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Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Time To Act: Mortgage Rates Likely To Rise Over Next Few Months

Opinion Mortgage compliance is about more than keeping regulators happy

Virtually every step in the mortgage process has been impacted by new and evolving regulations, with hefty fines imposed for noncompliance. The sheer breadth of loan quality problems continues to adversely affect manufacturing productivity and production costs.

We can all surely remember when lenders were simply doing post-close audits on loan samples as required by the government-sponsored enterprises. Then TRID came along, putting any lender that produced an inaccurate disclosure at risk, followed by the new Home Mortgage Disclosure Act requirements — and things got even tougher.

But the demands for loan quality aren't just coming from regulators and the GSEs. Your secondary market partners and investors don't want to be left holding the bag if the loans you create have quality issues. Gone are the days of "ship and hope." When investors buy loans, there's a huge liability attached. Investor scrutiny has increased so much, in fact, that investor requirements can seem as strict as regulators'. This has heightened the quality mandate and placed more emphasis on post-closing, shipping and delivery.

Buying a house? New forecast says now's the time to act

The clock is ticking

When it comes to buying a house, time is of the essence – at least according to Freddie Mac’s latest forecast. The GSE expects mortgage rates to jump nearly a half-percent by the end of 2019.

Verify your new rate (May 8th, 2018) Rising rates will only get worse

Mortgage rates may have risen slightly over the past few months, but according to Freddie Mac’s new forecast, things are only going to get worse. By the end of Q4 2019, the GSE expects rates on 30-year fixed mortgages to reach 5.1 percent – meaning if you’re looking into buying a house, now’s the time to pull the trigger.

Fortunately, there is a silver lining. By 2019’s close, Freddie Mac also expects house price growth to stall significantly, dropping from an annual rate of 7.1 percent in 2017 to 4.3 percent in two years.

“While housing inventory is still tight, we expect the increased construction of new homes to help reduce the pressure on house price appreciation, which is currently at an annual rate of around 7 percent,” Freddie Mac reported. “Home sales are holding up despite the increase in mortgage rates compared to last year.”

Can a letter of hardship apply toward Mortgage forgiveness Act?

I am looking to move closer to my job, which I currently commute 200 miles on a daily round trip. My current property is $200k under my purchase price. I plan on trying to rent my home or I will probably attempt to short sale it.

If you chose to buy a home 200 miles to job, that's a choice you made, your election, hardship you chose. Now if you got transferred after purchasing home, then it's a hardship.