The secondary mortgage market went on quite a ride yesterday! Following a weaker than expected 5 year Treasury note auction, market participants hurriedly sold their fixed income investments ahead of the FOMC statement. This led to MBS falling below the recent range and a few lender reprices for the worse. However, following the release of…
Monthly Archives: September 2009
Mortgage Rates Steady Ahead of FOMC Statement
Mortgage rates were mostly unchanged yesterday as the economic calendar was empty and the market settled in for another FOMC statement. Prices of mortgage-backed securities did manage to move marginally higher following a successful auction of 2 year Treasury notes, which saw the highest demand in over a year. The small price appreciations led to…
Hold the vanilla
Congress nixes a proposed requirement that lenders offer “plain vanilla” loans; mortgage rates drop. Click Here to Get Great Rates And A Speedy Approval From Lending Tree Without Any Hassels. Go to Source
Plain Vanilla Protection vs. Consumer Education
President Barack Obama recently proposed that all lenders offer “plain vanilla” mortgages so consumers could understand the loan terms and the risks associated with the mortgages. The proposal includes creating a Consumer Financial Protection Agency that would be responsible for these and other laws that help consumers make better decisions. This proposal met strong opposition…
The Gift that Keeps on Giving (Hint: It’s not the Jelly of the Month Club)
When shopping for a home, buyers often require extra funds to help with the down payment and closing costs. And while FHA offers programs with as little as 3.5% down, a cash gift from family members can prove very useful. There’s no limit to the amount of cash a borrower can receive in the form…
RateWatch – Recovery? Not So Fast!
Market: So the economy is roaring back, eh? Weeeeellllll…. Some are beginning to wonder. Mortgage-backed securities (these are the bonds issued by FNMA, etc. that directly link to mortgage interest rates – also abbreviated “mbs” in this space) are not reacting the way one would expect if everything was rosy going forward. As the economy…
Renovation Financing: Not all loan officers are created equal!
I am working on a deal that was originally with another lender as a purchase 203K, the other lender ended up dropping the ball to the point the borrower switched lenders in the 11th hour to close the loan on time as a regular FHA loan. The borrower purchased the home and has started…
Low Rates Cause Surge in Refinance Loan Requests
Refinance requests on Zillow Mortgage Marketplace are up 20% so far this month versus August. The chart below shows that lower mortgage rates appear to be driving this spike in demand. In an effort to continute to prop up the financial markets, the Federal Reserve’s policy-setting panel just announced that it plans to continue purchasing mortgage-backed securities into next year. …
Do Lenders Still Do 80% Loans With Another 10% Loan if I Put 10% Down?
Tustin, CA – Bank owned REO homes now for sale
Tustin, California – beautiful residential and business community located in central part of Orange County and south of Santa Ana.See list of Tustin bank owned REO homes for sale after foreclosure (click here for free link). We like to provide you with valuable Tustin and Orange County real estate information. Please let us know whether this is helpful….