Rate Lock Advice and Mortgage Market Update
November 25, 2009, 2:55 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices closed up 1/32. It was a volatile session the day before Thanksgiving
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.08% at 4.87% on Nov.25
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.39% Down 0.058%.
10 Year Treasury Currently 3.270% Down -0.05%
DJI Stocks closed the day at $10,464.40, Up 30.69, 0.29%
European and Asian Markets Up 0.595%
Nymex Crude Oil Currently $77.80 Up $1.78
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer ... just in a nick of time for them, but not for us. See TBWS Video
Rates 11-25-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.250, APR 4.541%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
President signs the First Time Buyer Tax Credit Extension Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Rate Lock Advice and Mortgage Market Update
November 25, 2009, 9:30 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
Midmorning Rate increases are a risk from some investors. MBS prices are down -2/32 below 9:45 ET pricing of +3/32. It has been a volatile session, and investors may have priced at different levels.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.07% at 4.88% on Nov.25
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.39% Down 0.058%.
10 Year Treasury Currently 3.340% Up 0.02%
DJI Stocks $10,456.46, Up 22.75, 0.22%
European and Asian Markets Up 0.595%
Nymex Crude Oil Currently $76.77 Up $0.75
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer ... just in a nick of time for them, but not for us. See TBWS Video
Rates 11-25-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.375% Point 1.250, APR 4.543%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
President signs the First Time Buyer Tax Credit Extension Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Rate Lock Advice and Mortgage Market Update
November 24, 2009, 11:10 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are up +6/32 and it is possible to see some rate improvement this morning.
Consumer Confidence came in higher than expected.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.01% at 4.96% on Nov.24
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.447% Down 0.074%.
10 Year Treasury Currently 3.330% Down -0.04%
DJI Stocks $10,419.88, Down -31.07, -0.3%
European and Asian Markets Down -0.733%
Nymex Crude Oil Currently $75.92 Down $1.64
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer ... just in a nick of time for them, but not for us. See TBWS Video
Rates 11-24-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.000, APR 4.647%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
President signs the First Time Buyer Tax Credit Extension Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Rate Lock Advice and Mortgage Market Update
November 23, 2009, 9:00 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT With CAUTION
The Float with Caution recommendation is because rates have been down for a while and they almost always adjust in the other direction after a long run.
MBS prices are Up 4/32. Some rate improvements may be possible.
Existing Home Sales were stronger than expected.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice can change throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.01% at 4.98% on Nov.20
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.521% Up 0.009%.
10 Year Treasury Currently 3.380% Up 0.02%
DJI Stocks $10,452.91, Up 134.75, 1.31%
European and Asian Markets Up 1.773%
Nymex Crude Oil Currently $78.85 Up $1.38
Take 5 minutes to watch this humorous and educational video... The big bailout banks find another way to rip off the consumer ... just in a nick of time for them, but not for us. See TBWS Video
Rates 11-23-09, 8:00 AM PT
30 Year Fixed to $417,000
Rate 4.500% Point 1.250, APR 4.665%
APR Based on $350,000 Loan at 80% LTV
Above Rate can be locked for 30 days.
Call for Quotes on FHA and VA loans With Detailed Good Faith Estimates.
No Application or Credit Report required
President signs the First Time Buyer Tax Credit Extension Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Elimination of FHA Condominium Spot Approval Delayed Again.
Lender spot approval was scheduled to end after several delays on December 7, 2009, the elimination of condominium spot approval has been delayed until February 1, 2010.
Implementation of FHA new condominium project approval process is delayed again to December 7, 2009. It was originally to go into effect on October 1 then delayed until November 2, 2009. So if December 7, (an auspicious date indeed) is the date then at that time individual lenders will begin to approve each condominium project.
FHA Mortgagee Letters 2009-46 A and 2009-46 B describe the new approval process in detail.
Below are the questions needed for a FHA condo spot approval up to February 1, 2010
FHA Condo Spot Approval Check List
_______ 1. The legal documents of the homeowners association do not contain a right of first refusal or restrictive covenant.
_______ 2. The unit is part of a condominium regime that provides for common and undivided ownership of common areas by unit owners.
_______ 3. The project, including the common elements, and those of any Master Association, are complete, and the project is not subject to additional phasing or annexation.
______ 4. (a) There are no special assessments pending.
______ (b) No legal action is pending against the condominium association, or its officers or directors.
______ 5. The common areas have been under the control of the homeowners association for at least one year.
______ 6. At least 90 percent of the total units in the project have been sold.
______ 7. At least 51 percent of the total units in the project are owner-occupied.
______ 8. There are no adverse environmental factors affecting the project as a whole or individual units .
______ 9. No single entity owns more than 10 percent of the total units in the project.
______ 10. The units in the project are owned in fee simple or the units are held under a leasehold acceptable to FHA.Leasehold in file.
______ 11. The owners association has adequate common area insurance coverage. General liability, replacement coverage, etc. reflects the character, amenities and risks of the particular development. Flood and other insurances carried, when applicable.
______ 12. General maintenance level of common elements is acceptable and there is no deferred maintenance, based on the comments by the Appraiser and/or the pictures.
______ 13. The owners association has a reserve plan and a reserve fund, separate from the operating account, that is adequate to prevent deferred maintenance. The amount of the fund is $_________ as of __________.
_______14. (a) For projects consisting of over 30 units, no more than 10 percent of the total units are encumbered by FHA insured mortgages.
_______ (b) For projects consisting of 30 units or less, no more than 20 percent of the total units are encumbered by FHA insured mortgages.
____________________________________ ________________________
(Mortgagee) (Reviewer)
____________________________________ ________________________
(Address) (Title)
____________________________________ ________________________
(Date)
__________________________________ _______________________
(Condominium Project Name) (FHA case number)
__________________________________
(Condominium Address)
__________________________________
 |
|
|
Make Experience Your Advantage. Bill has closed thousands of home loans since 1970 as a FHA and VA Specialist. Bill's mortgage classes have taught lending to hundreds of loan officers and Realtors.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
