|Fannie Mae and Freddie Mac announced March 10 that they are limiting new loans secured by second homes or investment properties to 7% of the overall loans they purchase (roughly HALF their historic levels!), effective April 1. Some mortgage lenders have started to raise their pricing adjustments in response to FHFA’s announcement.
The housing market stands at a tipping point after a stunningly successful year during the pandemic. Homes are pricier than usual, mortgage rates are rising, the supply of for-sale homes is anemic and consumer confidence in the housing market is falling. Pandemic-related mortgage bailouts are set to expire this summer.
U.S. consumer prices increased solidly in February as the cost of gasoline rose further, leading to the biggest annual gain in a year, but underlying inflation remained tepid amid sluggish demand for services like airline travel. The Labor Department said on Wednesday its consumer price index increased 0.4% last month after rising 0.3% in January. It was in line with economists’ expectations.
The bond market also stands at a tipping point trying to figure out where inflation will be in the short and/or long term. The Fed continues to purchase mortgage-backed-securities. Locking rates is recommended for all approved applications.
|Fannie Mae和Freddie Mac的管理委员）于3月10日宣布，他们将對第二套房（2nd Home）或投资物业作抵押的新贷款限制在其购买的总贷款的7％（大约为历史水平的一半！）中，自4月1日起生效。 FHFA宣布后，各大抵押贷款银行相继提高关于2nd HOME 和投资屋的贷款利率。
|IMPORTANT: Advertised rates were valid and effective as of the date reflected above, are for informational purposes only, and are subject to change without notice.
Loans are subject to credit and collateral approval. Advertised rates are based on a set of loan assumptions including a borrower with excellent credit history and optimal loan characteristics. Your final interest rate and annual percentage rate (APR) may differ depending on your individual transaction’s specific characteristics, and certain products may not be available for your situation. Several determining factors include, but are not limited to, the state of the property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value, and credit score.
APR reflects the cost of credit over the term of the loan expressed as an annual rate. For mortgage loans, APR may include the interest rate, discount points (also referred to as “points”), and other charges or fees (such as mortgage insurance and origination fees), but does not necessarily take into account other loan-specific finance charges you may be required to pay.
|Golden Star, Inc. dba Transglobal Lending, 185 W. Chestnut Ave., Monrovia, CA 91016, NMLS # 1437002 (www.transgloballending.com). All rights reserved. Equal Opportunity Employer and Equal Housing Lender. All mortgage products are subject to credit property approval. Rates, Program terms and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend.