Archive for the ‘Gulf Coast Mortgages’ Category

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It looks like the financial markets had a good day.  Breaking through the 25 day moving average, the benchmark Fannie Mae bond is back in positive territory since falling last week.  This is good for rates, and has been reflected in today’s pricing

 

If you would like to get pre-approved for a purchase or refinance, please call 850-221-8334 anytime.


Rates as of 11:40 AM 4/13/2009


30 Yr Fixed Mtg 4.625%
15 Yr Fixed Mtg 4.375%
30 Yr FHA 4.750%
30 Yr VA 4.750%
Reverse Mortgage Call For Rates

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 at a higher rate.

 

 

 

Home Affordable Refinance Program

It was great to see that Obama Administration recently introduced the Home Affordable Refinance Program. It is being anticipated that with the introduction of the new program approximately 4 million to 5 million homeowners will be able to avail the refinancing program.

When do you qualify for the Home Affordable Refinance Program?

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There is a lot of volatility in daily trading in the mortgage bond market, and since the main stream media always gets it wrong, I have included visual aids for you to see exactly what mortgage professionals see.

What you see below is a 30 day chart of the FNMA 4.5% mortgage bond trading activity.  The activity on the bond market is what dictates retail mortgage rates, and the retail mortgage rates that are passed on to consumers are generally .5% to 1.0% higher than the "coupon" rate of the bond itself.  We are now following the 4.5% coupon bond because the activity in the 4% bond has trickled and

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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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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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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.

Mortgage Bond 6 month history

 

 

 

 

 

 

 

 

 

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.


Rates as of 9:10 AM 1/21/2009


30 Yr Fixed Mtg 4.875%
15 Yr Fixed Mtg 4.625%
30 Yr FHA 5.000%
30 Yr VA 5.000%
Reverse Mortgage Call For Rates

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.

 

 

Mortgage bonds are moving down slightly today as the markets react negatively to prospects that the Obama administration is considering nationalizing the banking industry.

If you would like to get pre-approved for a purchase or refinance, please call 850-221-8334 anytime.


Rates as of 10:10 AM 1/20/2009


30 Yr Fixed Mtg 4.875%
15 Yr Fixed Mtg 4.875%
30 Yr FHA 5.000%
30 Yr VA 5.000%
Reverse Mortgage Call For Rates

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.

 

 

 

 

The Producer Price Index (PPI) came out and reflected virtually no inflation on the wholesale side of things.

This would normally be a strong indicator for upward activity in mortgage bonds, but so far today that has not been the case as bonds continue to trade sideways and slightly down. The Consumer Price Index (CPI) is due out tomorrow which will reflect the price difference as it is passed from wholesale suppliers to consumers (a more widely used indicator of inflationary pressure). The outcome of this report will likely have a significant affect on the markets. I would say that today is a good day to float your rate and see what happens tomorrow to lock ahead of the weekend. If you would like to get pre-approved for a purchase or refinance, please call 850-221-8334 anytime. Rates as of 11:10 AM 1/15/2009


30 Yr Fixed Mtg 4.625%
15 Yr Fixed Mtg 4.500%
30 Yr FHA 4.750%
30 Yr VA 4.875%
Reverse Mortgage Call For Rates

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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