americas 1 mortgage rates report: America's #1 Mortgage Rates Report: February 13, 2009 - 02/13/09 01:47 AM
Mortgage rates look to trend up in the next week or so.  Ambiguity about the spending/stimulus bill, combined with a massive borrowing effort by the Government, is making it difficult for mortgage rates to stay below 5%.  Economic data are still bleak and that should act as a ceiling for mortgage rates in the near-term.
If you’re buying a home, with a conventional loan, you should be able to lock-in 4.875% this morning.  I’d take that rate if you plan to close in February.  I, like Bill Gross of PIMCO, still think we’ll see mortgage rates at 4.5% again; we might … (3 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: January 14, 2009 - 01/13/09 10:02 PM
The US Treasury Department has been supporting the mortgage bonds market, in order to keep mortgage rates under 5%.  I cited two reasons why sub-5% rates might not happen:
1- Capacity: Lenders don’t have the horses to ride since they laid off so many workers in 2008.
2- Greed:  Lenders typically made a loan at a rate and sold it for about a half a point profit.  The improvement in mortgage bonds allowed lenders to fatten up their margins and make as much as 3% of the loan when they sold it.
I think the real reason was more in line … (28 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: January 6, 2008 - 01/06/09 02:58 PM
Mortgage rates are 4.75%…No, wait a minute.  They shot back up !
Welcome to January, 2009.  It looks to be a rocky ride through Inauguration Day.  After that, all bets are off.  Here’s the good news, though; mortgage rates, while just over 5% this afternoon (up from 4.75% this morning) are still excellent.
Sean Purcell and I discuss why the lenders are raising rates on Radio Mortgage.
Give this ten minute podcast a listen.
… (1 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: Get That 4.5% While You Can- December 31, 2008 - 12/30/08 02:18 PM
America's mortgage rates are ready to slide down to 4.5%, fueled by the confirmation of the rumor about the Fed's intervention into mortgage-backed securities markets:
The Federal Reserve on Tuesday announced that it expects to begin operations in early January under the previously announced program to purchase mortgage-backed securities (MBS) and that it has selected private investment managers to act as its agents in implementing the program. Under the MBS purchase program, the Federal Reserve will purchase MBS backed by Fannie Mae, Freddie Mac, and Ginnie Mae; the program is being established to support the mortgage and housing markets and to … (7 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: December 18, 2008 - 12/18/08 08:50 AM
Rebecca Levinson took over as host of RadioMortgage.net today. I posted this on Facebook:
Brian is now seeing 4.75% for conv and 5% for FHA/VA loans.
Rebecca asked:
I hope you are going to do a podcast on what this means to the consumer.
So, I made her our host for today's episode.  She did a great job.
Listen to Rebecca on Radio Mortgage
… (4 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: December 5, 2008 - 12/04/08 10:58 PM
If you’re a regular reader of my mortgage rates report, you’ll notice that I adopted a locking posture, late last month, for the rest of the year:
If the Fed’s thinking of cutting rates further, why aren’t mortgage rates going down? I think it’s because the Fed has done all it can do.  Future rate cuts are like that eighth scotch.  Drinking that eighth scotch isn’t going to make you feel any better than the seven prior.  It just might make you feel worse.
I advised folks, right after the election, to lock loans with rates under 6% if they were … (4 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: November 5, 2008 - 11/05/08 01:24 AM
We have a new President and his name is Barack Obama. Is that good for mortgage rates?
I think either man being elected would have been good for mortgage rates provided the victory was decisive.  The Obama victory was clearly decisive and markets should reward that.  In anticipation of this decision, mortgage-backed securities rallied today bringing mortgage rates to the 6% level  I thought we might reach this week.
On Wednesday, conforming mortgage rates should be offered at 6% or below; take any rate under 6% if you’re closing in the next 45 days.  While the euphoria of an Obama victory … (4 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: October 21, 2008 - 10/21/08 04:45 AM
Mortgage rates are finally below 6.0% again.  If you're closing in October, take any rate under 6.0% and lock it in to closing.  In the beginning of the month, I suggested to wait for lower rates if you were closing in the last two weeks of October.  I said:
You can safely delay mortgage locks if your closing after October 17th.  Delaying your lock is a bit different from a "float" recommendation.  It means that you should expect lower rates and jump on one when you feel it's "good enough". The market should remain volatile.  The par rate (with no yield … (3 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: October 14, 2008 - 10/14/08 01:05 PM
If you're closing your loan after Friday, I left you naked (not locked).  I told you that the fundamentals of the economy would bring rates lower after the bailout was announced.  Rates were at 5.875%, today they're at 6.5%.  What's in store for the rest of the month?
Eric Holloman of Rate Link offers this two-minute research report about why "headline risk" should be replaced by economic data as a determination of mortgage-backed securities pricing.  If he's correct (and I think he is), the next three days will be important for the direct of mortgage rates through the end of the … (5 comments)

americas 1 mortgage rates report: FHA Hope For California Homeowners Loan Program - 10/04/08 11:54 AM
The FHA Hope for Homeowners loan program was released this month. The stated goal of the plan is to help homeowners, who are paying mortgages that are significantly more expensive than when they bought the home (due to rate adjustments), get a home loan they can afford.
