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predictions: Mortgage Application Surge as 30 Year Hits Record low Rates! - 03/26/09 06:46 PM
News of the Fed's pledge to buy up more mortgage-backed securities and treasuries, sent mortgage rates sharply lower.
Home loans apps jumped 32.2 percent on a seasonally adjusted basis compared to one week earlier, 31.4 percent unadjusted, and were up 18 percent compared to the same week a year ago.
It was all about the refinances, which increased 41.5 percent from the week prior, though purchase activity and FHA lending saw mild gains as well.
The refinance share of mortgage activity increased to 78.5 percent of total applications, up from 72.9 percent a week earlier as rates plummeted.
The 30-year fixed-rate mortgage … (0 comments)
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predictions: What's likely to happen to mortgage rates with the passing of EESA/HR1424? - 10/05/08 02:45 PM
Quite the opposite of what many consumer might think there is a good likelihood that the passing of this law "designed to help consumers stay in their homes" could infact cause mortgage interest rates to rise!
When the stock market drops investors seek the lower yielding but greater security of the bond market. Most mortgage debt is sold as mortgage backed securities/bonds. As the stock market rebounds the bond market will have to offer investors higher yields to attract investor dollars which may cause mortgage rates to rise.
I have been counseling my clients to refinace or buy when things are … (0 comments)
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predictions: Zillow says homeowners are still in denial about drops to their own property values - 08/07/08 07:27 PM
According to a new report by zillow, the majority of U.S. homeowners don't believe their properties have been negatively impacted.
Nearly two-thirds (62 percent) of homeowners surveyed said they believed their homes either increased in value or stayed level over the past year, though Zillow statistics found that 77 percent of U.S. homes actually declined in value during that time.
According to the Zillow survey, 75 percent of all homeowners feel their home will increase in value or remain unchanged over the next six months. At the same time, about half of those surveyed believe values in their local housing market … (2 comments)
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predictions: Why are mortgage rates rising? - 03/03/08 09:24 AM
After several prime rate reductions mortgage rates are rising - again!
The federal funds & prime rate are not the benchmark for mortgage rates. 10 year treasury bonds are said best because mortgage loans are held for this period on average. Most mortgages are bundled & sold as mortgage bonds/securities on Wall Street regardless who originates your loan. The originating lender may continue sending monthly statements on behalf of the new owners because loan servicing is a separate profit center for them.
Bonds are considered a safe harbor when stock prices go down. When investors dump stocks they often buy bonds … (0 comments)
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Illinois Financial Advisor Greg Zaccagni
Wheaton,
IL
More about me…
Farmers Insurance
Address: Dupage, Kane, Cook County etc.., Wheaton, IL, 60189
Cell Phone: (630) 853-8555
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