The 30-year fixed-rate mortgage (FRM) averaged 3.98 percent with an average 0.7 point for the week ending November 23, 2011, down from last week when it averaged 4.00 percent. Last year at this time, the 30-year FRM averaged 4.40 percent.

The survey showed that the 15-year FRM this week averaged 3.30 percent with an average 0.7 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.77 percent.

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week, with an average 0.6 point, down from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.45 percent.

The one-year Treasury-indexed ARM averaged 2.79 percent this week with an average 0.6 point, down from last week when it averaged 2.98 percent. At this time last year, the 1-year ARM averaged 3.23 percent.

“Mortgage rates eased slightly this week with fixed-rate loans hovering above all-time lows and ARMs reaching a new nadir,” says Frank Nothaft, vice president and chief economist for Freddie Mac. “The high-degree of home-buyer affordability in recent months translated into a 1.4 percent pickup in existing home sales during October, according to the National Association of REALTORS® (NAR). NAR also reported that contract cancellations were up in October as well, which restrained sales from achieving a stronger rebound.”

For more information, visit www.freddiemac.com.

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.
2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

In today’s brave new world of  South Florida real estate, getting a home loan is arguably the most stressful component of your transaction. On the one hand, the “big box” national lenders have frequently proven to be unreliable in just about every step of the funding process. With their thin staffs, poor communication and underwriting rules that seem to change on a daily basis, a Florida home buyer cannot rely on a successful closing. On the other hand, working with a mortgage broker may compound these problems since you are adding a middleman to the equation.

Going With a Stuart Area Direct Lender

For me, the best option for my clients is to work with a local direct lender. Our preferred direct lender is Group One Mortgage. With offices thtoughout the Treasure Coast, Group One offers skilled, personalized service coupled with the same programs offered by the national lenders.

Why a Florida Based Direct Lender Can Ensure a Successful Closing

1. Full Service – a direct lender processes your loan, underwrites your loan and funds your loan right in their office. This includes FHA loans, VA loans, 100% USDA loans, conventional and Jumbo loans.
2. Easy Access to Decision Makers – having the loan underwriter in their office allows your loan officer to communicate directly with the person responsible for approving and clearing your loan to close.
3. Direct Government Lender – a direct lender can provide in-house FHA, VA and USDA underwriting. As a direct Government lender Group One Mortgage has a DE (delegated endorsement)underwriter in their office. All FHA, VA and USDA loans stay in house and are not being brokered through middle men companies.

Please contact me with all your real estate needs. Or call Wayne Katz at Group One Mortgage (561) 791-0000 to get pre-approved for a mortgage today!

Eric Slifkin, Broker Associate
Keller Williams Realty
819 South Federal Highway
Stuart, FL 34994
(888) 288-1765

This post has been authored by Eric Slifkin, REALTOR® serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site at www.TreasureCoastHomeSales.com. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.