The bond market had a rough day yesterday and yet it has had little affect on today’s mortgage rates. This is likely due to previous rate increases to try and slow down the overwhelming rush to refinances that has underwriting backed up for weeks.
Something interesting is happening with the FED’s buy back program for mortgage backed securities. As mortgage bonds are traded, they come at certain "coupon" rates and are sold in .5% intervals. For instance, right now we are watching the 4% Fannie Mae
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It’s a buyers’ market -
not a waiter’s market.
You and I know that now is one of the best times to buy real estate, homes, and condos in recent history, but our challenge is to communicate that to our buyers and help them see the opportunities of today’s market.
Think about it!
Search for Gulf Coast Real Estate
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Today marked the first FED meeting since December 16th when they announced the FED would be aggressively buying mortgage backed securities through the first 6 months of 2009.
The news was as expected with rates remaining unchanged and a commitment to keep them unchanged until further notice.
The bond market reacted negatively to the news as it is seen as a positive for the economy. Bond traders are selling this afternoon
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According to FED member Frederic Mishkin in an interview on CNBC this morning, we could see inflation begin to creep into the economy based on all the government programs on the drawing board.
If there is anything that will scare away bond investors…it is the word inflation. This combined with the summer driving season right around the corner which will inevitably lead to higher oil and gas prices means that we will likely see much higher mortgage rates in
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Mortgage bonds are down again today as they continue to bounce off a level of support at the rising trend line.
In this volatile market, things move quickly and rates are changing throughout the day with little or no warning.
Jobless claims came out today and jumped by 62,000 to a total of 589,000 which is much worse than the forecast of 548,000. This
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The term "Short Sale" means different things to different people.
If you have tried to buy a short sale, chances are you will never try it again. And for the brave real estate agents who get involved…..let me just say, my heart goes out to you.
But, there may be signs of change in the short sale market. Countrywide has partnered with Fannie Mae to test a pilot program in
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Real estate and Homes on Ono Island, Orange Beach, AL
Ono Island is located just north of Perdido Key at the Florida – Alabama state line. Only 500 yards from the Gulf of Mexico, Ono Island is protected from storms by the Key itself. It measures 5.5 miles long and currently has over 900 homes. Water front properties are available on Old River, Bayou St. John, the Inter-coastal Canal as well as on Ono Canals. Interior homes are currently available from $250,000 and water front homes range from $400,000 to $7,900,000.
Outdoor enthusiasts can enjoy a variety of activities including bay or gulf fishing, sailing or power boating, swimming, snorkeling, scuba diving, and, of course, sun bathing. Golfers can enjoy one of approximately 15 signature golf courses in the area and there are plenty of shops and restaurants for everyone to enjoy.
This island itself is secured by a guarded bridge as it’s only entry/exit point. The private streets ensure peace and tranquility even in the most crowed of tourist seasons.
Click here for current Orange Beach Alabama Real Estate Listings on Ono Island.
For more information or to schedule an appointment to tour any listing in Baldwin County, contact:
The GulfShoresLife.com Team Keller Williams Alabama Gulf Coast
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We wake up today with a new president and new direction for the future and regardless of your party affiliation, the excitement in the air is palpable.
All of the hoopla over our new comander in chief got me thinking, if much of the economy is actually based on the perception of the citizens within that economy, is it possible that the excitement of the new administration will turn into a boost for consumer sentiment and the economy as a whole. It will be months before that theory is proven even if it is true, but it makes for interesting dinner conversation.
Mortgage bonds remain in positive territory today bouncing off of support levels near the 25 day moving average. There is no economic news due out today, so the bond markets will likely get their cue from stocks.
Today also marks the beginning of Senate confirmation hearings for Treasury Secretary nominee Timothy Geithner. Given his problems in the past with paying his taxes, I find it ironic that he may actually be the new head of the IRS.
Mortgage bonds are hovering very near levels that would indicate it has been oversold recently which could mean a run up soon. If this happens, be prepared to lock in your rate on a rally. For today, we will continue to float and watch.
If you would like to get pre-approved for a purchase or refinance, please call 850-221-8334 anytime.
Steve Russell
Mortgage Banker
Primary Residential Mortgage
850-221-8334 Cell
850-497-6325 Office
Steve@steverussellonline.com
www.SteveRussellOnline.com
* All rates assume the purchase of a single family primary residence with at least 20% down payment, 740 credit scores, and verifiable income and assets. Rates vary based on borrower profile and property type. Rates are subject to change without notice. All rates also assume a 1% origination fee. Loans with no origination fee and no points may be available.
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If you are a "Born to be Wild!" Baby Boomer looking to retire, bring it on down to Orange Beach, AL!
If you see yourself in this video you must have been born before 1970 and getting close to retirement !- LOL!
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Caribe Resort Condos in Orange Beach, AL
Located at the mouth of Perdido Pass in Orange Beach, Alabama, Caribe Resort offers the highest level of amenities found on the Gulf of Mexico. A variety of magnificent swimming pools, lazy river, hot tubs, and water slides are surrounded by water fountains that complement this unique setting. The views of Bayou St. John to the north and the white sand beaches of Perdido Key to the south, offer a perfect setting for brilliant sunrise’s and spectacular sunsets. 
As a full service resort, Caribe also has tennis, fitness centers, putting greens, and a beautiful walking trail along the 100 slip marina. And the newest addition to this beautiful development is Cobalt, a 300 seat waterfront restaurant at the foot of Perdido Bridge. From the beach to the bay, Caribe offers a one-stop vacation with varitey of activities that all will enjoy.
Caribe offers two and three bedroom condominiums with prices starting in the 400,000’s. These well designed units offer great views, large balconies, and a high level of finishes that include granite, wet bars, jetted tubs, stainless appliances, and state of the art technology. Designed with elegance and built with lasting quality, Caribe is a landmark on the Alabama Gulf Coast.
Des Gatti
The Gulfshoreslife.com Team
Keller Williams Realty Al. Gulf Coast
Direct (251) 233-9825 Fax 251-217-9375
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