Phoenix Mortgage Rates December 2 2008

Posted by Justin McHood on December 2nd, 2008

Phoenix, AZ Mortgage Rates December 2, 2008

Mortgage Related News

According to the Wall Street Journal today, TransUnion forecasts the number of home loans 60 or more days past due to reach 7.17 percent at the end of 2009–nearly twice the anticipated delinquency rate of 4.67 percent for 2008 and the highest level since at least 1992. The credit bureau predicts that mortgage will finally start to go down in early 2010 when loans that were based on more stringent underwriting criteria take effect.

According to Ezra Becker with TransUnion’s financial services group: “There may be an ongoing flow of consumers who may now be able to pay their mortgage but may not be able to a year from now.”

If you are having trouble making your mortgage payment, you have options that are available to you and usually fall in one of these categories:

  • Loan Modification
  • FHA Short Refinance
  • FHA Secure Program
  • FHA Hope for Homeowners

Start with talking with your lender about getting a loan modification, then move down the list for your options.  With the current foreclosure moratorium until early next year, many lenders are getting better about working with borrowers to modify their loan so they can afford their mortgage.

December 2, 2008 | Filed Under Arizona Mortgage Rates, Phoenix Mortgage Rates | Leave a Comment 

 

Phoenix Arizona Mortgage Rates November 24, 2008

Posted by Justin McHood on November 24th, 2008

Phoenix Arizona Mortgage Rates November 24, 2008

November 24, 2008 | Filed Under Phoenix Mortgage Rates | Leave a Comment 

 

Phoenix Arizona Mortgage Rates October 15, 2008

Posted by Justin McHood on October 15th, 2008

Arizona Mortgage Rates for October 15, 2008

Rates have moved up significantly in the last week.

As we have mentioned before, trying to predict interest rates is tricky and we prefer not to try to be “rate predictors”.  The only advice that we can give during this period of uncertainty in the markets is that if you are currently in the process of applying for a mortgage loan, lock as quickly as you can in the process.

After all — when talking about interest rates, one of three things can happen:

They can go up, they can go down or they can stay the same.

October 15, 2008 | Filed Under Arizona Mortgage Rates, Phoenix Mortgage Rates | Leave a Comment 

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