.

So you may see things like, “FHA-approved condos for sale,” because it’s a great marketing angle for the ones that do allow it.

And many prospective condo buyers probably want to put as little down as possible, which is where the FHA loan and its 3.5% down payment comes in.

Just keep in mind that when it comes time to sell your precious condo, it’ll be more difficult to find a buyer as well if financing is limited.

In short, you’re reducing the pool of eligible buyers, which you never want to do when selling anything.

This doesn’t mean you need to go out and buy a house, because that may open another can of worms, but it’s something to think about when seeking financing.

Source: thetruthaboutmortgage.com

Why It Could Be a Great Summer for Mortgage Rates

It’s looking like it could be a really good summer for mortgage rates, after a very uncertain spring made it appear as if the best we had seen was gone forever.

Now this isn’t to say that mortgage rates will hit all-time record lows again, but the fact that they’re slipping back to those levels, even as inflation concerns grow, is a positive.

Mortgage Rates Ebb and Flow Throughout the Year

  • The 30-year fixed has fallen back below 3% and is currently averaging 2.96% per Freddie Mac
  • It was as high as 3.18% in early April when it appeared the best levels were a thing of the past
  • Now we seem to be enjoying a low-rate trend that could get even better as summer progresses
  • There are often periods of strength and weakness with mortgage rates (aka opportunities for borrowers)

If you watch mortgage rates for long enough, you’ll notice that they ebb and flow, just like stocks or other investments.

This is because the mortgage-backed securities (MBS) that drive these prices are actual investments for the traders who purchase and sell them.

There are periods of strength and weakness, which often last weeks or even months, where it seems they either have nowhere to go but up or down.

It can be emotional and psychological, similar to the stock market where traders rush to close their positions after a bad week , only to panic and buy back in as prices rise again.

When we compare that to mortgage rates, it could be the homeowner who locks their rate after a period of rising rates, only to find that the trend reverses.

Of course, it’s very difficult to time the market, so I don’t fault anyone trying to determine that right time to lock it in, or alternatively float for an even better rate.

The point is that often when all hope is lost, there’s a reversal, which seems to come out of nowhere.

That appears to be the case over the past couple weeks, with the 30-year fixed now averaging 2.96% per Freddie Mac, basically its lowest point since February.

If all goes well, we could see it fall back to those early 2021 levels, where it was as low as 2.65% in January.

Mortgage Lenders Are Going to Get Aggressive as Business Slows

  • The traditional home buying season is now coming to a close as summer begins
  • For mortgage lenders coming off record quarters this means severely reduced loan volume
  • Fewer home purchase loans and dwindling refinances could force them to lower their interest rates to drum up business
  • This means they’ll pass more savings onto consumers while reducing their own margins

While the technicals underpinning mortgage rates have been improving for a few weeks now (10-year bond yield back at its lowest point since March), another seasonal dynamic might be working in our favor.

As we approach summer, everyone slows down, gets fatigued, and goes on vacation. Most businesses don’t look forward to this time of year unless they’re in the tourism industry.

This is especially true of real estate and mortgage, as both tend to peak in spring during the traditional home buying season, before grinding to a halt in the warmer months.

Knowing this, mortgage lenders will be forced to get more competitive if they want to keep volume up, an especially difficult task given their record business in the first quarter of 2021.

Ultimately, it’s going to be very tricky for them to keep up the momentum, especially since most homeowners already refinanced, and home sales are being held back by a major lack of inventory.

So what is a lender to do? Well, lower their mortgage rates obviously!

They’ve got profit margins they can play with, and instead of making a ton of money per loan, they can sacrifice some to keep the business coming in.

This might even be more pronounced than usual because lenders have been busier than ever, which allowed them to keep rates artificially inflated.

We Are Entering the Historically Better Time of Year for Mortgage Rates

  • Mortgage rates tend to be highest in April when consumer demand for home loans is strongest
  • Lenders are often busiest during this time of year and charge a premium as a result
  • Once their business slows down they’re essentially forced to become more competitive
  • Rates usually drop as summer progresses and are cheapest in winter

After some research, I discovered that mortgage rates are highest in April, then tend to cruise lower throughout the second half of the year.

While they seem to be cheapest in winter, specifically the month of December, they get pretty low around late summer and early fall too.

This is yet another reason why the best time to buy a home is in August/September.

Anyway, if this trend holds in 2021, we could see the 30-year fixed fall back to those record low levels seen in January.

