| |
mortgage rates: Weekly Winter Haven Mortgage Rate Report: February 4, 2009 - 02/04/09 08:43 AM
Hi folks, Kevin Sandridge here with your Weekly Mortgage Report. The initial outlook for this week is a bit stormy for the housing market here in Winter Haven, Florida and across the nation. Consumer confidence tanked to an all-time low last week, and 100,000 American workers were handed pink-slips, each playing a role in adding significant downward pressure on the mortgage market.
For three weeks in a row, mortgage rates rose and average home loan fees increased. Not something we like to see, obviously.
Sliver Lining En Route Despite this negative news, there are two bright spots worth taking a look at … (0 comments)
|
mortgage rates: Weekly Mortgage Market Commentary - February 2, 2009 - 02/02/09 10:26 AM
Mortgage Backed Securities (MBS) traders will stay focused primarily on employment and supply this week, looking for evidence that the recession may be deepening while taking stock of the expected record amount of debt required to finance what may be the largest round of government spending to date.
Today we'll receive Personal Income/Spending report as well as the Construction Spending & ISM manufacturing index. Pending Home Sales will be issued tomorrow.
The real fun will begin on Wednesday, when the Challenger & ADP job reports give us current layoff numbers. Nothing impacts the mortgage and financial markets quite like … (2 comments)
|
mortgage rates: Winter Haven Mortgage Rates Climb Higher - Is China to Blame? - 01/28/09 10:10 AM
Weak economic data and less than stellar corporate earnings sent mortgage markets on a downward turn last week. As such, rates rose a second week and are now a bit higher than they were at their average low point seen three weeks ago.
What many of you might not know, is that the most important news affecting mortgage rates was not necessarily the most well-reported news (I know you are shocked to hear this). Perhaps the best example of this was Treasury Secretary “in waiting” Tim Geithner’s statement that China may be manipulating its currency. Why should we care about … (1 comments)
|
mortgage rates: Mortgage Rates are Lower, but Fees Are Up - 01/18/09 08:11 PM
Well, folks... we've seen yet another week of the headlines squawking about plummeting mortgage rates here in Winter Haven, Florida and across the nation.
Eyes bulged and exclamations roared as the papers let fly with Freddie Mac's recently published mortgage rate resting at a very alluring 4.96 percent, the lowest since the survey started in 1971! (Cue the Awhooooogahhhh Horn!)
Ah, but wait. There's more....
You see, if we but take a moment to curb our enthusiasm and peer behind the proverbial Winter Haven home loan rate curtain, we find that there's another part of the story worth watching. Mortgage rates … (2 comments)
|
mortgage rates: Winter Haven, FL Mortgage Rates Falling, but Fees Are On the Rise - 01/09/09 11:15 PM
Winter Haven, Florida mortgage rates might be falling, but the costs of financing your Florida home are rising. To understand why, we need to talk a little about conforming versus non-conforming loans.
See, conforming loans are loans written according to strict guidelines and borrowers need to have, among other things, good credit and verifiable income. Non-conforming loans take us a bit closer to the "sub-prime" loans we've been hearing so much about... those loans that, in many cases, should never have been made in the first place.
Well, the massive onslaught of homes financed with non-conforming loans has been all over … (1 comments)
|
mortgage rates: Two Florida Counties Maintain their "High Cost" Area Status - Loan Amounts Drop - 01/04/09 10:08 PM
When Congress passed the Economic Stimulus Act of 2008, they authorized significant conforming loan limit increases in "high-cost" areas around the country. This change really didn't impact Florida counties all that much.
However, there are some reductions to note: Effective January 1, however, those limits rolled back. Conforming mortgages in the 59 designated high-cost regions are now capped at $625,500. Previous to January 1, 2009, loan limits for single family homes in the following "High Cost" Florida areas were as follows:
Catch More Florida Mortgage News and Insights here: My FHA Mortgage Blog | Central Florida Homes and Mortgage … (3 comments)
|
mortgage rates: Improved Retail Sales Numbers May Result in Higher Mortgage Rates - 11/10/08 09:54 AM
It's a self-reinforcing cycle. So if retailers post better-than-expected numbers this week, expect stock markets to gain favor worldwide as investors chase returns. This will cause money to pull out from bond markets of all kinds -- including mortgage-backed bonds.
Less demand for bonds causes mortgage rates to rise.
Also, look at Friday as a volatile trading day. Not only will October's Retail Sales figures be announced, but Fed Chairman Ben Bernanke is sharing the stage with his European Central Bank counterpart, talking about monetary policy.
