Mortgage Bankers Association's Weekly Applications Survey, demand for mortgage loans surged last week. The Market Composite Index, which measures total loan application volume, was up 7.5 percent over the previous week due to a 9.4 percent spike in the Refinance Index. The Purchase Index gained 0.1 percent from the...
By James Brooks Wednesday's bond market has opened up slightly with stocks showing losses and nothing during morning hours to drive trading other than waiting for news from Greece about its bailout plans. The Dow is currently down 45 points while the Nasdaq has lost 7 points. The bond market is currently up 2/32, which...
In early trading this morning the 10-Year Note yield touched 2.00% ahead of the $24B 10-Year Note Auction later this afternoon (100pm). mortgage prices started slightly weaker with both the 10-Year Note and MBS prices holding well so far, with no economic releases scheduled again today. Stock index futures traded slightly...
Absorption rate in real estate denotes how long it would take to sell all the homes currently on the market, without any new inventory coming on board. It is not an exact science as supply and demand has lots of variables. The general rule isBelow 6 months supply is considered a seller's marketAbove 6 months supply is...
Refinancing FAQ's If you have been considering refinancing your home it is only natural that you have questions. Here are the answers to some of the most frequently asked ones: What are the Benefits of Refinancing Your Home? Homeowners usually benefit from refinancing when they need to pay off high interest debt, lower...
In early trade this morning the 10 yr note yield touched 2.00% ahead of the $24B 10 yr auction later this afternoon (1:00 pm). Mortgage prices started slightly weaker; both the 10 yr and MBS prices holding well so far with no economic releases scheduled again today. Stock index futures traded slightly better prior to the...
Do you owe more on your mortgage than it's worth? Tried to refinance and could not because your value is gone? With this new great government program, we can refinance you now! No Appraisal, No LTV restrictions, minimal fees, and lenient lending requirements. so how do you qualify? Watch this short presentation to find...
Mortgage rates across the board are at historic lows. Everything, from 1-year adjustable rates to 30-year fixed rates, is lower now than it ever has been in most people's experience. However, there are gaps to consider. The 15 year mortgage is at 3.2 percent while the 30-year can be obtained at 3.9 percent, a...
Breaking down components, the wages of everyone combined grew by 0.4 percent while small business income grew by 0.1 percent. Dividend and rental income grew at a healthy pace by better than 1 percent over a single month. Compared to a year ago Personal income is higher by 3.8 percent. The savings rate rose back up to 4.0...
Aside from the pending home sales index, which declined modestly in December, following a good showing in the previous month, two separate housing data were out today. The number of people submitting mortgage applications for a home purchase fell 5 percent in the latest week. Despite the week to week bounces, this data has...
Real Estate is a business based on relationships and trust between the client and the agent. From the most recent profile of home buyers and sellers, we know that 41 percent of recent home buyers found their agent through a referral from a friend, neighbor or relative and 9 percent of buyers used an agent that they had used...
While most homebuyers continue to see their home purchase not only as a place to live, but also as a good financial investment, a smaller share expressed this view than in the past. Seventy eight percent of buyers feel that thier homepurchase is a good financial investment, while only 8 percent felt it was not a good...
We found an interesting story today from DS News Service that reported "Housing Crisis to end in 2012 as Banks Loosen Credit Standards". See full story here. As a North Carolina Mortgage Professional, I have to agree with the information presented in this online article. Mortgage Insurance companies have eased their...
Pros of Reverse Mortgages(RM): o RM, Allows the homeowner to stay in the home o RM, Can pay off existing mortgages on the home. o RM, Simple to qualify for as there aren't any minimum credit score and generally no income requirements. o With RM no monthly mortgage payments are due for as long as the homeowner lives in...
The purchase of a home is the goal of the vast majority of Americans. That is why home ownership is often referred to as "The American Dream of Home Ownership." Two-thirds of Americans have taken advantage of the tax benefits, government programs and the economic benefits of owning to become home owners. Even in the past...
Very early this morning the U.S. stock indexes were weak following Europe's equity markets. The 10-Year Note at 700am was down -2/32. By 830am however the 10-Year Note fell further, down 11/32 at 1.94% (+4 bps), MBS prices were down -2/32 (.06 bps). This is another day with no economic data until 300pm this afternoon...
Buying a Short Sale,make sure you pick the right lender! Listing Agent's first mistake in regards to home buyer. They do little in regards to make sure the lender chosen by the home buyer can perform in a 30 day period. Many big retail banks like Wells Fargo and BoA take 45-60 days to close and that is if everything...
Lock An Instant 13% Savings On Your Monthly Mortgage PaymentFebruary 7, 2012 Byjeffcost Falling mortgage rates make owning a home more affordable. Mortgage rates are directly tied to monthly mortgage payment so as mortgage rates drop, so does the cost of home-ownership. It's a money-saving time to buy a home in...