As noted, we might see even more improvement than in other years due to a major slowdown in business, which should force lenders to compete more aggressively than usual.

For example, United Wholesale Mortgage, the nation’s largest wholesale mortgage lender, recently announced a price match through the month of June.

This tells me they’re doing their best to pick up the expected slack and other lenders will likely follow suit, including the retail banks.

For borrowers, this is great news. If you missed your chance to refinance, or were on the fence about it, you might get a good opportunity this summer or later in the year.

And those who have yet to purchase a home might be able to offset the sky-high price tag with an ultra-low mortgage rate again.

Of course, low rates might be a bit of a double-edged sword for home buyers as they just stoke the flames of an already red-hot housing market.

Read more: 2021 Mortgage Rate Predictions

(photo: Michael Frascella)

Source: thetruthaboutmortgage.com

30-Year Fixed Mortgage Rate Drops to New Historical Low

As of May 12, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 12, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates rise on surprising jobs and inflation data.

“Mortgage rates rose over the past seven days, sharply fluctuating in response to unexpected readings of crucial economic data,” said Zillow Economist Matthew Speakman. “After a relatively uneventful few weeks for rates, the surprising results from the April jobs report and inflation data sparked sharp movements in mortgage rates. For now, rates are only slightly above where they were this time last week, but any downward momentum that has been building over recent weeks appears to have been halted. The results of the two reports place the Federal Reserve in a difficult position and adds fresh uncertainty to mortgage rates’ path forward. While Friday’s weaker-than-expected jobs report helped to bolster the central bank’s stance of maintaining loose monetary policy until more progress is made in the labor market, Wednesday’s inflation figures are perhaps the toughest test yet of the Fed’s commitment to this approach. In theory, a steep uptick in inflation would force the central bank to tighten policy by hiking interest rates or slowing the pace of bond purchases. But for now, Fed officials have downplayed the risks associated with Wednesday’s report, asserting that the sharp increase in prices will be temporary. Any shifts away from this outlook will place more upward pressure on mortgage rates.”

Additionally, the 15-year fixed mortgage rate was 2.06%, and for 5/1 ARMs, the rate was 2.13%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.98% 3.04% -0.22%
20-Year Fixed 2.7% 2.78% -0.06%
15-Year Fixed 2.13% 2.23% -0.05%
10-Year Fixed 2.02% 2.11% 0.02%
7/1 ARM 2.22% 2.93% 0.01%
5/1 ARM 2.2% 3.05% 0.02%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.98% APR with a $75,000 down payment will have a monthly payment of $1,261. A 20-Year Fixed loan of $300,000 at 2.7% APR with a $75,000 down payment will have a monthly payment of $1,618. A 15-Year Fixed loan of $300,000 at 2.13% APR with a $75,000 down payment will have a monthly payment of $1,948. A 10-Year Fixed loan of $300,000 at 2.02% APR with a $75,000 down payment will have a monthly payment of $2,762. A 7/1 ARM loan of $300,000 at 2.22% APR with a $75,000 down payment will have a monthly payment of $1,141. A 5/1 ARM loan of $300,000 at 2.2% APR with a $75,000 down payment will have a monthly payment of $1,138. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.34% 3.01% 0.07%
30-Year Fixed VA 2.61% 2.91% -0.11%
15-Year Fixed FHA 2.06% 2.79% 0.15%
15-Year Fixed VA 2.6% 3.09% -0.12%
5/1 ARM FHA 2.5% 2.94% 0.05%
5/1 ARM VA 2.62% 2.57% 0.11%

