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mortgage rates: Sacramento Mortgage Rate Update: Mr. Toad’s Wild Ride - 02/02/08 01:00 PM
After what can only be described as a two-week roller coaster ride, we are back at the platform we left two Mondays ago. Freddie Mac reports a weekly average 30 year fixed rate of 5.65% at .5 pts and a 15-year rate of 5.16% at .5 pt.
The chart above shows the price movement of the Fannie Mae MBS 5.5% coupon over the past 10 days. Remember that bond prices move inversely to rates. Thus the spike on the 22nd shows the steep price increase (drop in rates), followed by the immediate and violent drop in price (rise in rates).
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mortgage rates: Fed Cuts Rates by One Half Point - 09/18/07 01:54 PM
Acknowledging the growing concern over a recession which was cemented by the August jobs report, the Fed cut both the Fed Funds and the Discount Rate today by one half point.  Here is the text of the statement:
The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 4-3/4 percent.
Economic growth was moderate during the first half of the year, but the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally. Today’s action is intended to help forestall some … (0 comments)

mortgage rates: Sacramento Mortgage Rate Update: Schizophrenia - 07/14/07 09:39 AM
The 30 year conforming fixed rate mortgage ended the week at an average 6.73 with .6 points in the Western U.S. according to Freddie Mac’s weekly survey. BENEATH THE WAVES
Peering beneath a placid surface, the water is pretty churned up.  One week, retail sales are up and consumer sentiment is down, the next week sentiment is up and sales are down.  Are people feeling bad and buying stuff anyway, or are they feeling good but not buying? 
Unsold inventories are up.  Are businesses optimistic about future consumer spending or did they overestimate sales?  And what about the extra $53 billion that … (0 comments)

mortgage rates: Raiding the Nursery: How Quickly Will Sacramento Real Estate Recover? - 05/21/07 07:27 PM

What will it take to shock the Sacramento real estate market back to life?
Behind the mask of false bravado and feeble optimism worn by industry insiders who think wishing can make things true, there is an undercurrent of worry. Let’s face it. The patient is ill. What will turn things around? In a word, affordability.
It’s pretty clear that we chucked the idea of affordability in the early 2000’s as home prices and incomes parted company. People bought homes they couldn’t afford with loans that offered low initial payment but blew up after a couple of years. The speculative … (0 comments)

mortgage rates: Sacramento Mortgage Rate Update - 02/24/07 07:13 PM

The 30 year fixed rate closed the week unchanged at 6%.
Behind the Numbers In a quiet week, largely devoid of significant economic reports, the main excitement was Wednesday’s CPI report which came in higher than expected at 0.2%.
The core CPI rate also rose more than expected at 0.3%, and the January year over year rose to 2.7%.  This last little piece of data suggests a trend toward higher inflation that bothered both the stock and bond markets and temporarily
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mortgage rates: Sacramento Mortgage Rate Update - 01/19/07 07:19 PM

The benchmark 30 year fixed rate rose slightly to 6.00% with 1 point.
Behind the Changes
It’s been an active week in the bond market, with a number of significant economic reports.  All pointed toward a stronger economy, eroding hope for a Fed Rate cut this Spring.  The closely watched 10 year Note ended the week at 4.773%.  
December PPI, CPI, Housing Starts, and Housing Permits were all higher, and this morning’s University of Michigan Consumer Sentiment leaped to a 3 year high. 
Here are the actuals vs. the expected:
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Marc Brinitzer

Sacramento, CA

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Big Valley Mortgage

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