Looking At Mortgage Rates This Week : September 26, 2011

Published on September 26, 2011 by

Fed Funds Rate 2008-2011

Mortgage interest rates last week continued to drop lower. Last week the Federal Reserve announced a launch of $400 billion program to increase longer-term bonds.

Interest rates were very volatile and will be expected to with the upcoming news this week. There is plenty of activity with the financial concerns in Europe.

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If you are in a position to lock an interest rate just know that rates will spike much higher and faster then if they were to drop. Rates rise very quickly and are slow to lower. Regardless of where rates are now know that they are historically low and extremely favorable for the borrower.

If you have any questions about rates this week and the opportunity that may be available to you then call now toll free (866) 825-6261 and get a free, no obligation consultation now.

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Looking at Mortgage Rates This Week : September 19, 2011

Published on September 19, 2011 by

FOMC meets September 20-21

Last week interest rates rose just a bit with the concern in Europe seeming to ease. The additional stimulus that is being proposed in the U.S. also supported the slight increase in interest rates.

The Federal Open Market Committee will be meeting for a couple of days to announce a new stimulus plan. In the past couple of years whenever the Federal Reserve has stimulated the economy interest rates have fallen. With interest rates already at record lows what will happen this week?

There is some additional data to be released this week including the Existing Home Sales and Housing Starts but the focus will very much be on the world's central bankers as they address the concerns in Greece.

If you are looking to refinance or lock in your interest rate on a purchase at this time just keep in mind that interest rates rise much faster than they fall and with rates at record lows you are in a great position now to lock things in and stop putting your interest rate at risk. If you have any questions contact a loan officer for a free consultation toll free (866) 825-6261.

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Looking at Mortgage Rates This Week : September 12, 2011

Published on September 12, 2011 by

Eurozone trouble aids mortgage rates

Mortgage interest rates this past week were slightly improved. The many concerns around the world including the continuing financial concerns in Europe have continued to push interest rates lower.

There is not a lot of news that we haven't heard about for months now. All of the concern is real as we continue to see interest rates go lower and lower and continue to break records for all-time lows.

Rates were expected to rise with the economic stimulus coming from the Feds and Congress. Neither of the two parties provided too much information or stimulus which was a disappointment and interest rates continue to stay extremely low.

Mortgage interest rates this week started slightly lower again and there isn't much news coming out this week so you will likely see interest rates continue to trend down. As the global financial concerns continue to fester you will see interest rates continue to drop. If you see a resolution to the concerns in the Eurozone you will likely see interest rates go higher.

If you're fortunate enough to be in a position to capitalize on the poor economy and the extremely low interest rates then contact a loan officer immediately. You can get a free no obligation consultation by simply calling toll free (866) 825-6261 and find out how much money you could be saving on a refinance or increase your purchase power today.

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Are Mortgage Guidelines Getting Tighter Again

Published on September 8, 2011 by

Mortgage guidelines tightening

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Possible Fed Stimulus in August

Published on August 31, 2011 by

FOMC Minutes August 2011

The Federal Reserve meets eight times a year and after each meeting they produce  a brief statement that is shared immediately after the meeting and then they share the Minutes a few weeks later. The statement provides the highlights of the meeting and the Minutes provides all of the details.

The detailed Minutes from the last Fed meeting on August 9, 2011 was released today. The disappointing part is that the minutes have not revealed any additional insights or information.

For those that have plenty of time on their hands they can read the minutes and/or the highlights here:

  • On growth : Economic growth had been slower than the committee expected
  • On housing : The market “remains depressed”. Underwriting standards are “tight”.
  • On rates : The Fed Funds Rate will remain low until mid-2013

The next time the Fed is scheduled to meet is September 20-21. Fed Chairman Ben Bernanke has extended the meeting to two days instead of the normal one day. It is widely anticipated that the extra day of meeting will be used to discuss additional and new forms to stimulate the economy.

Looking at Mortgage Rates This Week : August 8, 2011

Published on August 8, 2011 by

FOMC meeting on Tuesday
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Mortgage interest rates were very volatile this past week. There were many things happening throughout the week that impacted rates as they went up and down according to the latest reports being released. One thing about all the volatility and the changes in the market is that the rates are extremely low and in most cases the lowest they've been historically.

So, even though there is a lot of media and interest in what is happening the bottom line is that rates are still low and likely will continue to stay that way especially with the market tanking on wall street and the down grading of the S&P.

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Late last week there was news that the jobs report was much better then expected and that revisions for the previous two months were much better than what was initially announced. Well even with “good” news and improvements the job market is still horrible and a big reason for the lack of economic recovery we are currently seeing and possibly the beginning of the double dip or great recession about to come.

If you qualify for a mortgage today whether you are looking to purchase or refinance you are going to get an excellent rate. With all programs at historical lows you can assure yourself that you will have a great interest rate and with the low home values we also have home affordability sky rocketing. Contact  loan officer today if you have any questions.

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What Did The Federal Reserve Say and What Does It Mean?

