Boston Realtor Mike Mahoney
Michael Mahoney
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Posts Tagged ‘mortgage’

New Mortgage Purchases Highest in 9 Years

April 22nd, 2019 by Michael Mahoney

  • New Mortgage Applications for Purchases was 7% Higher Than a Year Ago
  • Mortgages for New Purchases Reached a 9 Year High Last Week
  • Mortgages for Purchases was 14% Higher Than the Same Week Last Year

“With mortgage rates up for the second week in a row, it’s no surprise that refinancings slid 8%, and average loan sizes dropped back closer to normal levels,”“The spring buying season continues to be robust.”  Joel Kan, Mortgage Bankers Association AVP of Economic and Industry Forecasting

Here were last week’s mortgage rates

If you are thinking about getting ready for a mortgage and not eliminated some debt or perhaps need to boost your credit score, you may want to check out the following posts

7 Steps to Improve Your Credit Score

6 Ways to Eliminate Excessive Debt

 

The source for this content was CNBC’s Diana Olick – here is the link to her original post

National Mortgage Rates

April 15th, 2019 by Michael Mahoney

After posting their biggest drop in a decade last week, mortgage rates remain at multi-month lows—and borrowers are rushing to take advantage.The 30-year fixed-rate mortgage averaged 4.08 percent this week, Freddie Mac reports in its weekly mortgage market survey. Mortgage applications surged 18.6 percent last week as borrowers locked in lower financing costs, the Mortgage Bankers Association reports.

“While the housing market has faced many headwinds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.” Sam Khater, Freddie Mac’s chief economist.

  • 30-year fixed-rate mortgages: averaged 4.08 percent, with an average 0.5 point, rising from last week’s 4.06 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.56 percent, with an average 0.4 point, dropping from last week’s 3.57 percent average. A year ago, 15-year rates averaged 3.87 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgages: averaged 3.66 percent, with an average 0.4 point, falling from last week’s 3.75 percent average. A year ago, 5-year ARMs averaged 3.62 percent.

See the press release from Freddie Mac here

What Counts as “Low Credit” Anyway?

December 3rd, 2018 by Michael Mahoney

What Counts as “Low Credit” Anyway?

First, let’s debunk the home-buying myth that you have to have a gold-plated credit score to buy a house. Lenders review your whole financial picture. If you have a steady income, a regular payment history, and some cash in hand, that will help balance your less-than-perfect credit.

 

How Does Your Credit Score Affect Interest Rates?

You may pay more in the form of a larger down payment, a higher interest rate, private mortgage insurance, or points, which are fees attached to the loan.

How much more interest might you pay? Let’s say you’re going for a $216,000, 30-year, fixed-rate mortgage. Here’s how your rate could change based on your score. (FYI, the monthly payment estimate includes only interest and your principal, not insurance, taxes, private mortgage insurance, or other expenses.) Rates here may not reflect current conditions.

Get the report on how to get a mortgage with a Little Credit

 

 

Reviews

5suzannechapman1208

I selected Mike after having a very unsuccessful experience with a previous broker. He had excellent ideas in helping to sell my house and continued to advertise it with a fresh perspective. His experience helped in a number of ways and I only wish we had... (more)

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This is the second property I have sold in Weymouth MA with Mike as my broker. He research the area and give you all the information you need to decide what to list your property for, so it sells timely. He also helps review and negotiate all offers and is... (more)

5SullyLemmons

We had been trying to sell our condo for well over a year and decided to give Mike a shot at it as he came well recommended. It was not easy for him but he persisted and had success. Even though it wasn't a big sale or profit for him, he acted as though it... (more)

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Community Events

lunch at Besito chestnut hill

Women over 50, daytime events for drivers

we will be having lunch at Besito chestnut hill.

Tuesday Afternoon Mah Jongg

Mah Jongg in Cambridge and Beyond

Advanced players are welcome to join us for mah jongg. This is a fun relaxed group that can play a mean game of mah jongg. We like to play fast.$5. Pie.

Tuesday Mixed Doubles Outdoor Tennis - over 2.5 skill level - 6:30-8:30PM

Boston Tennis Players

Hi there, This is a great group for over 2.5 skill level. People will match themselves up for mixed doubles for social and skill play. Players can play longer if courts are available. Lights are usually on until 10:15PM. Please bring a can of new...

Mandarin Club Bilingual Chat in Harvard's Longwood Medical Area

The Boston China Interest Network 波士顿中国兴趣俱乐部

Events that are culturally or socially oriented include our weekly bilingual Mandarin-English TUESDAY evening chat group and the weekly bilingual Cantonese-English FRIDAY evening chat group at the Harvard T. H. Chan School of Public Health at...