Obama Housing Scorecard Progresses in January as Low Mortgage Rates Help Housing Recover

The Department of Housing and Urban Development and the U.S. Department of the Treasury release a monthly report on the health of the housing market. The January 2013 report points to a housing market that is recovering as sales of existing homes increased 12.8 and sales of new homes increased 8.8 percent from December last year.

In addition to home sales increasing, home prices are moving higher as well. Home prices are up more than 5 percent from levels a year ago. As a result of higher home prices, the number of homeowners coming out from underwater on their home continues to rise. The Obama Administration's foreclosure preventive actions continue to help the housing market. 1.5 million homeowner assistance actions have taken place through the Making Home Affordable Program and the FHA has offered more than 1.5 million loss mitigation and early delinquency interventions to homeowners.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.258
4.250
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $299
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.328
4.250
USD
Virginia Credit Union
4.328%
4/16/2019
4.250%
at 0.375 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.529
4.500
USD
Fulton Bank, NA
4.529%
4/16/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.432
4.375
USD
State Department Federal Credit Union
4.432%
4/15/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.415
4.375
USD
Citizens Bank, NA
4.415%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.343
4.250
USD
Bank of America
4.343%
4/17/2019
4.250%
at 0.671 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.278
4.250
USD
TD Bank, NA
4.278%
4/19/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/19/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
4/18/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.316
4.250
USD
Northwest Federal Credit Union
4.316%
4/17/2019
4.250%
at 0.750 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union
4.345%
4/17/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






The Obama Administration's Home Affordable Modification Program (HAMP) has also helped more than 1 million homeowners keep their home. As of December, more than 1.1 million homeowners have received a permanent modification allowing them to save approximately $545 on average on their mortgage payments each month.

Low refinance rates have also enticed more than 20 million homeowners refinance their mortgage since April 1, 2009. Refinance rates today on 30 year conforming loans are averaging 3.60 percent, less than 40 basis points above above the all-time record low of 3.27 percent.

 



If you have been waiting for home prices or mortgage rates to fall further to buy a home you shouldn't wait any more. Home prices and  mortgage rates have probably bottomed out the past year and will head higher. While both prices and rates will move higher, the increases will be small. Regardless, with home affordability at the highest point in 40 years, now is the time to buy.

If you're thinking about refinancing a loan, now is the time to do so. Refinancing a loan makes sense if the new rate you receive is around 1.00 percent less and if you plan to stay in your home for more than three years. Refinancing to a shorter-term mortgage will save you even more money if you can afford the higher monthly mortgage payments.
 
 
Author: Brian McKay
February 12th, 2013
Posted in: Mortgage Rates