Key components of the FHA Hope For Homeowners loan program are not limited to but include:
An appraisal will be performed and the maximum loan amount will be 90% of that appraised value.  All subordinate liens will be extinguished and the exiting lienholder will have to agree to a loss of principal. The current … (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: October 3, 2008 - 10/03/08 09:16 AM
The bailout bill passed the House after a decisive victory in the Senate; it is certain to be signed into law by President Bush.  From Bloomberg.com:
These steps represent decisive action to ease the credit crunch that is now threatening our economy,” President George W. Bush said at the White House after the vote. He said he will sign the bill into law when he receives it. House Speaker Nancy Pelosi said the measure has been sent to him.
The House approved the measure in a 263-171 vote, four days after rejecting an earlier version. The bill’s defeat on Sept. … (13 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: September 19, 2008 - 09/19/08 03:46 AM
Hold off on that rate lock.  The government is here to help.
I initially thought this massive government purchase of defaulted mortgage proposal would lead to higher mortgage rates, but quickly reversed course.  Here's me today, on Zillow Mortgage Blog:
This action is an obvious attempt to stabilize the volatile mortgage market.  His rationale is that this plan (a massive MBS purchase) will cost the taxpayers a lot less than the alternative. Whether or not that’s true remains to be seen.  He specifically references the “spread” or yield difference between treasury notes and mortgage-backed securities.  If the US Treasury is going … (3 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: August 29, 2008 - 08/28/08 06:05 PM
Weird things are happening in the mortgage-backed securities market.  Strong buying, in the 30 year-fixed rate loans, has dropped rates .25% since my last report,  The ARM rates, however, have RISEN.  A weird phenomenon, indeed.  I'm only quoting two loan programs (the others make no sense): 
Mortgage rates for August 29, 2008.  Loan amounts up to $417,000:
5/1 ARM              5.750%
30 Yr Fixed          6.125%
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are … (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: August 15, 2008 - 08/15/08 03:00 AM
Mortgage rates were stable this week.  ARM rates went up and the fixed rate mortgage rates are the same as they were Monday.  I mentioned that traders felt "stuck in the middle" of conflicting data.  Core inflation is rising but oil prices are falling like a rock off a cliff.  I'm as confused as the mortgage bond traders so I'm taking this opportunity to lock rates for loans closing within 30 days.
READ: Why Oil Prices Will Drop BELOW $100/ Barrel in 2009
Why?  I think the rising ARM rates suggest that traders believe, in their hearts, that the Fed will … (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: August 11, 2008 - 08/11/08 07:21 AM
America's #1 Mortgage Rates for August 1, 2008.  Loan amounts up to $417,000:
3/1 ARM              5.500%
5/1 ARM              5.750%
7/1 ARM              5.875%
10/1 ARM            6.250%
30 Yr Fixed          6.375%
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling (858)-777-9751.
MORTGAGE RATE TREND:
Next 7 days:      Slightly Higher
… (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: August 1, 2008 - 08/01/08 02:12 AM
Mortgage rates for August 1, 2008.  Loan amounts up to $417,000:
3/1 ARM              5.500%
5/1 ARM              5.625%
7/1 ARM              6.125%
10/1 ARM            6.250%
30 Yr Fixed          6.250%
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling (858)-777-9751.
MORTGAGE RATE TREND:
Next 7 days:       Slightly Lower
Next … (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: July 25, 2008 - 07/25/08 03:05 AM
America's #1 mortgage rates for July 22, 2008.  Loan amounts up to $417,000:
3/1 ARM              5.625%
5/1 ARM              5.750%
7/1 ARM              6.125%
10/1 ARM            6.375%
30 Yr Fixed          6.375%
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling (858)-777-9751.
MORTGAGE RATE TREND:
Next 7 days:       Slightly … (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: July 22, 2008 - 07/22/08 03:29 AM
Mortgage rates for July 22, 2008.  Loan amounts up to $417,000:
3/1 ARM              5.750%
5/1 ARM              5.875%
7/1 ARM              6.250%
10/1 ARM            6.500%
30 Yr Fixed          6.625%
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling (858)-777-9751.
AMERICA'S MORTGAGE RATE TREND:
Next 7 days:      Slightly Lower
Next … (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: July 14, 2008 - 07/14/08 05:54 AM
Mortgage rates for July 14, 2008.  Loan amounts up to $417,000:
3/1 ARM              5.125%5/1 ARM              5.250% 7/1 ARM              5.625%
10/1 ARM            5.750%
30 Yr Fixed          6.000%
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling at the number below..
MORTGAGE RATE TREND:
Next 7 days:       Neutral 
… (0 comments)

americas 1 mortgage rates report: America's #1 Mortgage Rates Report: July 11, 2008 - 07/11/08 03:28 AM
Mortgage rates for July 11, 2008.  Loan amounts up to $417,000:
3/1 ARM              5.125%5/1 ARM              5.375% 7/1 ARM              5.750%
10/1 ARM            5.875%
30 Yr Fixed          6.000%
All rates offered to the borrower with 1 point cost.  Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification.  Rates are subject to fluctuation.  Custom rate quotes and rate lock advice are available by calling at the number below..
MORTGAGE RATE TREND:
Next 7 days:       Neutral 
… (2 comments)