A 30-Year Fixed FHA loan of $300,000 at 2.34% APR with a $75,000 down payment will have a monthly payment of $1,159. A 30-Year Fixed VA loan of $300,000 at 2.61% APR with a $75,000 down payment will have a monthly payment of $1,202. A 15-Year Fixed FHA loan of $300,000 at 2.06% APR with a $75,000 down payment will have a monthly payment of $1,939. A 15-Year Fixed VA loan of $300,000 at 2.6% APR with a $75,000 down payment will have a monthly payment of $2,014. A 5/1 ARM FHA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $1,185. A 5/1 ARM VA loan of $300,000 at 2.62% APR with a $75,000 down payment will have a monthly payment of $1,204. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.45% 3.51% -0.25%
20-Year Fixed Jumbo 3.56% 3.63% -0.3%
15-Year Fixed Jumbo 2.83% 2.93% -0.05%
10-Year Fixed Jumbo 2.38% 2.45% 0.13%
7/1 ARM Jumbo 2.74% 3.21% -0.08%
5/1 ARM Jumbo 2.74% 3.23% -0.04%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.45% APR with a $150,000 down payment will have a monthly payment of $2,677. A 20-Year Fixed Jumbo loan of $600,000 at 3.56% APR with a $150,000 down payment will have a monthly payment of $3,497. A 15-Year Fixed Jumbo loan of $600,000 at 2.83% APR with a $150,000 down payment will have a monthly payment of $4,093. A 10-Year Fixed Jumbo loan of $600,000 at 2.38% APR with a $150,000 down payment will have a monthly payment of $5,622. A 7/1 ARM Jumbo loan of $600,000 at 2.74% APR with a $150,000 down payment will have a monthly payment of $2,446. A 5/1 ARM Jumbo loan of $600,000 at 2.74% APR with a $150,000 down payment will have a monthly payment of $2,447. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

30-Year Fixed Mortgage Rate Holds Steady

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.76% 2.81% 0.02%
20-Year Fixed 2.59% 2.66% 0.06%
15-Year Fixed 2.07% 2.16% 0.03%
10-Year Fixed 1.97% 2.05% 0.08%
7/1 ARM 2.2% 2.91% 0.03%
5/1 ARM 2.15% 3.04% 0.03%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.76% APR with a $75,000 down payment will have a monthly payment of $1,225. A 20-Year Fixed loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,602. A 15-Year Fixed loan of $300,000 at 2.07% APR with a $75,000 down payment will have a monthly payment of $1,939. A 10-Year Fixed loan of $300,000 at 1.97% APR with a $75,000 down payment will have a monthly payment of $2,756. A 7/1 ARM loan of $300,000 at 2.2% APR with a $75,000 down payment will have a monthly payment of $1,138. A 5/1 ARM loan of $300,000 at 2.15% APR with a $75,000 down payment will have a monthly payment of $1,130. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.35% 3.02% 0.06%
30-Year Fixed VA 2.5% 2.69% 0.11%
15-Year Fixed FHA 2.05% 2.73% 0.21%
15-Year Fixed VA 2.29% 2.64% 0.33%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 3.03% 2.59% 0.1%

A 30-Year Fixed FHA loan of $300,000 at 2.35% APR with a $75,000 down payment will have a monthly payment of $1,161. A 30-Year Fixed VA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $1,185. A 15-Year Fixed FHA loan of $300,000 at 2.05% APR with a $75,000 down payment will have a monthly payment of $1,937. A 15-Year Fixed VA loan of $300,000 at 2.29% APR with a $75,000 down payment will have a monthly payment of $1,971. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.03% APR with a $75,000 down payment will have a monthly payment of $1,268. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.21% 3.26% -0%
20-Year Fixed Jumbo 3.17% 3.22% 0.11%
15-Year Fixed Jumbo 2.82% 2.89% -0.02%
10-Year Fixed Jumbo 2.44% 2.5% 0.08%
7/1 ARM Jumbo 2.7% 3.17% -0.04%
5/1 ARM Jumbo 2.78% 3.21% -0.03%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.21% APR with a $150,000 down payment will have a monthly payment of $2,597. A 20-Year Fixed Jumbo loan of $600,000 at 3.17% APR with a $150,000 down payment will have a monthly payment of $3,378. A 15-Year Fixed Jumbo loan of $600,000 at 2.82% APR with a $150,000 down payment will have a monthly payment of $4,092. A 10-Year Fixed Jumbo loan of $600,000 at 2.44% APR with a $150,000 down payment will have a monthly payment of $5,639. A 7/1 ARM Jumbo loan of $600,000 at 2.7% APR with a $150,000 down payment will have a monthly payment of $2,431. A 5/1 ARM Jumbo loan of $600,000 at 2.78% APR with a $150,000 down payment will have a monthly payment of $2,459. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

