burlingame: What's Ahead For Mortgage Rates This Week : May 22, 2012 - 05/22/12 02:23 AM
Mortgage bonds improved last week on lingering concerns for the European Union, plus weaker-than-expected economic data here at home. Global investors were net buyers of mortgage-backed securities last week, pushing mortgage rates lower nationwide.
According to Freddie Mac's mortgage rate survey, conforming 30-year fixed rate mortgage rates slipped to 3.79%, on average, last week for borrowers willing to pay 0.7 discount points and a full set of closing costs.
This is the lowest on-record.
15-year conforming fixed rate mortgage rates also fell to a new all-time low, registering 3.05% with 0.7 discount points and closing costs.
1 discount point is equal … (0 comments)

burlingame: Is More Fed-Led Stimulus On Its Way? - 05/18/12 08:48 AM
The Federal Open Market Committee released its April 2012 meeting minutes this week, revealing a Federal Reserve in the ready in the event additional monetary stimulus is needed.
The Fed Minutes function much like the minutes from a business meeting; or, condominium association meeting, for example. It's a detailed review of the conversations and debates between FOMC members, and is typically published 3 weeks after a Federal Reserve meeting.  
The Fed Minutes is a follow-up statement on the FOMC's more well-known, post-meeting press release. It's also much more lengthy.
Whereas the April 25, 2012 press release totaled 444 words, the Fed … (0 comments)

burlingame: Home Affordability Getting A Springtime Boost From Greece - 05/15/12 06:40 AM
Home affordability is receiving a boost from across the Atlantic Ocean this spring.
For the third time in as many years, a weakening Eurozone is pushing May mortgage rates to new lows nationwide.
The story centers in Greece and begins in 2010.
2 years ago, it was uncovered that successive Greece governments had purposefully misreported the nation-state's economic statistics in order to meet European Union standards. The fraudulent data had permitted Greek governments to spend beyond their means while hiding deficits from EU auditors.
The realization that Greece was heavy in debt with little means to repay its creditors resulted in … (0 comments)

burlingame: What's Ahead For Mortgage Rates This Week : May 14, 2012 - 05/15/12 06:36 AM
Mortgage markets worsened slightly last week as positive U.S. economic news overshadowed growing concerns for the Eurozone's future. Political and economic issues continue to weigh on Greece and Spain, and it's still unknown how France's new President will change that nation's fiscal direction. 
Conforming mortgage rates edged higher on the week overall.
Last week was light on economic data, but the figures released suggest an improving U.S. economy.
For example, the Bureau of Labor Statistics reported 3.7 million job openings nationwide this past March, marking the highest amount since July 2008. Voluntary separations (i.e. "quit jobs") increased, too -- also at … (0 comments)

burlingame: Mortgage Rates Make New All-Time Lows (Again) - 05/15/12 06:34 AM

Conforming mortgage rates continue to drop.
For the second straight week, the 30-year fixed rate mortgage fell to a new, all-time low nationwide. According to Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate mortgage rate dropped 1 basis point to 3.83% this week for borrowers willing to pay 0.7 discount points plus a full set of closing costs.
The 15-year fixed rate mortgage also set a mortgage rate record, registering 3.05% with an accompanying 0.7 discount plus closing costs.
Discount points are a one-time, up-front closing cost, based on loan size. 0.7 discount points is equal to … (0 comments)

burlingame: 8-Fold Increase In "Improving Markets" Since September - 05/15/12 06:32 AM
The economic recovery continues nationwide, but the recovery's an uneven one. Some metropolitan areas are faring very well this year, posting measurable gains in both employment and housing. Other metropolitan areas, by contrast, are struggling. To help identify those markets in which growth is occurring, the National Association of Homebuilders created the Improving Market Index, a metric analyzing three separate, independently-collected data series "indicative of improving economic health". The IMI's three collected data series are : Employment Growth (as published by the Bureau of Labor Statistics) Home Price Growth (as published by Freddie Mac) Single-Family Housing Growth (as published by the … (0 comments)

burlingame: Banks Resume Tightening Mortgage Guidelines - 11/11/11 08:58 AM
With Halloween behind us, retailers are in the Holiday Spirit. Businesses know that consumers spent a median $556 on holiday gifts last year and they want this year to be just as strong.
That's why it's barely November and, already, Black Friday ads clog our mailboxes and the airwaves. Retailers want our dollars and they're offering great deals to early shoppers.
There's one discount a smart shopper should think twice, however -- the ever-present "Open A Charge Card Today And Save 15%" promotion. In the short-term, deals like this will save money. 
Over the long-term, however, opening a charge card could cost … (1 comments)

