Should I Lock or Float? This Week- November 18, 2013

November_18th_2013_Mortgage_MarketThe Non-Farm Payroll numbers came in on the 8th of this month, well above expectations with 204K versus an estimate of 125K new jobs. In addition, revisions added 60,000 more jobs to the prior two month
releases and thus mortgage rates took a significant one-day beating – noted by the long red column shown on the far right of this graph. Prices are now almost back where they were before that report was announced.

For those of you shopping for a good mortgage rate, who did not lock at the time, may have just gotten your reprieve!

Continue reading “Should I Lock or Float? This Week- November 18, 2013”

What Mortgage Rates Are Doing This Week : Jan 28, 2013

Rates_rising_Jan_28th_2013At the opening this morning, we are experiencing our 3rd day in-a-row of rising rates. What’s up with that? Thankfully, at the moment, they are clawing their way back. Last week, Mortgage rates rose as investors gained confidence in the global economy. China and Europe posted better-than-expected manufacturing rates, U.S. Jobless Claims fell for the second straight week, and the worst of the European debt crisis appears to have passed.

A strengthening economy = Mortgage Rates will go up! Continue reading “What Mortgage Rates Are Doing This Week : Jan 28, 2013”

Are Mortgage Standards Starting to Loosen?

Fed Senior Loan Officer SurveyThe nation’s biggest banks have started to loosen mortgage lending guidelines. Is this another signal of an improving U.S. economy?

As reported by the Federal Reserve, last quarter, no “big banks” reported stricter mortgage standards as compared to the quarter prior and “modest fractions” of banks reported easier mortgage standards.  Continue reading “Are Mortgage Standards Starting to Loosen?”

Does A Reverse Mortgages Makes Cents?

Despite several big-name banks pulling the product from their respective home loan offerings, reverse mortgages remain a popular mortgage choice among homeowners aged 62 or over.

A reverse mortgage is exactly what it sounds like — a mortgage in reverse. Rather than borrow a fixed amount of money then pay that loan balance down to zero as with a “forward” mortgage, a reverse mortgage starts at a given loan balance and works its way up as scheduled payments are added to the existing loan balance. Continue reading “Does A Reverse Mortgages Makes Cents?”

What Mortgage Rates Are Doing This Week : May 7, 2012

Today's Rates May 7th, 2012 from Sacramentolener.com and dantheplanner.com
Click to Enlarge Photo

After two weeks of no change, mortgage markets improved last week, pushing mortgage rates lower throughout California. But, are we poised for a reversal? According to the trends, mortgage backed bonds are in a overbought position and ripe for a selloff – Based on the indicators, there’s more room for rates to rise than to fall. Continue reading “What Mortgage Rates Are Doing This Week : May 7, 2012”

Mortgage Rates Climb Sharply After Retail Sales Report

The U.S. economy is expanding, fueled by a renewed consumer optimism and increased consumer spending.

As reported by the Census Bureau, Retail Sales in February, excluding cars and auto parts, rose 1 percent to $335 billion as 11 of 13 retail sectors showed improvement last month.

February markets the 19th time in twenty months that U.S. Retail Sales increased on a month-over-month basis. Couple this with 24 consecutive months of job growth and you have an economy that is showing some fight! Continue reading “Mortgage Rates Climb Sharply After Retail Sales Report”

FHA Drops Upfront Mortgage Insurance Premium To 0.01% For Qualified Borrowers

FHA MIP scheduleThe FHA is making more changes to its flagship FHA Streamline Refinance program.

Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group’s new, costly mortgage insurance premium schedule. Continue reading “FHA Drops Upfront Mortgage Insurance Premium To 0.01% For Qualified Borrowers”