Sandwich, MA

The Mortgage Interest Rate Lock Advisory for Sandwich MA for February 2, 2010

Here are some of the events affecting mortgage interest rates today in Sandwich, MA.

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.88 this morning - down 1/32 from yesterday's close.
  
  
• The 4.5% MBS coupon is currently trading at 100.97 - up 3/32 from its opening.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 1-2-2010 to 2-1-2010:

Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be the same in price this morning as compared to yesterday.

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• Pending Home Sales Report for December - the pending home sales index is up 1% from the previous month to 96.6, indicating that home sales are stabilizing - at least for now. Last month, the pending home sales index fell 16.0% to 96.0. The pending home sales index is released by the National Association of Realtors, and is a leading indicator of existing home sales, not new home sales. A pending sale is one in which a contract to purchase a home was signed, but has not yet made settlement. Increasing home sales adds to increased consumer buying for appliances and other durable goods associated with the purchase of a home. This report had no impact on mortgage interest rates this morning.

In other news, Timothy Geithner, Secretary of the Treasury, will speak before a Senate Finance Committee today concerning the U.S. budget. At the same time, Paul Volcker, Chairman of the President's Economic Recovery Advisory Board, will testify before the Senate Bank Committee about high-risk banking activities. These speeches may affect the markets if something unexpected is said.

What's Happening With Mortgage Interest Rates Today:

Low to Moderate Volatility. Mortgage interest rates are still at historic lows. There's not much potential for MBS prices to tick higher (lower mortgage rates) as the Fed begins winding down their stimulus programs soon as it appears the overall economy is improving. There's also the fear of inflation.

If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. It's better to have locked when you should have floated than it is to float when you should have locked.

Mortgage interest rates are generally holding at currently levels. If you have not yet locked in your mortgage interest rate yet, please proceed with caution and maintain contact with your mortgage professional as mortgage interest rates can change for the worse.

Get current mortgage interest rates for your situation in Sandwich or anywhere else in Massachusetts.

Buying a home through a short sale or REO on Cape Cod, MA.

Much is being said about buying a home through a short sale or REO(Bank Owned). Some of it is positive, some negative. The Cape Cod real estate market currently has a good inventory of such homes.

Before you begin, a mental check must be done. Are you patient? If you are buying a home through a short sale or REO on Cape Cod as a second home or retirement and you are not in a rush, it may work for you. If you are trying to take advantage of today's tax incentives that have a deadline of April 30, 2010, you may be taking to great of a risk.

There are distinct differences when buying a home through a short sale or REO.

A short sale occurs when a seller owes more to a lender(s) than the property is currently worth. The process starts when an offer is made and accepted by the seller. It then has to be approved by the lender(s). Along with the offer, the lender in the first position, that which is usually owed the most money, must collect a docket of information from the seller to prove that this property will not sell for what is owed and that the owner cannot make payments.

Other lenders or lien holders, if any, who are owed money, need to be satisfied as well. Cooperation is not always given wand the process can linger on for months or completely stall. Local banks that know the Cape Cod home market can be a bit more proactive if they are the repeat lender on the home.

Sandwich Boardwalk, Cape Cod

Bank owned or REOproperties are a bit different, although they too can linger on for months. Most REO properties are now requiring proof of funds or pre-qualification from the lender with submission of an offer. This helps improve the timing of the process but puts more burden of the buyer upfront. Local Cape Cod banks are sometimes faster in the process. National banks who don't necessarily understand the Cape Cod home market can be harder to handle.

Many times the bank will approve a sale, then turn around and ask for highest and best offer from all participants. In that situation, you could have waited weeks or months, only to be outbid at the last moment. It is important that one does not fall in love with the property, as you can end up losing it or overpaying and ultimately miss out on other buying opportunities.

Misty morning at Hyannis Golf Club, Cape Cod

If you are interested on buying a home through a short sale or REO, there are currently are currently 154 distressed properties for sale on Cape Cod & Islands MLS.  The starting price is $79,900.00 up to $2,950,000.00.  The median is $249,900.00.

