Archive for December, 2009
Great News! The Texas Department of Housing and Consumer Affairs (TDHCA) has replenished it’s Downpayment Assistance Fund for First Time Home Buyers. (Bond Program 74) The Texas Department of Housing and Community Affairs (TDHCA) recently released a new First Time Homebuyer Program (Bond Program 74) that offers a 10-year deferred forgivable 2nd lien for down…Read the Rest of Article
Tags: 100% financing, down payment assistance, DPA
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Top of the morning to ya! Last Thursday of 2009, so let’s see what’s going on. Initial Jobless Claims are about to come in here in a little bit. We are expected to come in at 460k, higher than last reports figure of 452k. This report measures the number of people filing for state unemployment…Read the Rest of Article
Tags: jobless claims, new year
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The Chicago PMI report came in this morning at 60, versus the expected 54.9. What does this mean and how does it affect you? While this report shows the overall economic activity in the Chicago area, it is also seen as being representative of the overall economy (employment, inflation, etc). More orders in the manufacturing…Read the Rest of Article
Tags: chicago pmi, Mortgage Rates
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Today’s 5 yr auction helped mortgage rates a tad and we are regaining some of the losses we’ve had recently. Tomorrow’s Chicago PMI (shows expansion or contraction of the business sector) report should have an impact on stock and mortgage bonds, so stay tuned for any updates. Make sure to follow me on Twitter for…Read the Rest of Article
Tags: 5 year treasury auction
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CC came in at 52.9, very close to the predicted 53. Rates are stable at the moment and are not changing leading into the auction here shortly.
Tags: economic reports, mortgage
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Currently up around 9 bp, we have the Consumer Confidence report coming out here in the next 30 minutes. This report surveys consumers throughout the country on their attitudes of the present and future outlook of the US economy, as this is a pretty important influence on bond and stock markets. We are estimated to…Read the Rest of Article
Tags: Consumer Confidence, stock market, us economy
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Currently down 34 bps for the morning, rates may start .125% higher this morning. We’re teetering right under the 200 DMA and in volatile territory, so hopefully you’ve taken advantage of our FREE advice of locking in your loan programs a while ago. Right now is not a time to be risking your rate, and…Read the Rest of Article
Tags: fha, fha mortgage, free mortgage advice, mortgage
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Currently down 22 bps, rates jump this afternoon due to deteriorating market conditions. This makes 6 consecutive days of rate increases.
Tags: mortgage advice
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Happy Christmas Eve to everyone! Here’s what we got this morning: Jobless Claims (measure the number of people filing for state unemployment insurance for the first time ) Durable Goods Orders (reflect the new orders placed with domestic manufacturers for immediate and future delivery of factory hard goods) The Jobless Claims came in at 452K,…Read the Rest of Article
Tags: durable goods, economic reports, jobless claims
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Now the Senate Bill is threatening new home construction…fantastic! Let’s get all the punches in while we can folks. Last time I looked, we were trying to SOLVE the housing crisis! — Source: NAHB December 21, 2009 – In a rush to pass a massive health care overhaul before Christmas, Senate Democrats have included a…Read the Rest of Article
Tags: health care, home building
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Source: HUD Important FHA notice for all mortgagees: Delayed Implementation Date for New Requirements in ML 2009-28 Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 (originally planned for a January 1, 2010 implementation) has two parts: a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process,…Read the Rest of Article
Tags: appraiser, fha, HUD
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Just like yesterday, MBS is taking a beating again this morning. We’re currently down 31 bps, and we’re awaiting the Existing Home Sales report in about 15 minutes. The GDP (Gross Domestic Product) came in at 2.2%, lower than the expected 2.8% estimate which caused MBS to rise a little, but we are still in…Read the Rest of Article
Tags: market update, MBS, Mortgage Rates, texas mortgage
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Currently down 47 bps on the morning. getting hammered under the 200 DMA (2nd level of support) due to the economic outlook of 2010. Rates are going to start higher than Friday’s mortgage rates so no point in locking in now since we’re at the lows, but be prepared to lock if the situation worsens….Read the Rest of Article
Tags: mortgage update
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Good afternoon, MBS is under the 50 day moving average (1st level of support) and down 22 bps. Rates will get bumped up a little bit this afternoon.
