If you are shopping for a mortgage, you may hear the terms conforming and non-conforming, and wonder what exactly they mean. Simply put, conforming loans are at or below the level of debt that can be taken on by Fannie Mae and Freddie Mac. With non-conforming loans, there are additional financial requirements that are part of the mortgage process. Every year the Federal Housing Finance Agency (FHFA) determines the necessary increase in housing prices in order to establish the new conforming loan values.
It was a good week for mortgage rates in spite of mixed data reports on the economic front. The stock market continued its trend of volatility and finished the week down overall. Concurrent changes in the bond market reflected its inverse relationship with equities, and the continued outlook for a global slowdown also helped to push yields lower. This, in turn, influenced the decrease in mortgage rates
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The top takeaway from this week's market performance is the effect that the volatility had on the overall mortgage markets. With a lower market came lower rates, with the major economic news released throughout the week seeming to have little effect. The mixed data didn't seem to move markets either way in any significant form. Strong earnings and GDP growth pushed yields lower and brought mortgage rates down. Analysts maintained their weaker outlook for overall global growth in spite of the release of some strong economic data.
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Strong economic data released this week has unsurprisingly pushed rates upward. The expected result of the continued strong employment and wage data has helped to push mortgage rates higher. In fact, this week saw rates surpass heights that they have not seen in years. None of which is good news for rate watchers.
Active duty military personnel, reservists, members of the National guard, and certain categories of spouses are eligible for VA mortgages in Lehigh Acres. However, you will want to work with a VA broker who has experience dealing with these specific types of loans. That’s why you need to work with Core Mortgage Financial.