The Federal Reserve met yesterday and decided to keep the federal funds rate at .25% through the end of 2014. A testament to the current state of the economy and its short term potential growth. This is the rate in which banks lend money to each other but is also a key tool in the [...]
Post Tagged with: "Reno Mortgage Rates"
Cash May be King…But be Careful When Using Cash When Doing a Mortgage Loan
In most cases you can use cash for your down payment and closing costs when doing any type of mortgage loan. The challenge is proving that the cash was yours and was not received from an unacceptable source. If you plan on using cash, discuss this with your loan officer on your first meeting. An [...]
Interest Rates drop Under 4%
Data released by Freddie Mac shows the new rate for a 30 year fixed rate mortgage edged down to 3.98%, the second lowest reading in history and adjustable rate mortgages are at a new low. The Freddie Mac survey shows 15 year mortgages at 3.30% and a 5 year adjustable rate mortgage coming in at [...]
Reno Mortgage Rates Update
Rates for mortgages here in Reno are continuing to rise on us. Today is Wednesday the 5th and I’ve seen two rate increases just today. We started out the day at about 4.875% with no points (4.963% APR) and I’m ending it with 4.875% at a cost of about .25 point (4.985% APR).* Keep in [...]
What happened to the 4.125% rate from November?
Wow! Rates have been on the upswing since the week ending November 12th and we haven’t seen much relief since then. On November 4th, I could lock in a borrower on a 30 year fixed rate at 4.125% with no points. Today, I’m at 4.875% with no points*. The good news is the rates have [...]