By James Brooks Tuesday's bond market has opened in negative territory, reversing gains from late yesterday. The stock markets initially opened in negative ground but have since moved into positive territory. The Dow is currently up 26 points while the Nasdaq is up 5 points. The bond market is currently down 17/32, but...
Tuesday - February 7, 2012 8:45am ET Current Trend Direction: Sideways to lower near-term Float/Lock Bias: Cautious with bias towards Locking short-term (days and weeks), Floating longer-term Current Price of FNMA 3.5% Bond: $103.75, -6bp"I can't quite understand why we need a few more days" German Chancellor, Angela...
Very early this morning the US stock indexes were weak following Europe's equity markets; the 10 yr note at 7:00 am -2/32. By 8:30 however the 10 yr note fell further, down 11/32 at 1.94% +4 bp, MBS prices -2/32 (.06 bp). This is another day with no economic data until 3:00 this afternoon when Dec consumer credit is...
The Federal Housing Administration's recently announced plans to tighten its standards for approving lenders will increase prepayment risks for investors who own Ginnie Mae-backed securities, say analysts at Barclays Capital. The agency's plans to eliminate the consderation of a lender's compare ratio when...
11 Trends from 2011 The National Association of Realtors(R) surveys homebuyers and sellers each year to uncover housing trends and monitor changes taking place in the industry. This year's report highlights a number of trends that haven't been seen in years. Here are just 11 highlights from the 2011 report. 1. In...
Treasuries and mortgages opened unchanged this morning with no news. Greece still can't finalize anything on their debt workout. It's been three weeks and counting since Greek officials said they were close to an agreement with creditors. Last week's January Employment Report was much better than even the...
By James Brooks Monday's bond market has opened flat despite stocks in negative territory and rising concerns about the Greece situation. The Dow is currently down 46 points while the Nasdaq has lost 11 points. The bond market is currently nearly unchanged from Friday's close, but we will still see an increase of...
Good morning,Last week saw most economic data come in better than market expectations, including this past Friday's Employment Report. As a result, the 10 Year Bond Yield rose from 1.84% (on 01/30/12 - Monday) to 1.95% (on 02/03/12 - Friday). This also drove up mortgage rates.Today, the 10 Year Bond Yield has fallen...
Monday - February 6, 2012 9:00am ETCurrent trend Direction: Longer-term Sideways to Higher, Short-term - battling resistanceFloat Lock Bias: Depending on time frame - Shorter-term bias towards locking, Longer-term floatingCurrent Price of FNMA 3.5% Bond: $103.66, -6bp The US economic calendar slows down this week. There are...
Treasuries and mortgages opened unchanged this morning with no news. Greece still can't finalize anything on their debt workout; three weeks and counting since Greek officials said they were close to an agreement with creditors. Last week's Jan employment report was much better than even the most optimistic...
A U.S. Census Bureau report on fourth-quarter vacancy and homeownership rates shows vacancies among non-rental housing at levels last seen in 2006. The national vacancy rate for single-family homes dropped to 2.3 percent during the fourth-quarter of 2011, down from 2.7 percent the year before. Declining vacancies suggest...
By James Brooks There are only two pieces of monthly economic data scheduled for release this week. Neither of them is considered to be highly important, so we don't have much to pin our hopes on or to be concerned with this week. There are two Treasury auctions on the calendar that may influence mortgage rates the...
Data from the U.S. Bureau of Labor Statistics shows total nonfarm payroll employment rose by 243,000 in January, bringing the unemployment rate down to 8.3 percent from 8.5 percent the month before. The improvement continues a trend which has seen the unemployment rate fall 0.8 percent since August. January's gains...
Last Week in Review It's been said that no news is good news. But last week, the Jobs Report brought some good news for the labor market. Read on for the details...and what they mean for home loan rates. The headline Jobs Report showed 243,000 jobs created, which was much better than expected. Meanwhile, a whopping...
Your Initial Meeting with a Mortgage Professional at PFA/AFG The loan approval process generally begins with an initial interview where you and a mortgage professional discuss the potential loan. You will need to send information to us to verify your income and long term debts. You may prefer to talk with PFA/AFG before...
Recently President Obama declared that he would be proposing a loan program that could enable homeowners to help save up to $3000 a month on their mortgage loan even if they don't qualify for the HARP loan program in California. He failed to discuss the details of the plan aside from saying the massive financial...
If the monthly employment data ever came close to forecasts the world would stop rotating. The January Unemployment Rate fell to 8.3% from 8.5% in December and was expected unchanged in January. Non-Farm Jobs increased 243K with forecasts up +135K; Non-Farm Private Jobs were +257K with forecasts up +170K. November Non-Farm...