30-Year Fixed Mortgage Rate Rises

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.75% 2.8% 0.03%
20-Year Fixed 2.65% 2.73% -0.01%
15-Year Fixed 2.09% 2.18% 0.01%
10-Year Fixed 1.94% 1.99% 0.14%
7/1 ARM 2.2% 2.91% 0.03%
5/1 ARM 2.15% 3.03% 0.04%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.75% APR with a $75,000 down payment will have a monthly payment of $1,223. A 20-Year Fixed loan of $300,000 at 2.65% APR with a $75,000 down payment will have a monthly payment of $1,611. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,942. A 10-Year Fixed loan of $300,000 at 1.94% APR with a $75,000 down payment will have a monthly payment of $2,752. A 7/1 ARM loan of $300,000 at 2.2% APR with a $75,000 down payment will have a monthly payment of $1,138. A 5/1 ARM loan of $300,000 at 2.15% APR with a $75,000 down payment will have a monthly payment of $1,131. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.3% 2.98% 0.11%
30-Year Fixed VA 2.5% 2.76% 0.04%
15-Year Fixed FHA 2.02% 2.82% 0.12%
15-Year Fixed VA 2.62% 3.09% -0.12%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 2.88% 2.52% 0.17%

A 30-Year Fixed FHA loan of $300,000 at 2.3% APR with a $75,000 down payment will have a monthly payment of $1,154. A 30-Year Fixed VA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $1,185. A 15-Year Fixed FHA loan of $300,000 at 2.02% APR with a $75,000 down payment will have a monthly payment of $1,933. A 15-Year Fixed VA loan of $300,000 at 2.62% APR with a $75,000 down payment will have a monthly payment of $2,017. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 2.88% APR with a $75,000 down payment will have a monthly payment of $1,245. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.24% 3.28% -0.03%
20-Year Fixed Jumbo 3.32% 3.37% -0.03%
15-Year Fixed Jumbo 2.81% 2.89% -0.01%
10-Year Fixed Jumbo 2.44% 2.5% 0.08%
7/1 ARM Jumbo 2.7% 3.17% -0.04%
5/1 ARM Jumbo 2.8% 3.2% -0.02%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.24% APR with a $150,000 down payment will have a monthly payment of $2,606. A 20-Year Fixed Jumbo loan of $600,000 at 3.32% APR with a $150,000 down payment will have a monthly payment of $3,423. A 15-Year Fixed Jumbo loan of $600,000 at 2.81% APR with a $150,000 down payment will have a monthly payment of $4,089. A 10-Year Fixed Jumbo loan of $600,000 at 2.44% APR with a $150,000 down payment will have a monthly payment of $5,639. A 7/1 ARM Jumbo loan of $600,000 at 2.7% APR with a $150,000 down payment will have a monthly payment of $2,432. A 5/1 ARM Jumbo loan of $600,000 at 2.8% APR with a $150,000 down payment will have a monthly payment of $2,466. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

30-Year Fixed Mortgage Rate Hits Yet Another Record Low, Falls Below 3.2 Percent for the First Time

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.75% 2.8% 0.03%
20-Year Fixed 2.59% 2.67% 0.05%
15-Year Fixed 2.1% 2.19% -0%
10-Year Fixed 1.99% 2.07% 0.06%
7/1 ARM 2.19% 2.92% 0.03%
5/1 ARM 2.13% 3.03% 0.04%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.75% APR with a $75,000 down payment will have a monthly payment of $1,223. A 20-Year Fixed loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,603. A 15-Year Fixed loan of $300,000 at 2.1% APR with a $75,000 down payment will have a monthly payment of $1,944. A 10-Year Fixed loan of $300,000 at 1.99% APR with a $75,000 down payment will have a monthly payment of $2,758. A 7/1 ARM loan of $300,000 at 2.19% APR with a $75,000 down payment will have a monthly payment of $1,136. A 5/1 ARM loan of $300,000 at 2.13% APR with a $75,000 down payment will have a monthly payment of $1,127. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.29% 2.97% 0.11%
30-Year Fixed VA 2.51% 2.77% 0.02%
15-Year Fixed FHA 2% 2.76% 0.18%
15-Year Fixed VA 2.51% 2.97% -0%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 2.74% 2.52% 0.17%

