CBO’s Crystal Ball to 2047: Older Population, Higher Interest Rates

The United States of America, 2047: The population bumps up against 400 million people, with a full 22 percent of folks aged 65 and older — or 85.8 million seniors. The national debt rises so high that the country spends more money on interest payments than all of its discretionary programs combined, a scenario that’s […]

Rate Hike to Have Mixed Effect on Reverse Mortgages

The Federal Reserve raised the federal funds rate for the third time in a little more than a year last week, an expected move that experts say will have a mixed effect on the reverse mortgage market in the coming months. “The recent rate increases by the Fed are probably not much of a surprise […]

HUD Updates Source for Reverse Mortgage LIBOR Swap Rates

The Department of Housing and Urban Development (HUD) published a new Mortgagee Letter on Thursday that updates the source for calculating the expected interest rate for certain reverse mortgages. Effective October 31, 2016, per Mortgagee Letter 2016-16, mortgagees must use the Intercontinental Exchange (ICE) Benchmark Administration for obtaining the 10-Year London Interbank Offered Rate (LIBOR) […]

CFPB Tweaks Forward Mortgage Disclosure Rules

The Consumer Financial Protection Bureau (CFPB) has finalized new forward mortgage disclosure rules under its “Know Before You Owe” initiative, which will take effect August 1, 2015. The two changes, which were proposed in October 2014, address when consumers will receive updated disclosures after locking in an interest rate, and how consumers receive information regarding […]

Here’s How Different Mortgage Rates Stack Up

Mortgage rates are dropping, and VA mortgage rates are notably lower than comparable rates for a FHA loan via the Federal Housing Administration and conventional ones via Fannie Mae or Freddie Mac, a new report reveals. While interest rates fall differently depending on loan type, for all of 2014, 30-year and 15-year mortgage rates moved […]

Freddie Mac: Mortgage Rates Seesaw on Economic Uncertainty

Speculation over the Federal Reserve’s bond purchase program is causing mortgage rates to fluctuate week-to-week, dipping lower in Freddie Mac’s latest Primary Mortgage Market Survey compared to the prior week. The 30-year fixed-rate mortgage averaged 4.51% for the week ending Aug. 29, 2013, down from the previous week’s 4.58%. The rate is still more than […]

New York Euronext Selected to Run LIBOR

The London Interbank Offered Rate (LIBOR), currently owned by a British banking firm, is being sold to NYSE Euronext, the U.S. company that runs the New York Stock Exchange.  The independent Hogg Tendering Advisory Committee appointed NYSE Euronext Rate Administration Limited—a NYSE Euronext subsidiary—as the new administrator for LIBOR, according to the July 9 announcement.  […]

Lock and Load; What do Reverse Mortgage Borrowers Get?

Like rivalrous siblings, the forward and reverse mortgage worlds frequently sneak sideways glances at what the other is doing. Escrows? Suitability? Counseling? “Let’s see – what’s he doing now? Should I do that?” Practically speaking the two products are more unalike than similar, yet the comparison game goes on, now with a new question, this […]

Reverse Mortgage Rates – April 6, 2010

The average reverse mortgage borrower will see their Initial Benefits decrease by $2,750 from last week. Ibis considers an average borrower to be a 73-year old in a $250,000 home that chooses a LIBOR+250 HECM.  The rates as of 4/6/10 are: