Archive for the ‘Mortgage Insights’ Category
On Friday, November 11, the nation will observe Veterans Day. This is a wonderful opportunity to honor America’s veterans for their patriotism, love of the country, and commitment to serve and sacrifice for the common good of the USA. Did you know Veterans Day dates back to November 11, 1918 when the Germans signed the…Read the Rest of Article
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This week marks the official start of Summer. If your home’s outdoor area has furniture on it, you’ll want to make sure that furniture is clean.
Tags: Cleaning, Furniture, Lowes
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The Federal Reserve released its March 15 meeting minutes Tuesday. The notes revealed a Federal Reserve split between optimism and caution for the U.S. economy.
Tags: Fed Funds Rate, FOMC
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The Fed Purchase Program is ending in March and the MBS (mortgage backed securities) market will be an open canvas to new investors. At the moment, the Fed is 92% complete with their program, and when they back out of it, this is going to attract investors that are going to require more yield. Well…Read the Rest of Article
Tags: austin, dallas, el paso, fha, fha rates texas, refinance, refinance rates texas, san antonio, va, va rates texas
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(via HUD) New FHA Mortgagee Letter: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, D.C. 20410-8000 OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER January 22, 2010 MORTGAGEE LETTER 2010-04 TO: ALL FHA-APPROVED MORTGAGEES ALL HUD-APPROVED HOUSING COUNSELING AGENCIES SUBJECT: Loss Mitigation for Imminent Default The Helping Families Save Their Home Act of 2009…Read the Rest of Article
Tags: fha mortgagee letter
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Long, but very helpful… Increases in FHA UFMIP, monthly MI factor, and reductions in seller paid closing costs I’m sure you’ve heard through the grapevine all the recent changes that are going to be implemented with FHA loans. Basically now, regardless of consumers’ credit score and down payment, people will start seeing an increase in…Read the Rest of Article
Tags: closing costs, fha loans, mortgage fees, mortgage loan
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Well, we had a nice run from Jan. 14-15, but rates are taking a break from getting better…at least for now. Mortgage bonds are currently down 16 bps, and mortgage rates should open a tad higher this morning. There are no economic reports for today, but tomorrow we got a hell of a lineup: Producer…Read the Rest of Article
Tags: Housing Starts, PPI, Producer Price Index
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(via dallasnews.com) Federal investigators probing two North Texas mortgage firms The inspector general of the U.S. Department of Housing and Urban Development announced today that it has subpoenaed records from 15 mortgage companies whose FHA-insured loans have “significant” failure rates. The group includes two companies based in North Texas: Alacrity Financial Services of Southlake and…Read the Rest of Article
Tags: default, fha, fraud
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The reports are in folks, and here’s what we got this morning: Empire State Manufacturing Survey – estimated to be 13 , actually 15.92 Consumer Price Index (CPI)- estimated to be 0.1% , actually 0.1% Industrial Production- estimated to be 0.6% , actually 0.6% Capacity Utilization – estimated to be 71.9% , actually 72% *Consumer…Read the Rest of Article
Tags: consumer sentiment, gfe, respa
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Well after a pretty rough day for mortgage bonds yesterday, we are seeing a little rebound after this morning Jobless Claims. The figure came in higher than expected at 444k. Also had the Retail Sales report this morning, and while it was expected to come in at 0.4%, it actually came in alot below that…Read the Rest of Article
Tags: mortgage bonds, respa, tax credit
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Good day in terms of rates. We’re currently up 50 bps and are rebounding quite nicely. I read an 87 page report earlier today that rate hikes are most likely going to happen in June, so be on the lookout! The International Trade Report came in at $-36.4b, a little higher than its estimate. Currently,…Read the Rest of Article
Tags: economic reports, Mortgage Rates
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Well, when you have 85k jobs lost in December and the unemployment rate is at 10%, the New Year doesn’t particularly look that promising to you if you’re getting fitted for that cap and gown in May. While many are saying that the economy is “switching gears”, a 10% unemployment rate isn’t really indicative of…Read the Rest of Article
Tags: employment, employment situation, texas mortgage
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AUSTIN – Texas weather can change quickly, especially in the winter. A fast-moving cold front can cause temperatures to drop below freezing within hours. Outdoor pipes, pipes in unheated areas, and pipes that run along uninsulated exterior walls can burst if the water in them freezes and expands. This can shatter pipe seals or the…Read the Rest of Article
Tags: home protection texas, houston cold weather
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Hope everyone had a great New Year celebration! For Texas lenders such as myself, it is definitely going to be a challenging year with all these rules and regulations that have come out and others that are still in the works. Mortgage bonds are up 41 bps this morning and are kicking some serious butt!…Read the Rest of Article
Tags: 2010, mortgage bonds, new year
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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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