Word choice is a delicate matter on Wall Street so if Bernanke's comments are viewed as … (0 comments)
|
mortgage rates: Buying a Home in 2009? Be Sure to Get Your Financial House in Order - 11/05/08 09:42 AM
Those here in Winter Haven, FL and across the nation looking to buy a home in 2009 should be sure to get their financial house in order - as mortgage rates are poised to toughen even more heading into the new year.
The Federal Reserve confirmed what most of us already knew -- getting qualified for a "prime mortgage" is increasingly more difficult.
In a quarterly survey of 84 banks, 75 percent of respondent banks tightened mortgage guidelines over the last 3 months for the most qualified of home loan applicants.
"Prime" is a vague term when it comes to … (0 comments)
|
mortgage rates: How The Presidential Election May Impact Mortgage Rates - 11/04/08 11:26 AM
More than a handful would-be home buyers stayed on the sidelines this year, waiting for Election Day to pass.
The prevailing thought was that once the new President-Elect was identified, credit markets will systemically unfreeze and housing markets will return to normal.
If history is a guide, this is an unlikely scenario.
Election Day doesn't figure to alter markets any more in 2008 than it did after the four previous presidential elections.
If anything, post-Election Day market reaction has been muted:
1992 : Dow closes down 0.9 percent the day after Election Day 1996 : Dow closes up 1.6 percent the … (9 comments)
|
mortgage rates: Mortgage Rate Cafe: Today's Special - Volatility with a side of Volatility - 11/03/08 10:12 AM
As global credit markets deteriorated in October, mortgage markets displayed an unnerving amount of volatility.
Last week was no different.
But, unlike in previous weeks in which rates improved on some days and worsened on others, mortgage rates were mostly higher last week, finishing the month on a surge.
The biggest reason why mortgage rates rose last week is that hedge funds and other investors are still hard-pressed for cash and are dumping their mortgage-backed bond portfolios into the market. The excess mortgage bond supply drove prices lower last week, which, in turn, caused rates to rise.
However, forced selling … (1 comments)
|
mortgage rates: The Fed Cut Rates... Mortgage Rates on the Rise... - 10/30/08 09:22 AM
The Federal Open Market Committee voted to cut the Fed Funds Rate by one-half percent today. The benchmark rate now stands at 1.000 percent.
Just as we said... when the Fed cuts rates, Mortgage rates climb. Please be sure to educate your colleagues and clients on this very important point - as I am sure the issue will come up:
It's a common misconception that the Federal Reserve controls mortgage rates and today's market action should help dispel that myth. As the Fed Funds Rate falls back near its 50-year low, mortgage rates are bumping up against a 3-year high.
Now that the Fed Has … (3 comments)
|
mortgage rates: Consider Locking Now... 'Cause the Rates Are Likely to Pop! - 10/29/08 09:27 AM
The Federal Open Market Committee adjourns from its scheduled 2-day meeting today at 2:15 P.M. ET and the markets are eagerly awaiting the central bank's press release.
In it, Fed Chairman Ben Bernanke is expected to address the U.S. economy, the future of credit, and the new Fed Funds Rate.
Dear Friends and colleagues here in Winter Haven, FL and across the nation.. I need you to know this: When the Fed Funds Rate falls, mortgage rates tend to rise.
The inverse relationship between mortgage rates and the Fed Funds Rate is based on the idea that cuts to the Fed Funds … (4 comments)
|
mortgage rates: New Fannie Mae Changes - Buyers on the Fence Should Take Heed - 10/21/08 11:18 AM
In an effort to limit risky borrower behavior, Fannie Mae announced a new round of mortgage guideline changes last week.
Unlike previous its previous 20-plus updates that raised income requirements and minimum credit scores (among other changes), Fannie's latest guideline tweaks focus on the value of its underlying mortgage assets -- home equity.
Effective December 13, 2008, Fannie Mae will require larger equity positions on some of its insured purchases and refinances.
A few of the updates include:
Limiting primary residence, cash out refinances to 85% loan-to-value Requiring 10% downpayments on second/vacation homes Requiring a 25% equity position on all investment … (7 comments)
|
mortgage rates: Mortgage Rates Improve... but Volatility Points to More Changes - 10/20/08 09:12 AM
Last week, the Dow Jones Industrial Average recorded both its largest one-day point gain and second-largest one-day point loss in history.
Mortgage markets and rate availability here in Polk County and across the nation got whipsawed, too.
From day to day, huge rate swings made mortgage rate shopping difficult. It wasn't uncommon for lenders to change pricing 3 times per day.
