Rate Lock Advice and Mortgage Market Update
November 6, 2009, 9:00 AM PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
It has been an extremely volatile session this morning. After reaching a recent low of -2/32, MBS prices turned higher again and are now up +7/32, above 9:45 et pricing of +5/32.
Initially, MBS Prices moved higher after the Unemployment Rate jumped to 10.2%, which was higher than expected. The number of jobs lost in October was -190K, close to the consensus.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Down 0.02% at 5.06% on Nov.6
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.719% Down 0.009%.
10 Year Treasury currently 3.510% Down -0.06%
DJI Stocks $10,014.35, Up 8.39, 0.08%
European and Asian Markets Up 0.373%
Nymex Crude Oil currently $77.35 Down $2.27
The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. FHA is back in the spotlight. They didn't produce the audit that was due yesterday. Another credit tip from Kim Castro! See TBWS Video
Rates 11-06-09, 9:45 AM PT
30 Year Fixed to $417,000
Rate 4.75% Point 1.00, APR 4.901%
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
Rate Survey Discover where you will find the best rates
Education is the Only Effective Consumer Protection
Senate Passes the First Time Buyer Tax Credit Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com
October 2009, Rate Lock Advice and Mortgage Market Update
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR
Fannie Mae is implementing the Deed for Lease instead of Foreclosures
FANNIE MAE NEWS RELEASE - September 5, 2009
WASHINGTON, DC -- Fannie Mae (FNM/NYSE) is implementing the Deed for LeaseTM Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.
"The Deed for Lease Program provides an additional option for qualifying homeowners who are facing foreclosure and are not eligible for modifications," said Jay Ryan, Vice President of Fannie Mae. "This new program helps eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities."
The new program is designed for borrowers who do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification. Under Deed for Lease, borrowers transfer their property to the lender by completing a deed in lieu of foreclosure, and then lease back the house at a market rate.
To participate in the program, borrowers must live in the home as their primary residence and must be released from any subordinate liens on the property. Tenants of borrowers in this circumstance may also be eligible for leases under the program. Borrowers or tenants interested in a lease must be able to document that the new market rental rate is no more than 31% of their gross income.
Leases under the new program may be up to 12 months, with the possibility of term renewal or month-to-month extensions after that period. A Deed for Lease property that is subsequently sold includes an assignment of the lease to the buyer.
For additional information about the Deed for Lease Program, including full details on program eligibility, please review the Guide Announcement on www.efanniemae.com.
Rate Lock Advice and Mortgage Market Update
November 5, 2009, 8:30 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
MBS prices are up +3/32.
Productivity rose far more than expected in the third quarter.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.4
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.728% Down 0.015%.
10 Year Treasury Currently 3.530% Down -0.04%
DJI Stocks $9,974.45, Up 172.31, 1.76%
European and Asian Markets Up 0.498%
Nymex Crude Oil Currently $80.25 Down $0.15
The big bailout banks find another way to rip off the consumer... just in a nick of time for them, but not for us. FHA is back in the spotlight. They didn't produce the audit that was due yesterday. Another credit tip from Kim Castro! See TBWS Video
Rates 11-04-09, 8:15 AM PT
30 Year Fixed to $417,000
Rate 4.875% Point 0.75, APR 5.001%
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
Rate Survey Discover where you will find the best rates
Education is the Only Effective Consumer Protection
Senate Passes the First Time Buyer Tax Credit Read Story
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com
October 2009, Rate Lock Advice and Mortgage Market Update
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR
Tax Credit Extended By Senate
for First Time Home Buyers
It looks like the bill is very getting close to the President's desk.
As of Wednesday November 4, 2009 the Senate officially passed the extension of the first time home buyer tax credit. The bill will now move into the House, and then to the President's desk for a signature.
The Senate has passed a 6 months extension on the first time home buyer tax credit of $8,000. Hopefully this extension will encourage more people to buy homes and help the housing industry bounce back quicker.
There is an $800,000 maximum for the purchase price of the home, and 2 income caps which have been set.
The senate bill also provides a new $6,500 tax break for existing homeowners who want to move up to a new home, as long as they have lived in their current residence for five consecutive years..
This bill is going to cost $10 billion just for the home buyer tax credit. With the current deficit as a country we cannot afford this bill. However, in order for our economy to have any hope of restoration it appears to be necessary.
Bill Ladewig
800.664.7283 (SAVE)
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR
Rate Lock Advice and Mortgage Market Update
November 4, 2009, 1:15 PT
RATE LOCK ADVISORY
Lock Advice: FLOAT
As expected, the Fed made no change in the fed funds rate. There was also no change in the language indicating when the Fed would begin to raise rates. MBS prices closed down -2/32, above 9:45 ET pricing of -5/32.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.4
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.743% Up 0.044%.
10 Year Treasury Currently 3.520% Up 0.02%
DJI Stocks closed the day at $9,802.14, Up 30.23, 0.31%
European and Asian Markets Up 1.483%
Nymex Crude Oil Currently $80.14 Up $0.54
Rates 11-04-09, 8:15 AM PT
30 Year Fixed to $417,000
Rate 4.875% Point 0.75, APR 5.001%
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
Rate Survey Discover where you will find the best rates
Education is the Only Effective Consumer Protection
Bill Introduced to Increase FHA Down Payment to 5.00% from 3.50 Read Story.
New FHA Condo Rules have been extended to November 2, 2009 - Story
Bill Ladewig
800.664.SAVE (7283)
Bill@yourfhaguru.com
October 2009, Rate Lock Advice and Mortgage Market Update
San Diego FHA and VA Home Loans Escondido Mortgages Escondido Localism San Diego FHA and VA Home Loans San Diego Localism San Diego UFMIP Escondido Mortgages Escondido Localism San Diego Mortgage What is APR
November 4, 2009, 8:44 PT
RATE LOCK ADVISORY
Lock Advice: LOCK
MBS prices are down -6/32. ISM Services will be released at 10:00 et.
RATE NOTES:
When MBS prices are up, Rates are down.
Lock advice changes throughout the day .
Good economic news = Bad Rate News.
National Average Fixed Rate Mortgage
Unchanged at 5.08% on Nov.3
Fannie Mae Mortgage Backed Securities
MBS Opened at 4.743% Up 0.044%.
10 Year Treasury currently 3.50% Down 0%
DJI Stocks $9,889.50, Up 117.59, 1.2%
European and Asian Markets Up 1.479%
Nymex Crude Oil currently $80.44 Up $0.84
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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.
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