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Posts Tagged ‘CMT’
Tuesday, September 8th, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 9, 2009. As the HECM CMT is no longer being offered, we will no longer report its rates.
APR:
HECM LIBOR 225: 2.501
HECM LIBOR 250: 2.751
HECM LIBOR 275: 3.001
HECM LIBOR 300: 3.251
Expected Rates:
HECM LIBOR 225: 5.85
HECM LIBOR 250: 6.10
HECM LIBOR 275: 6.35
HECM LIBOR 300: 6.60
The rates for the HECM Libor fell over a tenth of a point this week, a nice development after two weeks of nearly unchanged results. This week’s rates are only good through September 14, 2009.
Tags: CMT, hecm, hecm cmt, hecm libor, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, September, This Week, this week's reverse mortgage rates
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Monday, August 31st, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning September 1, 2009. The HECM CMT will no longer be offered.
APR:
HECM LIBOR 225: 2.509
HECM LIBOR 250: 2.759
HECM LIBOR 275: 3.009
HECM LIBOR 300: 3.259
Expected Rates:
HECM LIBOR 225: 5.98
HECM LIBOR 250: 6.23
HECM LIBOR 275: 6.48
HECM LIBOR 300: 6.73
The rates for the HECM LIBOR this week remained almost the same as last week, rising by one hundredth of a point. As the HECM CMT will no longer be offered, we will no longer report its rates.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, September, This Week, weekly hecm rate, weekly hecm rates
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Monday, August 24th, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 25, 2009.
APR:
HECM CMT 300: 3.44
HECM CMT 325: 3.69
HECM CMT 350: 3.94
HECM LIBOR 225: 2.516
HECM LIBOR 250: 2.766
HECM LIBOR 275: 3.016
HECM LIBOR 300: 3.266
Expected Rates:
HECM CMT 300: 6.48
HECM CMT 325: 6.73
HECM CMT 350: 6.98
HECM LIBOR 225: 5.97
HECM LIBOR 250: 6.22
HECM LIBOR 275: 6.47
HECM LIBOR 300: 6.72
Rates fell this week for both the HECM CMT and the HECM LIBOR. The expected rate for the HECM LIBOR fell over two tenths of a point. The expected rate for the HECM CMT fell just under two tenths of a point. It is great to see the rates declining at such a dramatic rate again.
Reminder: The HECM CMT will cease to be offered on September 1st. This is the last week we will list the rates for the HECM CMT.
Tags: 2009, APR, August, CMT, expected rate, hecm, hecm rates, interest rate, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
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Thursday, August 20th, 2009
 On Wednesday night, Bank of America officially introduced its new fixed-rate HECM. The reverse mortgage product, a Fixed HECM 5.56, will be added to Bank of America’s current product offering of the Monthly Libor 225, Monthly Libor 250, Monthly Libor 275, Monthly Libor 300, and the Annual CMT 600. Bank of America also added new disclosures to their application packages. From now on, all application packages for Bank of America loans will include:
- HECM Reverse Mortgage Product Disclosure
- Important Disclosure: Your Payment of Property Charges
- General Questions Regarding HECM Reverse Mortgage Loans
Included in Fixed-Rate Packages Only:
- Truth in Lending Disclosure
- Home Mortgage Disclosure Act (HMDA)
The Bank of America fixed rate product has been highly anticipated for some time, and will hopefully help lower the procesing times for fixed rate loans throughout the industry.
More information can be found in the official press release: 2009-8-18-fixed-rate-release
Tags: Bank of America, breaking news, CMT, disclosures, fixed-rate, hecm, LIBOR, loan, loans, reverse mortgage, reverse mortgages
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Monday, August 17th, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 18, 2009.
APR:
HECM CMT 300: 3.47
HECM CMT 325: 3.72
HECM CMT 350: 3.97
HECM LIBOR 225: 2.523
HECM LIBOR 250: 2.773
HECM LIBOR 275: 3.023
HECM LIBOR 300: 3.273
Expected Rates:
HECM CMT 300: 6.67
HECM CMT 325: 6.92
HECM CMT 350: 7.17
HECM LIBOR 225: 6.20
HECM LIBOR 250: 6.45
HECM LIBOR 275: 6.70
HECM LIBOR 300: 6.95
The APRs and expected rates for both the HECM CMT and the HECM LIBOR declined this week. While rates for the HECM LIBOR have yet to fall to the level they were at earlier this month, the decline in expected rate of five hundredths of a point will still be nice for borrowers. The rates for the HECM CMT are the same as they were the week of August 4th.
Reminder: The HECM CMT will cease to be offered on September 1st.
Tags: 2009, APR, August, CMT, expected rate, hecm, hecm rates, interest rate, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
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Tuesday, August 11th, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 11, 2009.
APR:
HECM CMT 300: 3.49
HECM CMT 325: 3.74
HECM CMT 350: 3.99
HECM LIBOR 225: 2.526
HECM LIBOR 250: 2.776
HECM LIBOR 275: 3.026
HECM LIBOR 300: 3.276
Expected Rates:
HECM CMT 300: 6.77
HECM CMT 325: 7.02
HECM CMT 350: 7.27
HECM LIBOR 225: 6.25
HECM LIBOR 250: 6.50
HECM LIBOR 275: 6.75
HECM LIBOR 300: 7.00
While the APR for both the HECM CMT and the HECM LIBOR remained mostly unchanged from last week, the expected rates for the HECM LIBOR and HECM CMT rose again this week. The increase was fairly significant, amounting to a tenth of a point on the HECM CMT and slightly more than a tenth of a point on the HECM LIBOR.
