Eric's Daily Rate Watch for September 30, 2009 - 9:41am PST - BIG NEWS - 09/30/09 11:58 AM
4.750% on 30yr Conv - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.000% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
WE HAVE FULL-EAGLE DIRECT ENDORSEMENT FHA APPROVAL FROM HUD!!  This is the highest level of FHA underwriting approval, and means we can close your loan faster than anyone else, and with the most competitive rates available.  Our in-house bank lines and underwriting are taking less than 3 business days to approve a loan.  FHA appraisals through us are done in a week or less.  This … (0 comments)

Eric's Daily Rate Watch for September 29, 2009 - 8:37am PST - 09/29/09 10:43 AM
4.750% on 30yr Conv - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.000% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
FANTASTIC RATES AGAIN THIS MORNING!!!  Lock ‘em while you can!  Yesterday afternoon, there was even a temporary (3hrs) dip to 4.625%.  We must have your file ready to go to be able to lock.  Don't wait for rates to hit a lower point, as you may miss the "window of opportunity".
HOUSING PRICES RISE FOR 3RD STRAIGHT MONTH ... but the Consumer Confidence report took … (0 comments)

First-Time-Buyer Tax Credit - Frequenly Asked Questions - 09/25/09 11:57 AM
Good morning ... since we are just two months from the deadline for the First-Time Buyer credit expiration ... I've been getting a lot of questions and scenarios about the program.  Found a great resource on the IRS website, that should answer most questions:
http://www.irs.gov/newsroom/article/0,,id=206294,00.html
Here's a few highlights:
•   Eligible for credit if borrower has not owned a home as a PRIMARY RESIDENCE in the last 3 years.
•   If borrower owned RENTAL property the last 3 years, but DID NOT own a PRIMARY RESIDENCE, then they ARE STILL ELIGIBLE for the credit - this is huge!
•   If borrower … (2 comments)

Eric's Daily Rate Watch for September 25, 2009 - 8:25am PST - great rates today! - 09/25/09 10:29 AM
4.750% on 30yr Conv - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
MAJOR NEW MARKETING PROGRAM FOR REALTORS ... and other professionals.  I have something very big in the works and will be formally launching next Monday.  As a regular subscriber to EDRW here, you will be the first to know.  It's all about positioning folks, and being the first to get to the potential client.  I'm going to help you do that.  Stay tuned!!
CONSUMER SENTIMENT … (0 comments)

Eric's Daily Rate Watch for September 24, 2009 - IMPROVEMENT & UPDATES - 09/24/09 09:35 AM
4.750% on 30yr Conv - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
MAJOR NEW MARKETING PROGRAM FOR REALTORS ... and other professionals.  I have something very big in the works and will be formally launching next Monday.  As a regular subscriber to EDRW here, you will be the first to know.  It's all about positioning folks, and being the first to get to the potential client.  I'm going to help you do that.  Stay tuned!!
NEW JOBLESS … (0 comments)

Eric's Daily Rate Watch for September 23, 2009 - 7:51am PST - 09/23/09 09:54 AM
4.875% on 30yr Conv - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
MARKETS AWAIT THE FED'S DECISION ... Fed (meeting today) is expected to keep Prime and other key rates near zero.  Announcement to come at 11:15am PST.  Rates holding for the moment.  Also, the results of this week's Treasury Auction will come late in the day.
MASSIVE FHA CHANGES COMING  -  FHA is facing a liquidity problem.  17% of FHA loans are in foreclosure, compared with … (1 comments)

Eric's Daily Rate Watch for September 22, 2009 - 7:46am PST - 09/22/09 09:53 AM
4.875% on 30yr Conv - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
REBOUND IN WORLD MARKETS CARRY STOCKS HIGHER ... Fed (meeting today and tomorrow) is expected to keep Prime and other key rates near zero.
MASSIVE FHA CHANGES COMING  -  FHA is facing a liquidity problem.  17% of FHA loans are in foreclosure, compared with 13% of the entire market.  Thus, FHA's cash reserves as a percentage of their loan portfolios has declined below acceptable levels.  … (1 comments)

Eric's Daily Rate Watch for September 21, 2009 - 8:01am PST - 09/21/09 10:11 AM
4.750% on 30yr Conv - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.625% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
STOCKS LOWER TO START MORNING ... after economic forecast comes in lower than expected.  Great rates ... look at the 5yr ARM (fixed for 5yrs!).
MASSIVE FHA CHANGES COMING  -  FHA is facing a liquidity problem.  17% of FHA loans are in foreclosure, compared with 13% of the entire market.  Thus, FHA's cash reserves as a percentage of their loan portfolios has declined below acceptable … (0 comments)

