Posts Tagged ‘mortgage rates’

13
Apr

Mortgage Rates April 13, 2009

   Posted by: Cal    in Gulf Coast Mortgages, Real Estate

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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.

 

 

 

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4
Feb

Mortgage Rates February 4, 2009

   Posted by: Cal    in Gulf Coast Mortgages

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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30
Jan

Mortgage Rates January 30, 2009

   Posted by: Cal    in Gulf Coast Mortgages

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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28
Jan

Mortgage Rates January 28, 2009

   Posted by: Cal    in Gulf Coast Mortgages

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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23
Jan

Mortgage Rates January 23, 2009

   Posted by: Cal    in Gulf Coast Mortgages

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.

 

 

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20
Jan

Mortgage Rates January 20, 2009

   Posted by: Cal    in Gulf Coast Mortgages

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.

 

 

 

 

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Mortgage bonds were off to a rough start this morning at the open.   But, at the time of this posting, they have recovered much of the early morning losses in trading.   No significant economic data is due out until Wednesday January 14th when the retail sales report and crude oil inventories becomes available.

Because of this, the bond market will likely take the lead from stocks and world news over the next 48 hours.

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 1/12/2009


30 Yr Fixed Mtg 4.750%
15 Yr Fixed Mtg 4.500%
30 Yr FHA 4.875%
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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9
Jan

Mortgage Rates January 9, 2009

   Posted by: Cal    in Gulf Coast Mortgages

Mortgage rates are off to an outstanding start for 2009.  The announcement by the FED on December 16th to begin systematically buying over $500 billion in mortgage backed securities in 2009 fueled one of the best days on the bond market all year, and ultimately led to the first long term fixed rates below 5.00% with no points.

On Monday January 5th, they followed through with their promise and began buying mortgage backed securities from Fannie Mae, Freddie Mac and Ginnie Mae.  In a report issued yesterday, the FED bought $10.2 billion in mortgage backed securities between January 5th and 7th.  This plan will be implemented on a near daily basis through the end of June and should help fuel low mortgage rates for the first 2 quarters of 2009.

So, is this what it will take to get buyers off the fence?  That is yet to be seen.  But, with property values at a 4 to 6 year low (depending on where you are), this will seperate those who are true buyers or not.  If buyers are not taking advantage of low prices and rates below 5.00%, they are probably not buyers at all.

If you are considering buying at all in the near future, the next 6 months will provide the best deals in real estate that have ever existed in your lifetime.  So, prepare yourself for the process.

Begin by going to www.annualcreditreport.com and get a free copy of your credit report.  You are allowed 1 free copy every 12 months, and the inquiry will not be reflected on your score.

Now, review that report line by line and look for any negative items or inaccuracies.  When you find one, dispute the account with the credit bureau to get it corrected.  You can google “credit dispute letter” and find hundreds of free or sample dispute letters to send out.

The next item to take care of is your income.  The days of stated income loans are dead, so if you can’t prove it, it doesn’t exist (at least in the eyes of a mortgage underwriter).  This is most important with self employed individuals, or people that work on tips or commission.  As we enter into tax season and you are already daydreaming about all of the expenses that you can write off to lower your tax bill, go ahead and daydream about how much you like being a renter.  The decisions that you make with write offs on your tax return could very well price you out of home ownership (or price you out of refinancing into a rate in the 4’s).

For a free consultation on how to buy and what to do to align yourself in this financial environment, call me anytime at 850-221-8334.

Mortgage Rates as of 10:30 AM January 9, 2009:

4.625%  15 Year Fixed

4.750%  30 Year Fixed

5.000%  30 Year VA

4.875%  30 Year FHA

Steve Russell

Mortgage Banker

Primary Residential Mortgage

850-497-6325  Office

850-221-8334  Cell

www.SteveRussellOnline.com

Steve@SteveRussellOnline.com

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