Mortgage Rates Decline for the First Time Since the Beginning of 2018

Primary Mortgage Market Survey.US Weekly Average Mortgage Rates During Period March 15, 2017-March 15, 2018
Primary Mortgage Market Survey.    US Weekly Average Mortgage Rates During Period March 15, 2017-March 15, 2018


I wrote a blog post two weeks ago that mortgages rates were going up every week in 2018. As of March 1st, 30-year fixed mortgage rate reached 4.43 percent.

The survey for the week of March 8th, 2018 said that fixed mortgage rate went up again to 4.46 percent.

Primary Mortgage Market Survey of week of March 15th, 2018 announced that U.S. weekly average 30-year fixed-rate mortgage dropped 2 basis points to 4.44 percent in this week’s survey, its first decrease this year.

So, for nine straight weeks of this year average mortgage rate went up to 4.46 percent. When finally for the week of March 15th,2018 survey rate dropped to the rate of 4.44 percent.

I really would like to see what this week survey will say.


What is a Short Sale?

Building. Fort Lauderdale, FL
The outside wall of the building with interesting windows. Fort Lauderdale, FL

In real estate, a short sale is when a real estate owner sells a property for less than the remaining amount of the loan.

Instead of loosing the house to the foreclosure, the property owner sells it for less than he bought it for. But first, the mortgage company has to agree with short sale. If the lender allows a short sale, then the homeowner can sell the property.

To make it easier to understand, lets look at the example with numbers. Lets say, a home owner borrowed $300,000 to buy a house a few years ago. Then he lost a job and and was not able to pay his monthly mortgage payments.  After getting comparative market analysis (CMA) for the property, the owner finds out that the house value decreased to $240,000. The lender agrees to let the property owner to sell the real estate for the current value of $240,000.

The homeowner lists the property and sells it for the amount of $240,000, despite the fact that he paid $300,000 when he bought it.

What is an FHA Loan?


House in Hollywood, FL
Older house in East Hollywood neighborhood in Hollywood, FL

An FHA loan is a home loan, that is insured by the Federal Housing Administration (FHA). Loans are made by FHA-approved lenders.

FHA loans are very popular among first time home buyers, because they require a smaller a down payment and lower closing costs.

FHA loans allow a down payment of as little as 3.5% on a mortgage, with the credit score is 580 points and above. This can make it possible for lower- and middle-income borrowes to buy a house. But the buyer has to pay mortgage insurance.

The FHA mortgage insurance provides safety to the lenders lenders, just in case mortgage borrowers fail to pay the mortgage. The borrowers has to pay insurance premiums.

Just remember, that the lower credit score, the higher interest rate for the mortgage will be.

Perfect Day for a Beach

Hollywood Beach, FL
Hollywood Beach,FL


Hollywood Beach, FL (2)
Hollywood Beach, FL

Hello, Saturday! It is 75° F, so it feels just perfect. What a great day to enjoy the outdoors.

I live just 5 miles from the beach, but I am not the beach person. I go to the beach maybe just a couple of times a year. But when I do, it is a treat!

Enjoy this weekend and this great weather that South Florida has to offer.