When the week closed, though, rates were lower than at Market Open Monday, marking the first week of improvement in mortgage rates since early-September.
Last week's constant mortgage rate movement had several causes:
Retail Sales data was weaker than … (6 comments)
|
mortgage rates: OK Winter Haven, Get Those Crystal Balls Polished Up! - 10/16/08 10:11 AM
As the good folks of Winter Haven, FL and the rest of Polk County try to make sense of what's going on in the mortgage and financial markets - one thing holds true about the overall outlook: It's clear as mud!
As the stock market dips then jumps then dips again, it's important to remember that markets are unpredictable and nobody knows what will happen tomorrow.
Unfortunately, that doesn't stop the analysts from trying.
An obvious example comes from May of this year. As the price of oil crossed $120 per barrel on its way to an all-time high of … (1 comments)
|
mortgage rates: Mortgage Rate Adjusting? You May Be in for a Surprise... - 10/15/08 09:32 AM
For Winter Haven and Polk County, FL homeowners with soon-to-adjust adjustable rate mortgages, the recent banking turmoil worldwide may lead to budgetary pain.
This is because most conforming ARMs made since 2003 are based on a borrowing cost called LIBOR and LIBOR is up an uncharacteristic 2 percent since September.
LIBOR stands for London Interbank Offered Rate and is the rate at which banks lend money to each other.
Historically, LIBOR has tracked the U.S. treasury market, plus a half-percent increase. This suggests that banks are only slightly less likely to default versus the U.S. government.
Today, that spread is close to 4.5 … (0 comments)
|
mortgage rates: Great News! The Stock Market Fell Below 10,000! - 10/07/08 09:30 AM
Monday, the Dow Jones Industrial Average closed below the psychologically-important 10,000 level for the first time since 2004.
Despite the milestone-marker breach, however, there was a large group of Americans with reason to cheer. As stocks sold off, mortgage markets rallied to the benefit of home buyers and mortgage rate shoppers here in Winter Haven, FL and across the nation.
Why Conforming Mortgages Rates Improved Yesterday
Most interesting here is that rates improved for the same reason that the stock market fell. Because of lingering concerns about the worlds' economies, investors lost their collective appetite for risk Monday. In response, … (1 comments)
|
mortgage rates: Lock in Mortgage Rates Now... They'll Likely Change by Noon! - 10/06/08 08:37 AM
If you're shopping for a mortgage here in Winter Haven or the surrounding Polk County, FL area - you'd do well to lock in a rate as soon as you see one you like. In other words, a mortgage rate quote from the morning is likely to be "expired" by the afternoon.
Congress approved the $700 billion "Bailout Bill" Friday, answering the question that dogged mortgage markets all week long:
Will they or won't they pass it?
The uncertainty prior to the vote created huge market swings that ultimately sent the Dow Jones Industrial Average to its worst week since … (0 comments)
|
mortgage rates: Mortgage Rates Up ... and Down... in Rapid Fashion - 10/01/08 09:28 AM
Monday, after the House of Representatives defeated the Emergency Economic Stabilization Bill of 2008, the stock market fell in historic fashion.
The Dow Jones Industrial Average closed down 777.68 points, its largest one-day point loss ever.
By Tuesday, however, optimism had returned to Wall Street.
Assuming that the bill would pass in some form, investors poured back into the stock market, driving prices up. Again, in historic fashion -- Tuesday's gains were the third-largest on record.
The stock market activity is highly relevant to mortgage rates right now because when investors flee the stock market, they're often parking their money in bonds.
In … (0 comments)
|
mortgage rates: Bailout "No" Vote a Good Thing for Rate Shoppers - 09/30/08 10:40 AM
Monday afternoon, the U.S. House of Representatives defeated the $700 billion "Bailout Bill", surprising Wall Street and the world.
The Dow Jones Industrial Average responded by falling 777.68 points -- its largest one-day loss in history and, this morning, every newspaper in America is covering the story as front page news.
Lost in the coverage, however, is how the "No" vote created a terrific opportunity for mortgage rate shoppers.
Yesterday, as money fled the tanking stock market, most of it ended up getting parked in the relative safety of government-backed bonds which includes, of course, the mortgage bonds. This rising demand for mortgage … (0 comments)
|
|
|
|
|
|
Kevin Sandridge - Winter Haven Mortgage Broker
Winter Haven,
FL
More about me…
Signature Home Funding
Address: Winter Haven, FL, 33884
Office Phone: (863) 604-3019
Email Me
 Links
Archives
|
;)
;)