MASSIVE FHA CHANGES are coming very soon! - 09/18/09 11:42 AM
This morning (Friday September 18, 2009), the Federal Housing Administration (FHA) said its cash-cushion or reserves will dip below mandated levels for the first time.  They claim there won't be a need for a taxpayer bailout, however I think that remains to be seen.
Why did this happen, as if you need to ask?  Foreclosure levels for FHA have now reached 17% of their total loan portfolio.  The entire mortgage industry foreclosure level is at 13%.  FHA is higher, since they take on riskier borrowers, as in those with lower credit scores and downpayments.  It is important to note that FHA doesn't … (2 comments)

Eric's Daily Rate Watch for September 18, 2009 - 8:29am PST - MUST READ FHA UPDATE - 09/18/09 10:53 AM
4.750% on 30yr Conv - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
MASSIVE FHA CHANGES COMING  -  FHA is facing a liquidity problem.  17% of FHA loans are in foreclosure, compared with 13% of the entire market.  Thus, FHA's cash reserves as a percentage of their loan portfolios has declined below acceptable levels.  As a result, there will be some changes to the program:
1)     They will hire first Risk Management "Czar" in almost 75yrs
2)     They … (0 comments)

Eric's Daily Rate Watch for September 17, 2009 - 8:42am PST - Slight Improvement - 09/17/09 10:50 AM
4.750% on 30yr Conv - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
HOUSING CONSTRUCTION RISES IN AUGUST  -  for apartment buildings, but single-family home starts decline. 
INITIAL JOBLESS CLAIMS DECLINE BY 12,000 ... this past week.  However, ongoing claims increased by 129,000 for the week ending September 5th. 
NEW MORTGAGE DISCLOSURE LAW EFFECTIVE NOW  -  I'm sending out a major update today, breaking down the details.  Some of you have said you are being told 45-60 days … (0 comments)

Eric's Daily Rate Watch for September 16, 2009 - 8:33am PST - 09/16/09 10:44 AM
4.875% on 30yr Conv - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
STOCKS MOVE HIGHER AS INDUSTRIAL PRODUCTION RISES  -  industrial activity rose 0.8% in August, a better-than-expected level.  More signs of recovery. 
CONSUMER AND GAS PRICES RISE ... in August, but inflation is in check, based on the Fed's "comfort zone".  Rates are fairly steady right now, but if inflation increases, so will rates.
NEW MORTGAGE DISCLOSURE LAW EFFECTIVE NOW  -  I'm sending out a major … (0 comments)

Eric's Daily Rate Watch for September 15, 2009 - 9:21am PST - 09/15/09 11:48 AM
4.875% on 30yr Conv - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
BERNANKE SAYS THE RECESSION IS OVER  -  however, he did mention that the unemployment rate could still rise in the near future and have a slow decline.  But, overall "Uncle Ben" is telling us the worse recession since the 1930's is done. 
RETAIL SALES REPORT BETTER THAN EXPECTED ... which is bearish for the Mortgage-Backed-Securities markets.  Stocks are mixed due to some disappointing earnings reports … (0 comments)

Eric's Daily Rate Watch for September 14, 2009 - 8:16am PST - 09/14/09 10:36 AM
4.750% on 30yr Fixed - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.375% 5yr ARM Jumbo (to $1million)
ONE YEAR AGO TODAY  -  Lehman Brothers filed for bankruptcy protection and Merrill Lynch agreed to sell itself to BofA for $50billion.  We had a shaky economy to that point, but this was the straw that broke the camel's back.  Now look around ... a lot has changed ...
BIG WEEK FOR ECONOMIC REPORTS ... starting on Tuesday, we have major reports coming out through Thursday … (0 comments)

Eric's Daily Rate Watch for September 11, 2009 - 1:09pm PST - 09/11/09 03:38 PM
4.750% on 30yr Fixed Conventional - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.375% 5yr ARM Jumbo (to $1million)
SLIGHT PULLBACK ON STOCKS  -  Consumer Sentiment improves, and retail inventories drop, but investors are becoming increasingly wary of another pullback (known as "double-dip"), which can happen after several months of steady gains.  Overall economic news still shows we're not yet out of the woods, and that is keeping everyone cautious.  But ... this is great for rates, as when investors pull out of stocks, … (0 comments)

Eric's Daily Rate Watch for September 10th, 2009 - 8:14am PST - IMPROVEMENT - 09/10/09 10:28 AM
4.750% on 30yr Fixed Conventional - (5.000% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.375% 5yr ARM Jumbo (to $1million)
BIG DAY FULL OF ECONOMIC REPORTS  -  New jobless claims fell more than expected, and the rolling average improved.  Yesterday was part of a 2-day Treasury auction, with good results, and today the Fed will complete its normally scheduled weekly MBS purchase.  The trade deficit is up and oil is climbing amid a weak dollar.  Health Care Reform cost concerns weigh on investors and are … (0 comments)