Tags: fha loan, Mortgage Rates, texas
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Good morning folks, Currently we up about 36 basis points (bps) as of this morning, as stocks are in negative territory and the Philadelphia Fed Index (an indicator of manufacturing sector trends) came in higher than expected. We’re bouncing back from some of the losses from the past week, but I wouldn’t expect MBS to…Read the Rest of Article
Tags: fha loan, market update, mortgage
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Currently up around 6 bp for the morning and hovering around the 100 Day Moving Average (DMA), the CPI (Consumer Price Index-average price of basket of goods spanning over 200 categories) came in at the estimated 0.4% as well as the Housing Starts (number of new monthly residential construction projects that are underway) which came…Read the Rest of Article
Tags: market update, mortgage
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MBS is currently down about 44 bps, the lowest levels of the day, and we have broken both levels of support on the 100 and 200 DMA. Expect a bump in interest rates today.
Tags: mortgage rate advice
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Top of the morning to everyone! So this morning’s economic reports swung mortgage rates in the direction you’re not wanting to hear. The PPI (Producer Price Index- measures wholesale inflation) came in higher than expected, and the NY Empire manufacturing index came in much lower than expected. Since we’ve seen the hits this morning, there…Read the Rest of Article
Tags: mortgage, mortgage advice, mortgage market update
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As of 9/29/09, FNMA/FHLMC (Fannie and Freddie) has implemented new Debt-To-Income loan restrictions. The new magic number is 45%. If you cannot qualify with this change, you may want to try getting approved with an FHA loan.
Tags: debt to income ratio, fhlmc, fnma, guideline changes
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Good morning and a HAPPY MONDAY to everyone! No economic reports due out today (or Friday), so it will be pretty quiet. The rest of the week is PACKED with reports and will have some impact on rates, so be prepared for some moving and shaking. Currently down 6 bps, but nothing to swing rates…Read the Rest of Article
Tags: mortgage update
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The Associated Press WASHINGTON – The House has rejected an effort to expand a Wall Street regulation bill with mortgage relief that would let debt-ridden homeowners reduce their payments in bankruptcy court. The vote was 241-188 to reject. The provision would have revived a previous bill that passed the House but later failed in the…Read the Rest of Article
Tags: mortgage legislation, mortgage relief
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This morning mortgage rates should open a little bit higher by about .125%. Currently down about 25 bp and in negative territory, MBS opened lower this morning due to Retail Sales opening up to 1.3% and Retails Sales Ex-Auto at 1.2%- both higher than expected. The Consumer Sentiment Index just came out as well and…Read the Rest of Article
Tags: free mortgage advice, mortgage advice
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By Mary Ellen Podmolik RISMEDIA, December 11, 2009—(MCT)—The Federal Housing Administration (FHA) is about to beef up the borrowing requirements for home buyers, a move that could dampen the fragile housing market’s recovery. Among the steps scheduled to be outlined are greater down payment requirements and higher credit scores for consumers who seek FHA-backed mortgages….Read the Rest of Article
Tags: FHA Guidelines, fha home loan, fha rules
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by Adam Quinones The voice of mortgage originators and housing professionals was broadcast loud and clear by Federal Reserve Governor Elizabeth Duke today. Speaking at the Mortgage Foreclosure Policy Conference in Chicago today, Duke’s prepared speech, Envisioning a Future for Housing Finance, called attention to overtightened mortgage underwriting standards and pointed out the effects it…Read the Rest of Article
Tags: fha mortgage, Mortgage Guidelines, va mortgage
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And another auction hits the dust. 30 Year Bond results are in and, like yesterday, not good news. Currently down 28 bps for the day currently hedging both levels of support. I would play it safe and lock in any transactions, folks.
