Justin McHood

Gilbert Arizona Mortgage Rates

Today's Gilbert Mortgage News

Today it was reported that the number of Americans filing first- time claims for unemployment benefits rose last week by 15,000 to a larger-than-forecast 478,000. This is up from a revised 463,000 the prior week. The number of people staying on benefit rolls is hovering at the highest level in five years.

In addition to the wonderful news about jobs, the stock market was down yesterday and appears to be headed for more losses today. We are seeing much lower Treasury yields: the 2-yr is down to 1.55% and the 10-yr is down to 3.58%.

Do lower Treasury yields mean lower mortgage rates?

Not today.

In spite of having a government guarantee, and in spite of having tightened guidelines, mortgage prices are actually worse, or at best unchanged, versus yesterday.

Strange times indeed.

As always, we are your local Gilbert, Arizona mortgage experts and look forward to working with you.

Chandler Arizona Mortgage Rates for October 22, 2008

Todays Chandler Mortgage News:

The Mortgage Bankers Association has asked the Federal Housing Finance Agency to increase the limit for Fannie Mae and Freddie Mac purchases or guarantees of single-family mortgages to $625,500.

This is obviously higher than the $417k limit in many areas, but below the $729,750 limit currently enjoyed in many markets.

Remember that Congress approved raising the limit temporarily to $729,500, but it expires at the end of the year and lawmakers would decide whether to raise the limit permanently.

We will keep you posted on what this means to the Arizona and Maricopa County loan limits!

As always, we are your local Chandler, Arizona mortgage experts and look forward to working with you.

Chandler Mortgage Rates for October 21, 2008

Tammy and I are dipping our toe in the Active Rain water!

Somehow we fell backwards into the whole blogging thing -- we actually started blogging by hosting our own Wordpress site and are now figuring out how Active Rain works.

I wouldn't recommend it for anyone who is interested in getting started blogging... first Active Rain, then Wordpress.

As always, we are your local Chandler, Arizona mortgage experts and look forward to working with you.