Eric's Daily Rate Watch for September 9th, 2009 - 8:41am PST - 09/09/09 11:40 AM
4.875% on 30yr Fixed Conventional - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.250% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
QUIET Wednesday, but Thursday could be BIG day  -  Commodities are still trading at higher levels this morning, giving stocks a boost.  Today, the Fed's Beige Book will be released at 11am PST, right on the heels of the 10yr Treasury auction results.  TOMORROW, we will see over $100 Billion of US Treasuries flood the market in the 10yr and rare 30yr auctions.  Volatility is … (0 comments)

Eric's Daily Rate Watch for September 8th, 2009 - 8:36am PST - 09/08/09 10:42 AM
4.875% on 30yr Fixed Conventional - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.250% on 30yr Investment Property
3.750% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.500% 5yr ARM Jumbo (to $1million)
OIL AND GOLD ARE UP along with overseas markets  -  The US dollar is still falling, but overseas and commodities markets are looking good this morning, which is giving a slight boost to our stock market.  Mortgage rates are holding at about the lowest levels we've seen since Memorial Weekend.  Good time to lock in.
NEW MORTGAGE DISCLOSURE LAW EFFECTIVE NOW  -  I'm sending out … (0 comments)

Eric's Daily Rate Watch for September 4th, 2009 - 9:09am PST - 09/04/09 11:17 AM
4.750 on 30yr Fixed - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.875% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.375% 5yr ARM Jumbo (to $1million)
IN THE OFFICE UNTIL 3:30pm TODAY  -  but I will be checking messages periodically through the weekend.  Not leaving town this time, so if you need a pre-qual or pre-approval letter, send me an email and I'll get it done.  Have a safe weekend!!
BIG UNEMPLOYMENT REPORT IS OUT  -  Nationally, unemployment is now at 9.7%, which is a 26-year high.  However, the number of actual … (0 comments)

Eric's Daily Rate Watch for September 3rd, 2009 - 9:42am PST - 09/03/09 11:45 AM
4.750% on 30yr Fixed -  (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.875% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.375% 5yr ARM Jumbo (to $1million)
HOLIDAY HOURS  -  On Friday, our processing system will be going through a major upgrade starting at 2pm.  Thus, I will not have access after that time for the rest of Friday.  We will also be closed officially on Monday as well.  That said, I will be in town over the weekend, so if you do have urgent files or need pre-approvals, please email me … (0 comments)

Eric's Daily Rate Watch for September 2nd, 2009 - 9:11am PST - IMPROVEMENT - 09/02/09 11:25 AM
4.750% on 30yr Fixed - (5.125% w/no origination)
4.750% on FHA 30yr - (5.000% w/no origination)
5.125% on 30yr Investment Property
3.875% 5yr ARM interest-only
5.500% 30yr Fixed Jumbo
4.375% 5yr ARM Jumbo (to $1million)
INVESTORS PULL MONEY OUT OF STOCKS ... Common practice before a major holiday weekend, and investors continue to be nervous about economy, which is causing them to pull back on stocks and park their cash in Treasuries.  Temporary help for our pricing! 
NEW MORTGAGE DISCLOSURE LAW EFFECTIVE NOW  -  I'm sending out a major update today, breaking down the details.  Some of you have said … (2 comments)

Eric's Daily Rate Watch for September 1st, 2009 - 9:23am PST - 09/01/09 11:33 AM
4.875% on 30yr Fixed Conventional - (5.250% w/no origination)
4.875% on FHA 30yr - (5.250% w/no origination)
5.250% on 30yr Investment Property
3.875% 5yr ARM interest-only
5.500% 30yr Jumbo
4.875% 5yr ARM Jumbo (to $1million)
HOME SALES AND MANUFACTURING ARE UP ... This morning, the US manufacturing report showed the highest number for the ISM index since June 2007.  New customer orders jumped to a level not seen since late 2004.  The July Pending Home Sales rose to a 2-year high and showed and increase for the 6th straight month. 
CAUTION LINGERS IN STOCK MARKET ... Even with the positive reports … (0 comments)

 
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Eric Newman, mlo-97776

Branch Mgr & Sr Mortgage Banker CallNewman.com

Lake Oswego, OR

More about me…

American Pacific Mortgage, nmls-1850/1053700

Address: 4900 Meadows Rd, Suite 100, Lake Oswego, OR, 97035

Office Phone: (503) 698-5801

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