End of Summer, Dennis Port, Cape Cod

Cape Cod is a local market. Having a qualified team to help you buy your ideal Cape Cod home is critical to making your experience as smooth as possible.  Because of the challenges of buying a home through a short sale or REO, it is imperative that you have an experienced Realtor, lender and attorney that know the local Cape Cod market.

The Mortgage Interest Rate Lock Advisory for Sandwich MA for January 6, 2010

Here are some of the events affecting mortgage interest rates today in Sandwich, MA.

What Mortgage Backed Securities Are Doing Today:

• The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.50 this morning - down 3/32 from yesterday's close.
  
  
• The 4.5% MBS coupon is currently trading at 100.45 - down 2/32 from its opening.

Remember, on mortgage backed securities (MBSs), as the price goes down, the yield goes up - and so do mortgage interest rates. I expect that mortgage interest rates will be 0.125% - 0.25% worse in price this morning as compared to yesterday.

Price Trend in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days from 12-6-2009 to 1-5-2010:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today

• There are no economic reports scheduled for release today.

In other news, the December ADP Employment Report revealed 84,000 private jobs were lost in December. Analysts expected the report to show a loss of 75,000 private jobs. While significant, the report did not have much of an impact on the mortgage market this morning.

The minutes of the last Federal Open Market Committee (FOMC) meeting held three weeks ago will be released at 2:00 PM ET this afternoon. The release of the FOMC minutes provides traders with an insight into the Fed's thinking and concerns concerning inflation and monetary policy. Depending on what the minutes show, it can be a non-factor, or it can create a lot of volatility in the mortgage market. However, the Fed discloses its official view with a public statement at the end of each FOMC meeting. Fed officials also make numerous speeches about the economy which provides views into their thinking and concerns.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Mortgage interest rates are still at historic lows. If you're happy with the rate being offered to you and don't want to risk mortgage interest rates moving higher, you should apply and lock in today. While there's still some room for MBS prices to tick higher, it's better to have locked when you should have floated than it is to float when you should have locked.

If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional. Also, give very serious consideration to applying now and locking in before mortgage interest rates get worse.

Get today's mortgage interest rates for your situation in Sandwich, MA.

Home Value Update for Sandwich MA 02653 Through November 2009

According to Trulia.com, the current average listing price of homes on the market in Sandwich, MA is $474,513, while the current mean sales price of homes is $293,000. The sale prices of single family homes in Sandwich, MA fell 2.3% in the past year through the end of November 2009, and have fallen 17.8% over the last 5 years.

Below is a chart of the trend of listing prices of homes for sale in Sandwich, MA, in the past year through November 2009:

Sandwich Recently Sold Homes

The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Sandwich, MA, or surrounding area. If you're looking for a home or condo to purchase in Sandwich, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with a VA Loan or with a USDA Rural Development Home Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Sandwich, MA, or in the surrounding area.

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.

Home Value Update for Sandwich MA Through November 2009

According to Trulia.com, the current average listing price of homes on the market in Sandwich, MA is $474,513, while the current mean sales price of homes is $293,000. The sale prices of single family homes in Sandwich, MA fell 2.3% in the past year through the end of November 2009, and have fallen 17.8% over the last 5 years.

Below is a chart of the trend of listing prices of homes for sale in Sandwich, MA, in the past year through November 2009:

Sandwich Recently Sold Homes

The $8000 first-time homebuyer tax credit has been extended, and now expires on April 30, 2010. So, there's no better time than now to buy a home in Sandwich, MA, or surrounding area. If you're looking for a home or condo to purchase in Sandwich, MA, or in the surrounding area, then try this home search.

You can still buy a home with no money down with a VA Loan or with a USDA Rural Development Home Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Sandwich, MA, or in the surrounding area.

If you're 62 or older and are looking for money to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses, then consider getting a reverse mortgage. Find out how a reverse mortgage can use the equity in your home to pay you.