Good Morning,
I was able to watch the Vikings/Packers game from an unusual spot this weekend, the hospital. A small kitchen accident resulted in a few stitches to my hand. Luckily, they had a TV in the room to keep me occupied. As a Vikings fan, I am glad that they got the win but I still would have no problems taking on Aaron Rogers for our Quarterback either. Favre is a good Q but boy does he come with a lot of drama and media circus people.
So on to the market. We have been seeing rates creep up slightly over the past week. We fully expect to see this trend continue and here is why: The Federal Reserve’s Mortgage Backed Security Program has spent almost $980 Billion of the approved $1.25 Trillion. What this means is that the Fed won’t be able to keep the false levels of interest rates we have seen for the past six months constant much longer. They have been purchasing excess supply to keep prices stable for quite some time and as they get to the bottom of their fund, rates will undoubtedly rise. The only real question what levels they will rise too.
That’s all for now,
Have a good week.
-Matt
30 year fixed: 5.000%
15 year fixed: 4.375%
Good Morning,
I’m happy to say that I’m feeling much better than last week and dare say I’m 100% back to health. You’ll see rates have held steady again this past week so on to other news.
It appears that the Senate will be approving the first time homebuyer tax credit extension. They were unable to finish the vote yesterday so details are still to be decided and finalized as far as any changes and dates for the new extension but anything short of a vote to deny sparks a good sign for it’s passage going forward. We should have a definitive answer by next weeks update.
As expected, new home sales are being reported as encouraging with inventory levels dropping to 7 months across the country compared to over 12 back in January. Many believe that the homebuyer tax credit has helped get the home market moving again.
That’s all for now,
Have a good week.
-Matt
30 year fixed: 4.875%
15 year fixed: 4.375%
Good Morning,
With rates unchanged and me sitting at home with a sinus infection, I’ll keep this one short and sweet. Rates are below and we’re hoping they will hold here for the coming week.
Have a good week.
-Matt
30 year fixed: 4.875%
15 year fixed: 4.375%
Good Afternoon,
As expected, rates bounced back up quickly after matching near record lows last week. A lot of this has to do with investors taking their gains and moving money elsewhere from Mortgage Backed Securities. The Earnings reports released from Intel and JPMorgan Chase also led to a boost in the stock market this morning. This tends to be negative for MBS and interest rates in general.
No new word on the homebuyer tax credit although there are still talks of it being raised to $15,000 and applying to all homebuyers who plan on residing in the home being purchased instead of simply first time homebuyers. This could end up being very good news for the mortgage industry but details have yet to be finalized.
Have a good week.
-Matt
30 year fixed: 4.875%
15 year fixed: 4.375%
Good Morning!
We have been fortunate to see rates drop even lower than last week. This was mainly due to last Thursday’s jobs report being released with higher than expected numbers. Mortgage backed securities are now backing off the gains for the first time in a few days which means we should see rates move back up going into the end of the week. One interesting thing to note (well interesting to me anyway); this marks the second time this year we have seen rates this low going back to May as the previous time we watched this level hit. Anytime the rate gets below five, I suggest taking advantage before it is too late for anyone who missed the boat refinancing.
So, on to more important news than the weekly rate minutia; TWINS WIN!!!! Shannon and I were lucky enough to pick up tickets to the game at her insistence and for her only game of the year, I like to think that my wife brought some good luck. Whether or not the Twins can pull out the next series, that was a game for the ages. They made a fun final run in the dome.
Have a good week.
-Matt
30 year fixed: 4.625%
15 year fixed: 4.25%
Mortgage Planner of 8 years, specifying in ensuring that homebuyers both understand and enjoy the mortgage process, not worrying about last minute changes and closings not happening.
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