January 12th Market Update: Please don't foreclose on me!

Good Morning,

Rates are holding fairly steady since last week and you will see the 30 year fixed is actually a bit lower than last week. That being said, the bond market has been exceptionally volatile the past few weeks and based on today’s trend we are expecting to see these rates tick right back up to where they were last week.

I’m sure some of you have been hearing about the foreclosure mishaps and errors that some of the major banks had been making due to their system of processing things. It was to the point of ridiculousness when homeowners who had never missed a payment were improperly foreclosed on. This continued issue finally received a court ruling in favor of homeowners in general and will put much more burden on the banks to prove they own the homes they are foreclosing on before the process can begin. It’s great that this has been ruled on but sad that it ever had to come to that point to begin with. It seems that the banking industry and basic human decency don’t go hand in hand, not that we expected it had been before this ;-)

Have a great week!

Rates: 30 year fixed at 4.75% and the 15 year at 4.25%, FHA: 4.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be

Matt

Matt Royer

Mortgage Consultant, CMC | Homes Mortgage

NMLS# 366970