News From 1st Rate Mortgage Services LLC

Happy New Year! I hope your holidays were the best they could be for you and yours. With the Fiscal Cliff and ever impending political influence on the financial markets, the rate market has seen rates rise at the end of December and into January. We are 0.125% higher in rate today verses the last news letter sent at the beginning of December. Since 2010 we have had a steady stream of new regulations handed down from congress and implemented into our industry. 2013 will be no exception! The CFPB (Consumer Finance Protection Bureau) put into place by congress to oversee and regulate the lending industry, just released their first round of new rules today. Most notably, reducing the debt ratio limit for borrowers from 53% down to 43% and has permanently removed some programs such as stated income loans, no doc loans and interest only loans. These new rules will take hold in January of 2014. I suspect lenders will start implementing these rules in their lending guidelines this year. One huge bright spot is the increase in housing values over the past year. With housing inventory considered on the low side, builder confidence is up along with new building permits being pulled. Rates are still historically low and with values starting to come up, we may be headed for a purchase boom while investors and home buyers try to catch the best housing deals in our lifetimes.

Current Mortgage Rates

We can help you with a new purchase or refinance your existing loan with these great rates!

Payment Calcuator

Term | Rate | Orig Fee | Disc Fee | APR

30-Yr Fixed | 3.250% | 0.625% | 0.000% | 3.364%

20-Yr Fixed | 3.125% | 0.125% | 0.000% | 3.246%

15-Yr Fixed | 2.500% | 0.125% | 0.000% | 2.655%

10-Yr Fixed | 2.375% | 0.625% | 0.000% | 2.697%

5/1 ARM | 2.250% | 0.750% | 0.000% | 2.375%

30-Yr Jumbo| 3.875% | 0.000% | 0.000% | 3.903%

5/1 ARM Jumbo| 2.5%| 0.000% | 0.000% | 2.521%

*Posted rates and APR's are based on primary residence, Purchase or Rate and Term Refinance loan amount of $165K, 80% LTV, mid credit score of 740 or higher, full income and asset verification. Rates and origination fees as of 1-10-2013 at 4:00 PM and are subject to market fluctuations. Jumbo rates are based on the above qualifications with an LTV of 80% and a loan amount of 418K. We offer better rates for lower LTV's on Jumbo loans.

Featured Product of the Month

HARP 2.0 Refinance Up To 150% Loan-To-Value:

We can refinance your existing mortgage over 80% LTV and up to 150% upside-down with no private mortgage insurance if you are HARP 2.0 eligible and meet our lender's requirements. To find out more about HARP 2.0, click on the HARP FAQ's link under HARP Quick Links above and to the left.

What's Moving The Market

This afternoon President Obama will officially nominate Jack Lew to replace Tim Geithner as Treasury Secretary. Lew has been Obama's chief of staff; before that Lew served as Obama's director of the Office of Management and Budget, a position he also held in the Clinton administration. The theory now is that the Administration will be less attached to the Fed; Geithner before being Secretary was President of the NY Fed tying the Fed and the Administration a little closer than it is likely to be going forward. Lew's fist test will be the coming debt ceiling battle that will begin next week in Congress. Obama has said a number of times that the problem with the deficit isn't spending, Republicans see it otherwise.

Article By: Sigma Research and provided by TBWS Rate Alert on 1/10/12

HARP 2.0 will end in this year. With rates still at all-time lows, now is the best time to check into refinancing if you, your friends or family have not done so already. We will dedicate as much time and help as is needed to each person that inquires about refinancing. All I can ask is that you have them call me and I will take it from there. Honestly, they will appreciate you thinking of them.

Sincerely,

Joseph Adsit
President / Sr Loan Originator

NMLS #216585

1st Rate Mortgage Services LLC

NMLS #771904

770-334-8451

joe@1stRateMtg.com

1st Rate Mortgage is not authorized by, in sponsorship with or otherwise affiliated with the lender for whom this newsletter is addressed and received by.