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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Tags: 2009, bond market, bond traders, borrower profile, credit scores, FED, fed meeting, fee loans, financial stocks, first fed, further notice, january 28, mortgage backed securities, mortgage banker, mortgage rates, nbsp, origination fee, primary residential mortgage, single family, steve russell, stock market, verifiable income, yr fha

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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Tags: 2009, bond investors, bond market, borrower profile, cnbc, credit scores, drawing board, FED, fee loans, frederic mishkin, government programs, january 23, mortgage backed securities, mortgage banker, mortgage bonds, mortgage rates, nbs, oil and gas prices, origination fee, primary residential mortgage, rough ride, steve russell, verifiable income, yr fha

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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Tags: assets, bad news, borrower profile, corporate earnings reports, credit scores, fee loans, jobless claims, mortgage banker, mortgage bonds, mortgage rates, nbsp, origination fee, primary residential mortgage, single family, steve russell, stocks, trend line, verifiable income, volatile market, yr fha

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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Tags: arizona, Companies, countrywide, different things, fannie mae, Florida, foreclosure, heart, money, mortgage banker, mortgage company, nbsp, pilot program, primary residential mortgage, Real Estate, real estate agents, realtor, s, short sale, signs of change, steve russell

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.

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

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.

Tags: 2009, bond markets, comander in chief, consumer sentiment, credit scores, dinner conversation, economic news, hoopla, irs, january 21, mortgage banker, mortgage bonds, mortgage rates, new administration, new direction, new president, party affiliation, primary residential mortgage, purc, senate confirmation hearings, steve russell, timothy geithner, treasury secretary, verifiable income, yr fha

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

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.

Tags: 2009, assets, banking industry, borrower profile, credit scores, fee loans, january 20, mortgage banker, mortgage bonds, mortgage rates, nbsp, origination fee, primary residential mortgage, prospects, single family, steve russell, verifiable income, yr fha

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

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.

Tags: consumer price index, cpi, fha, inflation, inflationary pressure, mortgage banker, mortgage bonds, ppi, primary residential mortgage, producer price index, reverse mortgage, steve russell, wholesale suppliers

The Retail Sales report for December came out today with much worse than expected numbers.

Because of this, the Dow is off over 200 points at the time of this posting, and mortgage bonds remain flat on the news. Normally, news like this would send a rush of buyers into the bond market, but that has not been the case so far today, further challenging conventional wisdom in forecasting. Stay tuned as tomorrow will be another big day in the news with the release of the Core Producer Price Index (PPI), Initial Jobless Claims for the first week of January and the Philadelphia FED Index (the outcome of which will have a high level impact on the markets). 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 1/13/2009

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.

Tags: bond market, fha, initial jobless claims, mortgage banker, mortgage bonds, philadelphia fed, ppi, primary residential mortgage, producer price index, retail sales, reverse mortgage, steve russell

Mortgage bonds continue to move sideways today with no significant news to drive it up or down. Stocks are also nearly flat, surprising in the wake of an after closing release by Alcoa that they had a $1 billion loss for the 4th quarter.

Tomorrow will bring the retail sales report for December and the Crude Oil inventory report. This highly anticipated economic data will likely have a volatile effect on the markets making today a good day to get your affairs in order on your mortgage application and be prepared to lock should the news be worse than expected.

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 1/13/2009

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.

Tags: 1 billion, 4th quarter, alcoa, crude oil, economic data, inventory report, mortgage application, mortgage banker, mortgage bonds, primary residential mortgage, retail sales, reverse mortgage, steve russell, stocks, yr fha