Reminder: The HECM CMT will cease to be offered on September 1st.
Tags: 2009, APR, August, CMT, expected rate, hecm, hecm rates, interest rate, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
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Monday, August 3rd, 2009
This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 4, 2009.
APR:
HECM CMT 300: 3.49
HECM CMT 325: 3.74
HECM CMT 350: 3.99
HECM LIBOR 250: 2.779
HECM LIBOR 275: 3.029
HECM LIBOR 300: 3.279
Expected Rates:
HECM CMT 300: 6.67
HECM CMT 325: 6.92
HECM CMT 350: 7.17
HECM LIBOR 250: 6.39
HECM LIBOR 275: 6.64
HECM LIBOR 300: 6.89
Rates for the HECM LIBOR and HECM CMT rose again this week, though the APR for the LIBOR declined. However, the rate of increase in expected rates was lower this week than it has been in past weeks.
Reminder: The HECM CMT will cease to be offered on September 1st.
Tags: 2009, APR, August, CMT, expected rate, hecm, hecm rates, interest rate, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
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Monday, July 27th, 2009
This week’s reverse mortgage rates are below. These rates are effective for the week beginning July 28, 2009.
APR:
HECM CMT 300: 3.47
HECM CMT 325: 3.72
HECM CMT 350: 3.97
HECM LIBOR 250: 2.785
HECM LIBOR 275: 3.035
HECM LIBOR 300: 3.285
Expected Rates:
HECM CMT 300: 6.62
HECM CMT 325: 6.87
HECM CMT 350: 7.12
HECM LIBOR 250: 6.31
HECM LIBOR 275: 6.56
HECM LIBOR 300: 6.81
Rates for the HECM LIBOR and HECM CMT rose again this week, though the APRs for both products declined. The expected rate for the HECM LIBOR rose by a tenth of a point this week, while the expected rate for the HECM CMT rose by seven hundredths of a point. One would hope that the rates will stop rising soon.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, July, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
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Monday, July 20th, 2009
This week’s reverse mortgage rates are below. These rates are effective for the week beginning July 21, 2009.
APR:
HECM CMT 300: 3.48
HECM CMT 325: 3.73
HECM CMT 350: 3.98
HECM LIBOR 250: 2.786
HECM LIBOR 275: 3.036
HECM LIBOR 300: 3.286
Expected Rates:
HECM CMT 300: 6.55
HECM CMT 325: 6.80
HECM CMT 350: 7.05
HECM LIBOR 250: 6.21
HECM LIBOR 275: 6.46
HECM LIBOR 300: 6.71
Expected rates for the HECM LIBOR and HECM CMT rose dramatically this week, increasing by over a tenth of a point for each. This occured despite the fact that the APR for the LIBOR declined.
Tags: 2009, APR, CMT, expected rate, hecm, hecm rates, interest rate, July, LIBOR, reverse mortgage, Reverse Mortgage Rate, reverse mortgage rates, reverse mortgages, This Week, weekly hecm rate, weekly hecm rates
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Tuesday, July 14th, 2009
 The terms surrounding a reverse mortgage can be confusing. Below is the first post in our series of a reverse mortgage glossary. Early posts will focus on terms for beginners, but later posts will become more advanced. The glossary will then be posted on our website.
Mortgage Terminology Part 1:
Adjustable-Rate Mortgage (ARM)- A loan with an interest rate that changes with market conditions on pre-determined dates.
Appraisal- A report that states an opinion on the value of a property based on its characteristics and the selling prices of similar properties or comparable properties in the area.
Appreciation- An increase in the value of a house due to changes in market conditions or other causes.
Closing – The final step after a lender approves an application. The occasion when a borrower signs loan documents, including the mortgage or deed of trust, and when closing costs are paid. Also referred to as “settlement.”
CMT – Constant Maturity Treasury – Also often known as a “treasury bill” or “T-Bill,” it helps set the interest rate for some adjustable rate mortgages.
Deed of Trust- The legal document encumbering title to a property.
Equity- The portion of the value of the property that exceeds the current amount of your home loan. If, for example, the property is worth $100,000 and the loan is for $75,000, then there is $25,000 (25% equity) remaining in your home.
Fixed-Rate Mortgage – A loan with a pre-determined interest rate that is agreed upon for the term of the loan.
HECM (Home Equity Conversion Mortgage) – The most common type of FHA insured mortgage. HECMs encompass 100% of reverse mortgage transactions in 2009, and 99% in 2008.
HELOC (Home Equity Conversion Loan) – a loan sometimes mistakenly considered similar to a reverse mortgage.
Tags: Adjustable-Rate Mortgage, appraisal, Appreciation, Closing, CMT, definition, Equity, fixed rate mortgage, hecm, HELOC, mortgage terminology, reverse mortgage, reverse mortgage for beginners, reverse mortgage glossary, reverse mortgages
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