Archive for the ‘Mortgage Information’ Category
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Jun
20
Posted by danita jolly
The bond market had a strong finish Friday after much volatility earlier in the week. With the surge of refinances this year, there is an unprecedented supply of mortgage-backed securities on the secondary market. Unless treasury auctions (like the one scheduled for next week) are successful, investors will drive down the price of bonds thereby causing interest rates to go up. If investors see an improvement in the economy they’ll move money out from the safety of bonds and into riskier assets like stocks or commodities. Talk of inflation has also been on investors’ minds. The Fed is meeting next week and analysts are wondering if a change will be made to the federal funds rate. Since the current rate is set between 0%-.25%, the only change would of course be an increase. If that happens the dollar would be strengthened and inflation would be held in check. But doing too much too soon to the fed funds rate may hamper the economy’s long-term recovery efforts. The markets are very sensitive right now and I expect much more volatility to come.
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 5.375%
5/1 ARM – 4.625%
High Balance Conforming ($567,500 maximum)
30 year fixed – 5.625%
Non-Conforming (Jumbo)
30 year fixed – 6.250%
5/1 ARM – 5.000%
FHA
30 year fixed – 5.500%
5/1 ARM – 4.625%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
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Jun
13
Posted by danita jolly
Bond Yields Push Mortgage Rates To Highest Level In Seven Months
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.59 percent with an average 0.7 point for the week ending June 11, 2009, up from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.32 percent. The last time the 30-year FRM was higher was the week ending November 26, 2008, when it averaged 5.97 percent.
The 15-year FRM this week averaged 5.06 percent with an average 0.7 point, up from last week when it averaged 4.79 percent. A year ago at this time, the 15-year FRM averaged 5.93 percent. The last time the 15-year FRM was higher was the week ending December 11, 2008, when it averaged 5.20 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.17 percent this week, with an average 0.6 point, up from last week when it averaged 4.85 percent. A year ago, the 5-year ARM averaged 5.70 percent. The last time the 5-year ARM was higher was the week ending February 12, 2009, when it averaged 5.23 percent.
One-year Treasury-indexed ARMs averaged 5.04 percent this week with an average 0.7 point, up from last week when it averaged 4.81 percent. At this time last year, the 1-year ARM averaged 5.09 percent. The last time the 1-year ARM was higher was the week ending December 11, 2008, when it averaged 5.09 percent.
Courtesy of Washington Realtors.org
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Jun
05
Posted by danita jolly
Attend a Free Homebuyer Education Class: Home buyers can attend a Washington State Housing Finance Commission Sponsored Home Buyer Education Seminar; this 5-hour seminar is a requirement for receiving a loan from the Commission.Other Loans Are Available Now: Look into the House Key Program for first mortgages for first-time home buyers; and, there are Second Mortgage Loans for Down Payment Assistance available through the Commission when using the House Key Program. There are down payment assistance programs for those with disabilities, for teachers, veterans and those who live in certain rural areas. There is even a conventional first mortgage loan available right now through the Express Loan Program for first-time home buyers that can be used in conjunction with the House Key Plus Down payment Assistance Program.
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May
29
Posted by danita jolly
What a wild week! Mortgage-backed securities took their biggest one-day beating this Wednesday since last October. More than 200 bps were given up that day, causing rates to jump up ~ .500% from where we started in the morning. Most of the selloff stemmed from an oversupply of Treasuries issued by the government. Fears of inflation were a concern, as investors visualized greenbacks being printed off in mass supply by a government trying to artificially fund all of these stimulus packages. And just when we thought the market was going in one direction (south), it reverses course and gives us back some of those losses. 134 bps were regained today at market close. This is about as volatile as I’ve ever seen it. So buckle up and hang on – it’s a rollercoaster ride right now!
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 5.000%
5/1 ARM – 4.000%
High Balance Conforming ($567,500 maximum)
30 year fixed – 5.125%
Non-Conforming (Jumbo)
30 year fixed – 6.250%
5/1 ARM – 5.000%
FHA
30 year fixed – 5.125%
5/1 ARM – 4.250%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
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May
09
Posted by danita jolly
Mortgage-backed securities traded in a wide range this week. There was a massive sell-off in bonds on Thursday but the market gave back some of those losses the very next day. April unemployment figures came in at -539,000 bringing the Unemployment Rate up to a 26-year high of 8.9%. The only good news was that the 539,000 lost jobs represented the smallest loss since October 2008. Meanwhile, rates continue to hold at steady levels.