Tags: 30 year auction, MBS auction, mortgage
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On a recent FHA post that I had, I wrote about how FHA is, bluntly speaking, up shi*s creek. Well, earlier this morning I received an update stating that HUD asked Congress to raise FHA requirements up to 5%. Enter FHA Taxpayer Protection Act of 2009… Basically because of all the financial issues the Federal…Read the Rest of Article
Tags: fha, FHA changes, FHA Guidelines, fha loan
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Down 25 bp already this morning (meaning rates have opened higher this morning). Stock market has opened up higher as well which proves ONE of the factors that lead to mortgage rates increases. This proves a very interesting point, and creates a general “rule-of-thumb” that shows the correlation between stocks and bonds. To sum it…Read the Rest of Article
Tags: market advice, MBS, Mortgage Backed Securities
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by Adam Quinones The Treasury has sold $21 billion 9 year-11 month notes. Today’s auction was a reopening. “Reopening” means the Treasury is simply adding securities to an already outstanding issuance. Today’s auction adds to the November 10 issuance, which matures in November 2019. When the Treasury auctions a new note, the coupon rate is…Read the Rest of Article
Tags: 10 year treasury auction, Mortgage Rates
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Morning all, currently down about 6bp for the morning. There’s no economic reports coming out today, however, MBS started in negative territory early in the morning and has rebounded back to even levels We’re attempting to hold above the 25 DMA (Day Moving Average), and are nearing the 1st level of resistance, so I think…Read the Rest of Article
Tags: fha loan, market update, mortgage advice
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Each day, I see and learn something different. Whether it be a loan scenario, or a new guideline update, today’s mortgage loan officer is either IN or OUT of the game. Those that made the quick buck have slowly been introducing themselves back in the business and you need to watch out for them. Here…Read the Rest of Article
Tags: credit score, free credit report, late payment
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MBS is in the red since rates came out this morning. The auction results came back pretty good, but MBS got hit pretty hard. Currently up 16 bps for the day, however down 31 since morning rates came out which caused rates to go up earlier today. Hope you took the lock advice earlier!
Tags: mortgage advice, Mortgage Rates
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By Andrea Coombes, MarketWatch SAN FRANCISCO (MarketWatch) — After hitting record lows in recent months, employers’ hiring plans turned positive for the first time in a year, according to Manpower’s Employment Outlook Survey for the first quarter of 2010. A net 6% of employers said they’ll hire in the next three months, up from a…Read the Rest of Article
Tags: employment, how to get a job
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Currently up 25 bps on the day. Recommend locking all and any transactions with these gains. The Treasury Auction is coming out later today, but I would not suggest risking your purchase/refinance on those results.
Tags: austin, dallas, fha rates, san antonio, texas
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by C.M. “Corky” Watts, CMB Over the weekend, I received a copy of the proposed HUD changes that will impact correspondent “mini eagles” and mortgagee “full eagles”. According to the letter, the changes are aligned with provisions contained in the National Housing Act, as amended by the FHA Modernization Act of 2008. The letter, date…Read the Rest of Article
Tags: FHA approvals, fha loans
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Still down 31 bps from this morning. We bounced back from the 50 day Moving Average and are nearing the 1st level of support again. From yesterday, rates have jumped up .25%. Just like stocks, you shouldn’t sell when low, so if you risked yesterday rates, keep put for now.
Tags: mortgage advice texas
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Currently we are down 50 bp this morning after the jobs report came out earlier. Only 11k jobs were lost in November (everyone was estimating close to 125k). While this is good for the economy, its bad for interest rates. MBS have currently broken the 2nd level of support, and stocks are going upwards due…Read the Rest of Article
Tags: jobs report, rates
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by Rob Chrisman I have decided to hold a press conference to confront stories that I was Tiger Woods’ mistress. I’ve never held one before, nor have I ever met the man, nor am I “inclined” that way. But I figure that now is a good time to jump on the band wagon, especially if…Read the Rest of Article
Tags: bank of america, fha loan, tarp funds
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Tags: mortgage updates
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Currently still down 28 bps. We rebounded a little bit from the 2nd level of support earlier in the day, but MBS has been in the red all day. Advice is to secure your loan before close of business today, due to the ADP job reports coming out tomorrow.
Tags: mortgage rate advice
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Just a friendly reminder to pay your property taxes before the years out so you can take advantage of deducting that amount on your 2009 taxes. Have a great week, Tommy
Tags: property taxes
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