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week in review: Week in Review, December 7 - 11 - 12/11/09 05:13 PM
A little over two weeks remain as we close out 2009 and brazenly embrace 2010. The rates that were down in the 4% range have shot back to a more expected level to where rates have been throughout the year. If the theory holds true though, we may see a small dip in rates come the end of December and into early January so be ready with those buyers to snag the best and most affordable rates.
It has been a while since I posted because of the Thanksgiving Holiday and then my first real vacation (one where the cell phone … (1 comments)
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week in review: Week In Review - November 2nd - 6th, 2009 - 11/06/09 05:00 PM
Interesting how perspective can change in just one quick second. As soon as news that the tax credit extension had been approved (see attached document), it seemed people weren't quite as pressured to buy a home, "right now". That isn't at all a scientific observation, but perhaps just a feeling since there were a lot of people, realtors and lenders included, who breathed a sigh of relief. As a result of the extension, a few borrowers that were concerned about the deadline can now take a bit more time to find the home that works the best for them without feeling … (0 comments)
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week in review: Week in Review, 9/21/2009 - 9/25/2009 - 09/25/09 07:07 PM
With the passing of Summer and the arrival of Fall; the Holiday season begins to quickly approach. There were a couple items of note this week within the mortgage market and within the real estate market. So let's get right to it.
Government to continue buying Mortgage Backed Securities - The government stated earlier this week that they plan on tapering back the buying but will continue to buy Mortgage Backed Securities until March of 2010. This may not seem like much on the surface but if the government stops buying these Mortgage Backed Securities, we are most definitely in for … (1 comments)
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week in review: Week in Review: 8/24 -8/28/2009 - 08/28/09 08:04 PM
Rates improved slightly this week as we have seen swings of about .125% in either direction of the 5.5% mark over the last couple of weeks. These rates do help keep home owner affordability up, which in general is a good thing. As far as market news, check this out:
1. Housing Market set to enter new stage??? - I am not a person that entertains bad news easily. However, I do like to read different perspectives on the market so that I can be well versed in potential trends. For example, in this article, "Housing Crises set to enter new stage.", the … (1 comments)
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week in review: Week In Review - July 31, 2009 - 07/31/09 05:30 PM
Rates were up, then down and have now closed the week where we left off last week. Overall though, they are faring better towards the end of this month, then they did at the end of June.
REMINDER: MDIA (Mortgage Disclosure Information Act) went into effect yesterday so be on the lookout for lenders that aren't on top of the deals because too many changes can cause delays to closings.
Week In Review:
Economic News: Value of homes increased for the first time in 3 Years...that's right the article discusses how the value of homes has increased, however slight the impact … (0 comments)
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week in review: Week In Review - July 20 - July 24 - 07/24/09 05:48 PM
Rates improved slightly in some areas this week. 30 YR Fixed rates on conventional loans are at 5.5% with 0 Points and 0 Origination Fee. On a 15 Year FHA Fixed deal the interest rate is 4.5% with 0 Points and 0 Origination Fee. Not too bad if you have somebody that wants or needs to refinance or can afford a shorter loan with a lower interest rate. There still may be one more drop in interest rates to the very low 5's on 30 year fixed rates, but it might be too much of a gamble to see that one … (3 comments)
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week in review: Week in Review - When it's hot in AZ...Find something "Cool" to do! - 07/10/09 05:36 PM
Another week has come and gone but the heat still remains. We all live in Arizona for a myriad of reasons but usually the heat isn't the first one that comes to mind. What I can say is that when it cools off and we aren't dealing with snow or anything of the sort we will say, "This is why we live in Arizona."
With that in mind, I thought I would give you some information on some "Cool" Deals that you could take advantage of over the next couple of months.
1. Desert Ridge Marriot -At the Desert Ridge Marriot they … (0 comments)
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week in review: Week in Review May 4 - May 8, 2009 - 05/08/09 08:34 PM
Happy 100 degree weather! Man it got hot pretty fast. It went from gorgeous to unbearable in about two minutes. I guess that is AZ for you. Not much as far as rate changes. The market was pretty volatile this week and things fluctuate as is the norm, but we ended very close to where we started.
Week in Review
Stocks end up for 8 of past 9 weeks - That's right, missed an opportunity about 10 weeks ago when everything looked bleak. Hopefully somebody out there jumped in at the right time. If you did and made a bunch of … (1 comments)
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week in review: Week-in Review April 27 - May 1 - 05/01/09 04:19 PM
Rates were higher today than they were for the majority of the week. The market is looking up though. There are bidding wars in the price range of homes under $100K due to the 2.2 months of inventory supply. There still remains over a 13 month supply on homes in the Scottsdale area and this is mostly attributed to the difficulty in affordability of those homes. Remember that Jumbo loans or loan amounts over $417K require anywhere from 20-30% down to secure financing. That is a far cry from the 3.5% required for FHA financing up to $346,250.
Week in Review:
… (2 comments)
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week in review: Week In Review, March 30th - April 3rd, 2009 - 04/03/09 05:36 PM
Rates took a bit of a beating the last couple of days. In mid-week, there were still deals around the mid 4's on a 30 YR Fixed conventional loan. Not too shabby. But now everyone is waiting on the low 4's - Ah, but if we could all wish upon a shooting star.
Some updates for this week:
Homeowner Affordable Program - More information out...not much that we can do as Mortgage Consultants unless the current owners do not have PMI on the property. Basically any loan with Private Mortgage Insurance that is owned by Fannie Mae or Freddie Mac must … (0 comments)
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week in review: Week in Review - March 23-27th, 2009 - 03/27/09 06:48 PM
Rates stayed pretty consistent throughout the week with a few swings up .125% and down .125%, but for the most part it was right at where we ended last week. I can't stress enough that we don't know how long these rates will stay down in this range, so be on the lookout for those buyers and the affordability that the rates and prices of homes truly has for them.
