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Friday, October 30th, 2009 at 8:19pm. 906 Views, 2 Comments.
Mortgage rates are just slightly better than last Friday, as shown below. This is after a bad start on Monday, and then the economic picture became worse on Tuesday and mortgage rates came down for Tuesday and Wednesday. The economy looked rosy yesterday after the report on the 3rd quarter Gross Domestic Product showed an unexpected 3.5% growth. So, the bond market went down and rates went up. Apparently “rosy” only lasts 23 hours, because today, the markets are doing the exact opposite of yesterday, so rates are down again. Bless those day traders! They sure keep it interesting.
I'm sure you've already seen the information on the proposed extension of the FTHB Tax Credit program. It has a ways to go before it is adopted, but hopefully we'll see some…
Saturday, October 3rd, 2009 at 8:14pm. 1203 Views, 8 Comments.
Oooohhhhhhh, the rates are soooo low right now, as shown below. But obviously it's not the rates that are keeping the buyers away. More likely it's the unemployment rate that makes them nervous. I certainly can't blame them!
The national unemployment rate moved from 9.6% to 9.8% with this morning's Labor Dept report for the month of September. Of course, the buyers in this area are looking at an unemployment rate much higher here in Lane County and the state of Oregon . So, it makes sense that they're nervous about taking on any major debt at this time. However, for those who feel secure in their jobs, this is an excellent time for them to either purchase for the first time, or move up to the home they wanted three years ago, but were priced out of…
Saturday, September 5th, 2009 at 8:38pm. 1317 Views, 4 Comments.
Mortgage rates are lower this weekend than last, as shown below. They hit another good low on Wednesday, and held through Thursday, but have increased somewhat today.
The employment data came in early this morning, and showed the unemployment rate at 9.7%, up from 9.4% last month.That's not a big surprise. Nor is the fact that the number of jobs lost during August is down from what was expected. What this basically means is that we are losing jobs at a lower rate than before. (Not great, but not bad either). The other side of that, ie; the unemployment rate, will most likely continue to increase for a time while companies figure out what they can live with in terms of the necessary people to meet production demand. That number is always lower going…
Sunday, August 23rd, 2009 at 9:16pm. 1495 Views, 0 Comments.
Mortgage rates are the same as last week, as shown below. This mornings release of the existing home sales figures, which was the highest in two years, coupled with Fed Chairman Ben Bernanke's comments have pushed the bond market down, but once again we're seeing a knee jerk reaction to positive economic news. I suspect that things will settle again next week when the naysayers have their say.
I'm sure you've heard a lot of grumbling about the new rules governing the mortgage industry. It will go on for some time, but the reality is that we will simply have to work with it until “they” figure out the changes are not actually helping the consumer at all. In the meantime you need to know there can and will be delays in turn times for closings. Things…
Saturday, August 15th, 2009 at 10:03pm. 1049 Views, 2 Comments.
Okay! Rates are better today after being higher earlier in the week. You'll see the rates below, but I wanted you to note that the 5/1 ARM is now showing an “Interest Only” rate. I've found this to be somewhat useful for the executive types that are breezing into town and don't plan on staying in the home for long, but want a nice showy place for social functions. God bless ‘em. :)
Also, as I've mentioned before, I don't usually attach anything to my posts. However, the attached article (PDF File) is from the Harvard Law and Policy Review, and could give you a bit of insight into why foreclosures, and more importantly, short sales, are so hard to deal with. The article is entitled “Modifications of Mortgages in Bankruptcy”, which I realize…
Monday, July 6th, 2009 at 12:12am. 1217 Views, 12 Comments.
Mortgage rates were a little worse earlier this week, but with the jobs report that came out this morning the bond market has made some gains as stocks take a dive. The rates below are just slightly higher than last Friday, but with the sour economic news they are likely to trend a little lower into next week.
This is as good a time as any to remind you that, although some of the lender's turn times are getting better, a 30 day contract close is still too optimistic. Remember, the lenders with the very best rates are more likely to have extended underwriting times. It's your buyer's loan officer's job to provide them with the best rate, and you with accurate information on closing times. I take that job very seriously.
I'll be available by my cell…
Sunday, June 28th, 2009 at 1:58pm. 839 Views, 4 Comments.
Rates are little better today over last Friday, as shown below. The stock markets aren't as happy as they were last week, and the FOMC meeting I referred to in last Friday's email didn't seem to make much of an impact. Therefore, the bond market is doing better as of now. The auctions of long term government debt were well received earlier this week, which again helped the bond market make some gains.
That's it in a nutshell, but I'd like to talk about a couple of rumors and reports out there in medialand that buyers may be asking you about. A possible $15,000 tax credit for all buyers, not just first-timers has been proposed, but is definitely not even close to being approved. When I tried to calculate what that would cost the government in revenue…
Saturday, June 13th, 2009 at 8:12pm. 955 Views, 5 Comments.
Yes! Rates are up from last Friday, but they are down from earlier this week. The Bond market took a pretty good beating from a few of the economic reports that came out, indicating that things might be getting better. But, the big hurt was that several of the foreign buyers of US debt
( US debt is in fact our bond market), indicated that they had little confidence in our ability to repay that debt. So, China , Russia , the European market, etc said they “may not” invest in our bond market. This drove the price of bonds down, and likewise, mortgage rates up.
Is this starting to make sense to you in how it all works? After all, when the sub prime implosion hit, the banks no longer wanted to buy mortgage backed securities, and most of them actually…
Saturday, June 6th, 2009 at 12:22am. 825 Views, 6 Comments.
Not a good week here in loan land! (See rates below). The bond market has taken some pretty big hits all this week, due primarily to investors taking advantage of the profits to be gained from the great run up in bond pricing over the past few weeks. The investors have sold off their bonds at higher prices and have moved these assets to the stock market. Please understand that there is far more to it than that, but in laymen's terms that's essentially what is taking place.
The other side of that equation is the stock market making some gains.This is happening because many of the economic reports coming in are indicating the presence of that proverbial light at the end of the tunnel, as far as the recession is concerned. However, that light may, in…
Sunday, April 26th, 2009 at 3:34pm. 1105 Views, 8 Comments.
Mortgage rates for 15 and 30 year fixed loans stayed the same this week. However, the ARM rates got substantially better. That may mean that the investors in MBS (mortgage-backed securities) are loosening up a bit, and are more willing to take on these loans. Of course the guidelines are still very strict, but ARMs can be a great option for certain situations, especially in Jumbo loans.
The Commerce Dept released their report on Durable Goods Orders, (products that are intended to last more than 3 years), this morning, and it showed a decline in the orders of .8%. While this doesn't seem like a good thing, the analysts were predicting a drop of 1.5%. So, the report is better than expected, and certainly open to “spin”.
Also, reported today was the…
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