Rates are flat and mortgage bonds are all over the place today. We ended the day yesterday way down (meaning rates trending up) and recovered all the losses this morning only to lose half the gains again. It’s a touchy market.

One thing is for sure. Unemployment is still very high. This is keeping rates low but that’s not necessarily a good thing. We need jobs in the United States to fully recover. More people with secure jobs will help the housing market more than low rates. Unemployed people do not buy houses.

If you’re looking for good comparison rates with no lender fees (even on the 105% program I discuss today), they are 4.375% on a 30 year fixed, 3.625% on a 15 year fixed, and 2.875% on a 5/1 ARM (click here to get the details).

Did you know that you can do a rate and term refinance up to 105% LTV and still have no PMI? It’s true!

I explain more in today’s video:

(Watch it on your mobile phone or email reader here)


This 105% program with no PMI has been around for a long time and I am surprised to hear about how many lenders don’t know about this. These loans are part of the Home Affordable Refinance program. There are two versions. The Fannie Mae version called the DU Refinance Plus and the Freddie Mac version Called the LP Open Access program.

These programs are designed for borrowers who have good payment history on their mortgage but cannot refinance due to declining home values. These are great programs and they come with the same great rates.

So, if you are afraid to refinance because of your homes value, you should check out these options. There are some restrictions so email me (Mike@RatesinMotion.com) and I will send you the guidelines directly from FannieMae and FreddieMac.

I will tell you one thing up front though. If your current loan is not serviced by Fannie or Freddie you will not qualify. If you are not sure you can go to their websites to check.

Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!

See you tomorrow!

– Mike

PS. To ask a question, get advice, or find out what your lender is making off your loan, just post a comment below.  Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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