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 4.750%
5/1 ARM – 3.750%
High Balance Conforming ($567,500 maximum)
30 year fixed – 4.875%
Non-Conforming (Jumbo)
30 year fixed – 6.125%
5/1 ARM – 5.125%
FHA
30 year fixed – 4.875%
5/1 ARM – 4.625%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
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Apr
25
Posted by danita jolly
Mortgage-backed securities traded flat on the day as our benchmark security—the Fannie Mae 30-year 4.0%—had a net zero change in its pricing. The stock market, however, had a good day with the Dow closing up 119 points to close at 8,076. We’ve held steady ground in pricing now for the last few weeks. As always there’s bound to be day-to-day and week-to-week fluctuations in the market, but rates may stick around at these current levels for a while.
The $567,500 loan amount will come online next Monday (the 27th). Properties located in King, Pierce, and Snohomish counties will be eligible for this adjusted conforming loan limit.
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 4.625%
5/1 ARM – 4.125%
High Balance Conforming ($506,000 maximum)
30 year fixed – 4.875%
Non-Conforming (Jumbo)
30 year fixed – 6.250%
5/1 ARM – 5.125%
FHA
30 year fixed – 4.875%
5/1 ARM – 4.500%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
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Apr
11
Posted by danita jolly
Wells Fargo made a big splash on Thursday announcing record earnings of almost $3B. This sparked the stock market into positive trading which lasted throughout the day and resulted in bonds trading down. Bond prices are hovering near some important levels of support so we could see some change next week in interest rates. Retail Sales and Core Producer Price Index figures are being announced next week which will also play into the picture. My guess is that we’ll stay more or less where we’re currently at. We’ll see very soon.
Best regards,
Ben
Rates are based on a 740 credit score, a principal and interest payment, and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Conforming
30 year fixed – 4.750%
5/1 ARM – 4.375%
High Balance Conforming ($506,000 maximum)
30 year fixed – 4.875%
Non-Conforming (Jumbo)
30 year fixed – 6.500%
5/1 ARM – 5.375%
FHA
30 year fixed – 4.875%
5/1 ARM – 4.500%
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
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Apr
04
Posted by danita jolly
The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Frequently Asked Questions>
While we are looking at the new Tax Credit for new home owners, let’s check out homes sold for March in Burien. There were 10 homes and 1 condominium, none of these are short sales or foreclosures.
A majority of the real estate in Burien that sold and closed were in the Shorewood neighborhood, along with a couple of nice homes in Seahurst and the remainder sold were a combination of Burien, Blakely Manor, and Manhatten.
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Mar
29
Posted by danita jolly
Another Record Low Set For Long-Term Mortgage Rates This Week
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
The 15-year FRM this week averaged 4.58 percent with an average 0.7 point, downfrom last week when it averaged 4.61 percent. A year ago at this time, the 15-year FRM averaged 5.34 percent. The 15-year FRM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 1991 for the 15-year FRM.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.96 percent this week, with an average 0.7 point, down from last week when it averaged 4.98 percent. A year ago, the 5-year ARM averaged 5.67 percent. The 5-year ARM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 2005 for the 5-year ARM.
One-year Treasury-indexed ARMs averaged 4.85 percent this week with an average 0.6 point, down from last week when it averaged 4.91 percent. At this time last year, the 1-year ARM averaged 5.24 percent.
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Mar
14
Posted by danita jolly
The bond market was flat at market’s close and rates were able to hold their position from last Friday. Citibank made a big splash in the financial sector by announcing they did not need anymore TARP money from the government. What’s more, the flagging financial institution is looking to post its first profitable quarter in a long time. This caused quite a bit of excitement in the stock market helping the Dow to close up 54 points and finish the week at 7,224.
We’re still waiting for more information regarding the implementation of the Homeowner Affordability and Stability Plan. I’ll keep you posted, but right now I’m just as much in the dark as you are.
Best regards,
Ben
All rates are based on a principal and interest payment and a 1% loan origination fee. Please note that interest rates for condos are slightly higher than what’s show below.
Ben Lenderman
Home Mortgage Consultant
Wells Fargo Home Mortgage
P6447-140
10900 NE 8th St
Bellevue, WA 98004
425-468-8613 Tel
425-301-1897 Cell
866-636-7738 Fax
ben.lenderman@wellsfargo.com
http://www.wfhm.com/ben-lenderman