A 30-Year Fixed FHA loan of $300,000 at 2.29% APR with a $75,000 down payment will have a monthly payment of $1,153. A 30-Year Fixed VA loan of $300,000 at 2.51% APR with a $75,000 down payment will have a monthly payment of $1,187. A 15-Year Fixed FHA loan of $300,000 at 2% APR with a $75,000 down payment will have a monthly payment of $1,930. A 15-Year Fixed VA loan of $300,000 at 2.51% APR with a $75,000 down payment will have a monthly payment of $2,002. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 2.74% APR with a $75,000 down payment will have a monthly payment of $1,223. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.17% 3.21% 0.04%
20-Year Fixed Jumbo 3.5% 3.55% -0.22%
15-Year Fixed Jumbo 2.78% 2.85% 0.03%
10-Year Fixed Jumbo 2.38% 2.47% 0.1%
7/1 ARM Jumbo 2.69% 3.17% -0.04%
5/1 ARM Jumbo 2.76% 3.2% -0.02%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.17% APR with a $150,000 down payment will have a monthly payment of $2,583. A 20-Year Fixed Jumbo loan of $600,000 at 3.5% APR with a $150,000 down payment will have a monthly payment of $3,480. A 15-Year Fixed Jumbo loan of $600,000 at 2.78% APR with a $150,000 down payment will have a monthly payment of $4,081. A 10-Year Fixed Jumbo loan of $600,000 at 2.38% APR with a $150,000 down payment will have a monthly payment of $5,622. A 7/1 ARM Jumbo loan of $600,000 at 2.69% APR with a $150,000 down payment will have a monthly payment of $2,430. A 5/1 ARM Jumbo loan of $600,000 at 2.76% APR with a $150,000 down payment will have a monthly payment of $2,452. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

30-Year Fixed Mortgage Rate Hovers Above All-Time Low

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.77% 2.82% 0.11%
20-Year Fixed 2.64% 2.71% 0.05%
15-Year Fixed 2.09% 2.18% 0.03%
10-Year Fixed 2.07% 2.18% -0.11%
7/1 ARM 2.21% 2.92% 0.26%
5/1 ARM 2.18% 3.04% 0.21%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.77% APR with a $75,000 down payment will have a monthly payment of $1,227. A 20-Year Fixed loan of $300,000 at 2.64% APR with a $75,000 down payment will have a monthly payment of $1,610. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,943. A 10-Year Fixed loan of $300,000 at 2.07% APR with a $75,000 down payment will have a monthly payment of $2,769. A 7/1 ARM loan of $300,000 at 2.21% APR with a $75,000 down payment will have a monthly payment of $1,140. A 5/1 ARM loan of $300,000 at 2.18% APR with a $75,000 down payment will have a monthly payment of $1,136. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.41% 3.07% 0.16%
30-Year Fixed VA 2.48% 2.74% 0.11%
15-Year Fixed FHA 2.23% 2.93% 0.09%
15-Year Fixed VA 2.44% 2.91% 0.15%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 3.18% 2.78% -0.23%

A 30-Year Fixed FHA loan of $300,000 at 2.41% APR with a $75,000 down payment will have a monthly payment of $1,171. A 30-Year Fixed VA loan of $300,000 at 2.48% APR with a $75,000 down payment will have a monthly payment of $1,182. A 15-Year Fixed FHA loan of $300,000 at 2.23% APR with a $75,000 down payment will have a monthly payment of $1,962. A 15-Year Fixed VA loan of $300,000 at 2.44% APR with a $75,000 down payment will have a monthly payment of $1,992. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.18% APR with a $75,000 down payment will have a monthly payment of $1,293. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.2% 3.25% 0.09%
20-Year Fixed Jumbo 3.28% 3.32% 0.25%
15-Year Fixed Jumbo 2.8% 2.87% 0.12%
10-Year Fixed Jumbo 2.5% 2.6% 0.1%
7/1 ARM Jumbo 2.69% 3.17% -0.35%
5/1 ARM Jumbo 2.77% 3.22% -0.25%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.2% APR with a $150,000 down payment will have a monthly payment of $2,594. A 20-Year Fixed Jumbo loan of $600,000 at 3.28% APR with a $150,000 down payment will have a monthly payment of $3,411. A 15-Year Fixed Jumbo loan of $600,000 at 2.8% APR with a $150,000 down payment will have a monthly payment of $4,084. A 10-Year Fixed Jumbo loan of $600,000 at 2.5% APR with a $150,000 down payment will have a monthly payment of $5,656. A 7/1 ARM Jumbo loan of $600,000 at 2.69% APR with a $150,000 down payment will have a monthly payment of $2,429. A 5/1 ARM Jumbo loan of $600,000 at 2.77% APR with a $150,000 down payment will have a monthly payment of $2,454. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

30-Year Fixed Mortgage Rate Falls to New Record Low

As of April 28, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.78%.