On another note - some stories for the week:
April 4th the new DU Program will be available - Well not the entire Home Owner Affordable Plan refinance and loan modification … (1 comments)
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week in review: Week In Review, March 2-6th - 03/06/09 05:25 PM
"Good news travels fast, bad news travels faster." That principle alone makes it difficult to decide what to write in my weekly review. I think it's easier to write the bad news. Seemingly it's everywhere. (8.1% unemployment rate, Dow at lowest levels in over 12 years, and the tragic story of the three young men who died in the Gulf of Mexico). But today is different...for starters, it's a Friday, the 6th of March and I have seen some funny and interesting things this week. (See: Jon Stewart bash CNBC and/or Woman Calling 911 of Chicken McNuggets).
I can't say for … (3 comments)
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week in review: Week In Review, February 23, 2009 - February 27, 2009 - 02/27/09 03:18 PM
Week in Review:
FHA Increases Conforming Loan Limits - On Wednesday, HUD released a statement saying that until December 1, 2009 they are increasing the mortgage maximum for FHA loans for certain counties in the US. Maricopa County was one of those that benefited from this recent change. The new max loan limit is up to $346,250 from $271,050 as it had been since the beginning of the year. This just means more affordability with less down payment and more refinance options for people that have a higher LTV. (It works too as a customer that I was working with on … (1 comments)
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week in review: Week in Review, February 16-20, 2009 - 02/20/09 02:36 PM
Here is some interesting news for the past week:
•1) Lenders changing minimum FICO score on FHA to 620 - That is right, what one lender does, the others soon follow. Case in point, MI companies now require greater than 720 Fico scores for any LTV over 85% in distressed markets. So, when one lender decided to require the min score of 620 for FHA loans, they all began to follow suit. There are still a few FHA options out there for people with less than 620 and an "Approve/Eligible" rating through AUS, but the options for that product are slowly … (0 comments)
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week in review: Week In Review - 2/02/09 -2/06/09 - 02/06/09 01:17 PM
Another week has come and gone. Here are a few highlights and my take on them, purely from an opinion standpoint. Rates are up this week, we will see where they move to in the next few days.
•· Cardinals lose in Super Bowl XLIII - I flew home from Dallas last weekend early to watch the game. I really didn't feel that sitting on a plane during the Super Bowl was the place that I wanted to be, hence the need to change the flight. It turns out that I witnessed a very exciting Super Bowl. This year the commercials … (3 comments)
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week in review: Week In Review: 1/19/09 -1/23/09 - 01/23/09 02:55 PM
Rates are up slightly this week (about a quarter of a percent) - which is odd because there really isn't great news out there. Perhaps the loan volume is so great that the big players are trying to slow down the refinance train so they can catch up. Underwriting times can be as much as 15 days for some lenders. We are still trucking along at about 5 days, which is longer than our normal 48-72 hours. It is all good though as we are working our way through this surge of activity.
Three quick topics this week:
•1) Near Freezing … (3 comments)
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week in review: Week in Review - January 9, 2009 - 01/09/09 04:16 PM
Quick Review of the Week:
•1) Gators win National Championship - Yep, once again the underdog gets it done. There is something about these college football players and pro football players (think Cardinals) that once they are told they can't do it, rise up and do what it takes to win. Congratulations to those Florida fans! Go Cardinals! (In all honesty - a bit weird to write that because they haven't been anything to root for since I was born, but they are saying it can't be done, time to prove everyone wrong!)
•2) Obama says that Stimulus Package needs to … (2 comments)
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week in review: Remember 2008! - 01/02/09 03:56 PM
Hello,
It is finally here...2009! And with the excitement of a new year, we can focus our eyes on what lies ahead and forget what came before in the past. If you watched any of the television coverage on New Year's Eve and even the bowl games New Years Day, then you no doubt heard countless statements of relief that 2008 was behind us. I am a realist, so I do know the economy was the worst we have seen in over a half a century and we do not hope to see a repeat of this for centuries to come, … (4 comments)
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week in review: Week in Review December 19 - 12/19/08 08:19 PM
I hate to be the bearer of GOOD NEWS...but rates are really exciting. Think about it...a 30 yr fixed rate for less than 5%, those have to be some of the best rates in over a quarter century. Case in point - Read this USA Today article: http://www.usatoday.com/money/economy/housing/2008-12-18-mortgage-rates_N.htm .
This week some cool things happened:
President Bush had a shoe thrown at him: If you saw the footage, then you would see that he stayed relatively calm considering. I think you send a pretty strong message when you take your shoe off and throw it at someone, then again, you may … (0 comments)
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week in review: Spread Christmas Cheer Now! - 12/12/08 05:55 PM
Want to spread Holiday cheer? - Make sure you ..."sing loud for all to hear!!!" Or you could pass on the news regarding rates!!!
Not only are homes on sale - in some cases 40-50% off, but rates are making homes even more affordable. It is like Christy Walker with Remax told me this week. "If you went shopping and things were on sale for 40% you wouldn't hesitate." So what are we waiting for???
Spread the good news that rates are low and for those that are really savvy, get it done in the next week and you could skip … (1 comments)
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Eric Murrietta
Scottsdale,
AZ
More about me…
1st Advantage Mortgage, LLC
Address: 6908 E. Thomas Road, Ste. 202, Scottsdale, AZ, 85251
Office Phone: (480) 707-5603
Cell Phone: (602) 670-3272
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