Published on June 22, 2011 by

Putting the FOMC statement in plain English

Yesterday the Federal Open Market Committee (FOMC) kept the Fed Funds Rate unchanged and it remains at a range of 0-.25 percent. Maybe the more significant news is not that they kept it unchanged but that the vote was unanimous at ten to zero.

The FOMC shared with us that the economy is recovering at a slower then expected and frustratingly slow pace. Job creation is slow and today there was the news that unemployment claims were much higher then expected.

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For some reason with all of the negative economic news you continue to have reports that consumers and business spending or investments are increasing.

The big news was that the Feds are planning to end the $600 billion pledge to bond markets on June 30 as well as leave the Fed Funds Rate near zero for quite some time. All of the information released and mortgage interest rates remained mostly unchanged and still easing towards going lower. If you have any questions about how this news may make a difference in your budget simply contact a loan officer. Whether you purchase or refinance your first step should always be to your loan officer.

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Bank Lending Starts to Ease Up. Refinance or Purchase Options Increase

Published on June 1, 2011 by

Fed Senior Loan Officer Survey Q1 2011

It seems that the banks have stopped increasing loan guidelines and perhaps even starting to ease them. Many professionals in the mortgage industry have long believed the guidelines were like a swinging pendulum that was way too easy on borrowers during the boom and then got way to difficult during the crash. Now we are starting to see signs of it moving more towards the middle.

The majority of the big banks reported that they had stopped tightening the mortgage guidelines since the last quarter. The few remaining banks continued to tighten the guidelines slightly. One big change is the ability to get a VA Home Loan refinanced according to the VA guidelines and not the bank guidelines. With a VA Loan you are able to refinance with much lower credit scores and property values are not an issue.

There were just as many big banks easing loan guidelines as there were that tightened them and the majority of them remain unchanged. This is the signs that say the tightening of guidelines has likely hit its limit. Now may be the best time to reach out to your loan officer to inquire further.

The easing of mortgage guidelines as a whole would likely spur much more activity especially with rates extremely low and the home prices continuing to come down. Home affordability is at an all-time high so there could be a nice spike in mortgage volume in the upcoming months.

Today, underwriters are more conservative with respect to household income, total assets and overall credit scores. Even as compared to just 6 months ago:

  • Minimum credit requirements are tighter
  • Down payment/equity requirements are increased
  • Maximum allowable debt-to-income ratios are lower
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If you have any questions about a possible mortgage move for yourself then you should simply reach out to a loan officer and get your specific scenario  addressed. Low rates and low prices have combined for a great opportunity especially considering how much rent prices have been increasing lately.

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Fed Minutes Indicate Rising Interest Rates Shortly

Published on May 19, 2011 by

FOMC Meeting Minutes

The Feds released their minutes from the recent April meeting. The Federal Open Market Committee (FOMC) released their information and the markets responded immediately by raising rates an eighth of a percent.

The minutes that were released for the previous meeting is not the same thing as the press release that happens right after the meeting. The minutes are much more detailed and leave a lot of language to be interpreted. The press release is very general and vague where the minutes has all the details of the meeting.

Below you will find some of the details of what the FOMC discussed:

  • On inflation : Higher levels are “transitory”; will level-off with commodity prices
  • On housing : The market remains depressed. “Vacant properties” are harming construction.
  • On stimulus : The Fed will stick to its $600 billion support plan

One of the biggest changes in this meeting as compared to the previous meetings for the past couple of years is the talk of an exit strategy for the support they have provided the market with during this economic and housing crisis. Nothing was determined or agreed upon but the talk is happening and we will likely see some changes in policy in the near future.

Experts are anticipating that there will be a gradual restriction of the economy over the next 12 months. The mortgage interest rates have recently been going lower providing those that did not refinance previously a second chance to get that taken care of. If that may be you simply call a loan officer today for a free consultation. The requirements for a loan have also eased a bit. Currently mortgage interest rates are at their lowest levels of the year thus far.

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Mortgage Interest Rates Are Volatile Due to Geopolitical Issues

Published on May 3, 2011 by

Geopolitics make mortgage rates move

It can be awfully frustrating when you are a rate watcher as you consider purchasing a new home or refinancing your existing loan. The rates change so often and many times we are unaware of what makes an impact on the interest rates but we do realize how much it impacts our monthly budgets.

An example of how quickly interest rates change is the fact that in 2011 the rates have changed every 3.5 hours on average. So, by the time you actually make a decision on your rate that you were told it could be a different scenario.

There are primarily two things that typically impact interest rates. First there is scheduled events where data and reports are released. There are also unscheduled events that happen. Examples of this are when the Feds inject $750 billion into the mortgage markets in 2009. Also, you will find geopolitical issues contributing to unscheduled events as well.

The unscheduled events are often frustrating because Wall Street and the investors don’t have contingency plans for such events. Anytime there is public unrest due to political issues or natural disasters this may impact interest rates.

Bottom line is that rates change quickly and often and you are strongly encouraged to stay informed by your loan officer. If you are considering purchasing or refinancing a home this year and watching interest rates know that all of the issues around the world are directly impacting your budget and interest rate.