Abstract illustration of houses and charts

As of April 28, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.78%.

Mortgage rates fall despite strong economic data reports.

“Mortgage rates fell again this week, continuing the downward trend they’ve exhibited for most of April,” said Zillow Economist Matthew Speakman. “In what was a relatively unremarkable week for mortgage rates, the modest movement was partially driven by discussions about a proposed increase in capital gains tax rates – which placed downward pressure on bond yields and thus rates – and anticipation of a key announcement by the Federal Reserve. Fed Chair Jerome Powell reiterated on Wednesday that the Central Bank has no immediate plans to increase interest rates or curb the purchases of mortgage-backed securities – a position that placed more downward pressure on bond yields and is likely to result in more mortgage decreases in the coming days. Looking ahead, with a slew of key economic reports on the horizon – including consumer spending and inflation data – the relatively muted mortgage rate activity from the past couple weeks may transition to more significant movements.”

Additionally, the 15-year fixed mortgage rate was 2.11%, and for 5/1 ARMs, the rate was 2.55%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.8% 2.85% 0.08%
20-Year Fixed 2.65% 2.72% 0.05%
15-Year Fixed 2.09% 2.16% 0.05%
10-Year Fixed 2.03% 2.15% -0.08%
7/1 ARM 2.41% 3.05% 0.12%
5/1 ARM 2.26% 3.08% 0.17%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.8% APR with a $75,000 down payment will have a monthly payment of $1,232. A 20-Year Fixed loan of $300,000 at 2.65% APR with a $75,000 down payment will have a monthly payment of $1,611. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,942. A 10-Year Fixed loan of $300,000 at 2.03% APR with a $75,000 down payment will have a monthly payment of $2,764. A 7/1 ARM loan of $300,000 at 2.41% APR with a $75,000 down payment will have a monthly payment of $1,170. A 5/1 ARM loan of $300,000 at 2.26% APR with a $75,000 down payment will have a monthly payment of $1,147. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.33% 2.99% 0.25%
30-Year Fixed VA 2.56% 2.76% 0.1%
15-Year Fixed FHA 1.88% 2.54% 0.49%
15-Year Fixed VA 2.5% 2.87% 0.19%
5/1 ARM FHA 2.65% 2.99% -0%
5/1 ARM VA 2.72% 2.5% 0.06%

A 30-Year Fixed FHA loan of $300,000 at 2.33% APR with a $75,000 down payment will have a monthly payment of $1,158. A 30-Year Fixed VA loan of $300,000 at 2.56% APR with a $75,000 down payment will have a monthly payment of $1,195. A 15-Year Fixed FHA loan of $300,000 at 1.88% APR with a $75,000 down payment will have a monthly payment of $1,913. A 15-Year Fixed VA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $2,000. A 5/1 ARM FHA loan of $300,000 at 2.65% APR with a $75,000 down payment will have a monthly payment of $1,209. A 5/1 ARM VA loan of $300,000 at 2.72% APR with a $75,000 down payment will have a monthly payment of $1,220. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.2% 3.24% 0.1%
20-Year Fixed Jumbo 3.26% 3.3% 0.27%
15-Year Fixed Jumbo 2.84% 2.92% 0.08%
10-Year Fixed Jumbo 2.63% 2.7% 0%
7/1 ARM Jumbo 2.68% 3.18% -0.36%
5/1 ARM Jumbo 2.78% 3.21% -0.25%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.2% APR with a $150,000 down payment will have a monthly payment of $2,593. A 20-Year Fixed Jumbo loan of $600,000 at 3.26% APR with a $150,000 down payment will have a monthly payment of $3,406. A 15-Year Fixed Jumbo loan of $600,000 at 2.84% APR with a $150,000 down payment will have a monthly payment of $4,097. A 10-Year Fixed Jumbo loan of $600,000 at 2.63% APR with a $150,000 down payment will have a monthly payment of $5,690. A 7/1 ARM Jumbo loan of $600,000 at 2.68% APR with a $150,000 down payment will have a monthly payment of $2,428. A 5/1 ARM Jumbo loan of $600,000 at 2.78% APR with a $150,000 down payment will have a monthly payment of $2,457. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

Now You Can Get a 30-Year Fixed at 3.25%

low rate

We all know mortgage rates are low, but this is seemingly ridiculous.

The New Hampshire Housing Finance Authority is currently offering a mortgage rate as low as 3.25% on a 30-year fixed-rate mortgage.

