This was a hectic week for mortgages, but not necessarily in the rate category. Rates once again skipped along the recent mean but generally ended the week flat. The action was actually on the lender side as demand for Fannie Mae and Freddie Mac refinance loans increased to a fever pitch as borrowers acted to secure the lowest possible rates.
Friday, September 17, 2010
Monday, September 13, 2010
Rate Lock Advice 9/13 - Timing is Key to Securing Best Rate
Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.Short-term - LOCK
Long-term - FLOAT, but if 15 - 30 days out I do recommend considering a LOCK on any rallies in the bond market.
The week ahead for economic data that can affect mortgage interest rates
Tuesday
Wednesday
Thursday
Friday
Friday, September 10, 2010
Another See-Saw Week in Mortgage Rates
Since last week’s use of Einstein’s quote was so well received, I thought it appropriate to begin this week’s commentary with a quote from the venerable Yogi Berra. Yogi remarked after seeing back-to-back home runs by Mickey Mantle and Roger Maris that it was “déjà vous all over again.” Such was the week in rates, with a drop followed by a return to the mean of the last month.
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Tuesday, September 7, 2010
Mortgage Rate Lock Advice 9/7 - Short-Term Locking of Mortgage Rates Recommended
Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.Short-term - LOCK
Long-term - FLOAT, but if 15 - 30 days out I do recommend considering a LOCK if pricing improves as we are near the bottom.
The week ahead for economic data that can affect mortgage interest rates
Wednesday
- Weekly Mortgage Bankers Association Application Report
- 10 Year Treasury Bill Auction
- July Consumer Credit Report
Thursday
- Weekly Jobless Claims
- July US Trade Balance
- 30 Year Treasury Bill Aucrion
Friday
- July Wholesale Inventories
Click here if you want to know the rates for your individual situation or have a lending need
Please note that rates were trending flat at the time of writing this post
Friday, September 3, 2010
Mortgage Rates Hit Historic Lows, But Stall on Equities Rally
Einstein once said, "Put your hand on a hot stove for a minute, and it seems like an hour. Sit with a pretty girl for an hour, and it seems like a minute. THAT'S relativity." This concept is very important to this commentary as relativity is the guiding principal from which to evaluate the rate roller coaster we saw this week. On the one hand, rates did rise about 0.125%. On the other hand, the rise was from the lowest mortgage rates in history.
Monday, August 30, 2010
Now May Be The Time To Lock Your Mortgage Rate If You Are Less Than 15 Days Out From Close
Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below. Short-term - LOCK
Long-term - FLOAT
The week ahead for economic data that can affect mortgage interest rates.
Tuesday
- Case/Schiller 20 City Index - This will tell us a lot about the current health of the housing market
- Cosnumer Confidence Report
- Fed Minutes from 8/11 Meeting
Wednesday
- ADP Private Employement Data - This will tell us a lot about the health of employment outside of giovernement jobs
- Construction Spending Report
- Auto and Truck Sales Data - Always a good bellwether of spending
Thursday
- Weekly Jobless Claims - Very important and if negative could help rates
- Pending Home Sales - Could be an ugly number as housing has suffered in the wake of the expiration of the New Homebuyer Tax Credit
Click here if you want to know the rates for your individual situation or have a lending need
Please note that rates were trending down at the time of writing this post
Saturday, August 28, 2010
Update on housing and credit markets
Great segment on the credit markets and housing. Explains some of the challenges that Fannie Mae and HUD have added to the loan approval equation. Definitely worth a listen.
A Swing To The Other Extreme Strangles Housing: http://www.npr.org/129492503
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