Important news about interest rates that you really need to know

Here's some important news about interest rates that you really need to know: As directed by the Federal Housing Finance Agency (FHFA), the mortgage agencies, Fannie Mae and Freddie Mac, are required to increase the guarantee fee charged for all new mortgages financed on or after April 1, 2012. What does this mean? Rates on all agency loans (Fannie Mae and Freddie Mac) will start to reflect the extra cost in higher interest rates as soon as February 1st. So if you've been waiting on lower rates, now is a great time to get off the fence. Waiting could cost you dearly! Please give us a call or email to discuss your unique situation and so we may answer any questions you have. Click HERE

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Which States Have the Highest Down Payments?

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According to a new report from LendingTree, the national average down payment on a home is 12.29 percent. However, in some states, home buyers are putting down even more money on their home purchase. New Jersey home buyers tend to have the highest down payments in the nation with an average 13.71 percent on the purchase price, LendingTree reports. So where did New Jersey home buyers get all their extra cash for the down payments? An article in The New York Times speculates: “There is more higher-priced housing in New Jersey than in most other states. The bigger a mortgage loan is, the greater the percentage that lenders now require in down payment.” New Jersey: 13.76% Washington, D.C.: 13.54% New York: 13.51% Hawaii: 13.37% California: 13.25%

Meanwhile, the state with the lowest 47 average down payment for residential real estate purchases is Tennessee, where down payments average 11.70 percent, according to LendingTree data.In recent weeks, some federal regulators and lawmakers have called on higher down payments — up to 20 percent — to better protect the banking industry from defaults. Given LendingTree’s data on average down payments, however, "if federal regulators were to adopt the proposed 20 percent down payment requirement, a majority of borrowers wouldn't be able to meet the standard," Doug Lebda, founder and CEO of LendingTree, said in a statement.

View a chart of a break down of down payments for all 50 states. Source: LendingTree and “State Leads Nation in Down-Payment Size,” The New York Times (Jan. 5, 2012)