refinance: Sacramento Mortgage Rate Update: No Change - 02/09/08 11:03 AM
Despite the bumpy ride, rates didn’t change much this week. According to Freddie Mac’s weekly survey, the 30 year conforming fixed rate ended the week at 5.65% with half a point. This of course is the owner occupied rate with the highest credit scores. Investors, or those with lower scores … (1 comments)
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refinance: 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 … (0 comments)
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refinance: FHA Reform Makes it Through the Senate - 12/15/07 01:44 PM
The Senate’s FHA Modernization Bill, S 2338 flew through with a 93 to 1 vote yesterday. The House previously passed its own slightly different FHA reform bill in September. The measure will now go to a committee to work out compromises between the two competing version before the final draft … (1 comments)
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refinance: Why It Pays to Check Out Lender-Paid Mortgage Insurance - 10/05/07 09:30 AM
Mortgage insurance, or PMI, has had an unfair rap ever since the media grabbed the topic 10 years ago and beat the life out of it. Every client thereafter spit out the same warning when we met.
I don’t want PMI!
Ok, I get it. So, most of … (3 comments)
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refinance: FHASecure: The Solution to Foreclosure? - 08/31/07 05:33 PM
President Bush today announced FHASecure, a new FHA refinance program designed to help trouble homeowners keep their homes. The new program should provide an option for at least some of those people headed into foreclosure due to interest rate resets and skyrocketing mortgage payments.
Who will benefit? Hard to say … (2 comments)
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refinance: Sacramento Mortgage Rate Update - 08/29/07 11:27 PM
So what are mortgage rates doing?
That’s an interesting question. The conforming 30 year fixed rate has actually been falling. That is the bright star in a dark sky. But, it helps pull FHA, VA, CalHFA and any agency 100% programs down with it.
Freddie Mac last week reported … (0 comments)
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refinance: More Lenders Falter - 08/22/07 05:33 PM
Lehman Brothers announced today the closure of its sub-prime subsidiary BNC Mortgage. Lehman Brothers will continue to originate prime mortgages through its Aurora Loan Services platform but is discontinuing all sub-prime originations.
More sad news from my rep at Accredited Mortgage yesterday afternoon:
I’m sure you’ve all heard the news that we’ve … (2 comments)
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refinance: Words of Wisdom from a Mortgage Veteran - 08/20/07 02:39 PM
These words of wisdom came in the form of a Monday morning email from fellow loan officer and mortgage broker Dave Ryland. Dave was a seasoned professional when I got into the business 18 years ago. Through good and bad markets, Dave has lived and demonstrated the kind of integrity & professionalism that … (3 comments)
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refinance: American Home Mortgage Falls as Credit Markets Tighten - 08/02/07 06:07 PM
Although not quite the canary in this coal mine, yesterday’s announcement of insolvency by American Home Mortgage Corp., one of the country’s largest mortgage banks, sent a chill through the financial markers. The announcement was significant because AHM was not a sub-prime lender and because it indicates that the mortgage … (3 comments)
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refinance: 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, … (0 comments)
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refinance: Sacramento Mortgage Rate Update: What the hell happened? - 06/19/07 07:21 PM
I came back from two weeks vacation last Tuesday to find rates half a point higher than when I left. You just can’t take your eye off things for a minute anymore. But seriously, 6.625% at one point. That’s a serious increase for a two week period.
So What Happened?(read … (0 comments)
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refinance: 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 comments)
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refinance: 6 Reasons Your Next Loan May Take Longer Than It Should - 02/21/07 02:34 AM
The way the real estate market has slowed, you would think lenders would be just waiting to pounce on and approve next loan that comes through. You’d think our “turn times” would be faster for underwriting, drawing loan docs, funding and recording. You’d think loans should virtually fly through the … (17 comments)
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refinance: Sacramento Mortgage Rate Update - 01/26/07 08:20 PM
The benchmark 30 year fixed rate mortgage climbed higher again this week, ending at 6.125% with 1 point.
Behind the Numbers
The week was a bag of mostly positive economic news, further eroding hopes of a Fed rate cut anytime soon. After briefly crossing 4.9% for the first time since August, the … (0 comments)
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