And that’s with as little as 3.5% down (FHA loan). Of course, there are several strings attached. There are income and purchase price limits in place, and the property must qualify for the financing.

Only certain homes in certain areas are eligible, and underwriting is probably pretty darn strict, but it still illustrates how low interest rates have fallen in recent weeks and months.

But is the rate really as low as it appears?

While the NHHFA (possibly a made-up acronym) is pitching the 3.25% rate, the APR is actually significantly higher. In fact, it’s 4.158%.

What gives?

Well, there are a number of fees, including two mortgage points that must be paid to get that low rate.  The par rate is actually 3.50%.

So it’s not necessarily as low as it seems. But the APR does factor in private mortgage insurance, and likely everything else that you must pay at closing.

There’s a problem with APR though – it varies so much from lender to lender that it’s not always possible to get an apples-to-apples comparison when mortgage quote shopping.

[Mortgage rate vs. APR]

For instance, over at the Zillow Mortgage Marketplace, the best advertised quote delivered today was a rate of 3.875% on a 30-year fixed.

The APR was 4.018%, lower than the 3.25% rate offered by the NHHFA.

Why? Well, for one the mortgage discount fee is only 1.50%. And the loan-to-value ratio is 80%, meaning the borrower must come in with a 20% down payment.

The New Hampshire deal only requires a 3.5% down payment, and borrowers can even receive a grant so long as they bring in at least one percent of their own funds.

[Why are mortgage rates different?]

The fees on the Zillow quote are probably also smaller/fewer, which drives down the APR, but who knows exactly what’s being included.

Lowest Rate Not Always the Best Deal

So the takeaway here is that the lowest mortgage rate doesn’t always equate to the best deal.

And it’s only a matter of time before someone comes out with a 30-year fixed at 2.99% or something similarly outrageous.

Just make sure it’s actually a good deal for you. What I mean by that is that the super low rate actually benefits you.

If you don’t plan to pay off your mortgage or stay in your home long term, buying down an interest rate to a psychological level doesn’t make a lot of sense.

Sure, you can brag to your neighbors that you’ve got the lowest rate in history, but you may have wasted money obtaining it.

And a slightly higher rate may make more sense if your money is better invested somewhere other than housing, somewhere more liquid.

Finally, when you’re buying down your interest rate, be sure to find a certain point where the cost and the associated rate make the most sense (do the math!).

You probably won’t want to pay an extra or point or two to lower your rate just a .125 or a .25 of a point for bragging rights alone.

About the Author: Colin Robertson

Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 15 years.

Source: thetruthaboutmortgage.com

Home Builders: Housing ‘Highly Affordable’

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Housing affordability remained near its highest level on record for the sixth consecutive quarter, according to the latest survey from the National Association of Home Builders.

The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) indicated that 72.3 percent of all new and existing homes sold during the second quarter were affordable to families earning the national median income of $64,400.

That’s up slightly from the first quarter and just shy of the record-high 72.5 percent seen in the first quarter of 2009.

Before 2009, the affordability index rarely topped 67 percent, and had never reached the 70 percent-mark.

But record low mortgage rates and falling home prices have opened the door for more buyers, less the tighter underwriting environment.

Kinda makes you wonder why no one is interested in buying a home these days – maybe affordability isn’t the driver.

After all, a ton of buyers pre-mortgage crisis couldn’t even afford to make their mortgage payments in the conventional sense, so they opted for mortgage programs with teaser rates like the option arm.

Perhaps they were more interested in the thought of home price appreciation, as opposed to simply living in a home.

Syracuse, NY Most Affordable Housing Market

The most affordable major housing market in the country was Syracuse, NY, pushing Indianapolis-Carmel, IN off the top spot, which it held for almost five years.

Nearly all (97.2%) of the homes sold there were affordable to households earning the median family income of $64,300.

Detroit, Youngstown, and Buffalo also made the list of the most affordable metros.

Meanwhile, the New York-White Plains-Wayne, NY-NJ area continued to be the least affordable major housing market during the second quarter, with just 19.9 percent of all homes sold deemed affordable to those earning the median income of $65,600.

Los Angeles, the Bay area, and Honolulu continued to linger at the bottom of the affordability scale during the quarter as well.

Read more: What mortgage can I afford on my salary?

About the Author: Colin Robertson

Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 15 years.

Source: thetruthaboutmortgage.com