burlingame: What's Ahead For Mortgage Rates This Week : November 7, 2011 - 11/07/11 05:31 AM
Mortgage markets improved last week as optimism for a Greek Bailout program faded, triggering a global flight-to-quality assets. Fear of a Eurozone rift outweighed positive economic remarks from the Federal Open Market Committee and an in-line U.S. jobs report.
Although the Federal Reserve said the economy had "strengthened somewhat", a statement backed up by Friday's Non-Farm Payrolls data which -- with revisions -- met analyst expectations, concern that Greece may not receive its aid caused mortgage to fall.
Conforming mortgage rates dropped Monday and Tuesday, pushing rates to near their lowest levels of the year. Rates remained low through Friday.
According to … (0 comments)

burlingame: The Most Expensive ZIP Codes In The Country (2011 Edition) - 11/04/11 08:01 AM
In the housing market, amenities and location have as much to do with a home's value as the everyday forces of supply-and-demand. Whereas the latter causes home values to rise and fall over time, the former creates a starting point for said values. 
Where you live -- and the features of your home -- determine your home's price range. Naturally, homes in some areas are consistently higher-valued than homes in others.
Using data compiled by real estate market data firm Altos Research, Forbes Magazine presents America's 10 most expensive ZIP codes. California and the New York Metro area dominate the list.
Alpine, NJ … (0 comments)

burlingame: Financing Smart Home Improvements - 11/04/11 07:53 AM
You've found a great home, but it's a bit rough around the edges and you're on a limited budget. That leads to a number of questions: How much will the necessary upgrades and repairs cost? How much value will they add to the home? How are you going to pay for all this? Whether you are upgrading to a larger home in a neighborhood you've always loved, downsizing to a smaller home now that the kids are out of the house or even moving to a new state, don't let a house that you love get away just because it needs … (0 comments)

burlingame: A Simple Explanation Of The Federal Reserve Statement (November 2, 2011 Edition) - 11/02/11 07:29 AM
Wednesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The vote was nearly unanimous, with just one dissenting voter. There were 3 dissenters at each of the FOMC's last two meetings.
In its press release, the Federal Reserve presented an improved outlook for the U.S. economy, noting that since its last meeting in September, there's new evidence that the economy "strengthened somewhat" in the third quarter.
One example cited is that consumer and business spending continues to rise while inflationary pressures on the economy remain modest. This indicates … (0 comments)

burlingame: More Risk To Home Affordability : Friday's Jobs Report - 11/02/11 07:24 AM

Within the next 48 hours, mortgage rates may get bouncy. The Federal Open Market Committee will adjourn from a 2-day meeting and October's Non-Farm Payrolls report is due for release.
Of the two market movers, it's the Non-Farm Payrolls report that may cause the most damage. Rate shoppers would do well to pay attention.
Published monthly, the "jobs report" provides sector-by-sector employment data from the month prior. It's a product of the Bureau of Labor Statistics and includes the national Unemployment Rate.
In September, the economy added 103,000 jobs, and job creation from the two months prior was shown to be … (0 comments)

burlingame: As a real estate agent, what do you think is the most important thing to find in a lender? - 10/31/11 01:09 PM
A lender is his or her own brand.  The moment I see a pre-approval letter, I know many things in one instance:  Whether or not the deal will close; whether or not the deal will close on time; and whether it will close without hiccups—all because of the person behind the letter.  It's about trust and doing what it takes to get the job done and going above and beyond to be sure it happens! To do what you say you are going to do is a very important aspect in a lender, especially in this economy where at times it’s … (4 comments)

burlingame: What's Ahead For Mortgage Rates This Week : October 31, 2011 - 10/31/11 01:03 PM
Mortgage markets moved across a wide range last week before, ultimately, finishing unchanged. The bailout of Greece both dominated headlines and dictated market direction.
It was a wild ride for rate shoppers.
Early in the week, mortgage rates spiked. Eurozone leaders expressed optimism that a deal for Greece's solvency would be made, rhetoric to which Wall Street responded selling mortgage bonds.
When markets closed Wednesday, conforming mortgage rates were at their highest levels since September.
However, when markets opened Thursday, rates began to reverse lower. Investors deemed the details of the Greece fuzzy, and, once again, sought safety in the U.S. mortgage bond … (0 comments)

burlingame: As Jobs Tally Fades, Mortgage Rates Fall - 09/08/11 03:09 PM

The U.S. economy is no longer adding new jobs.
Last Friday, in its monthly Non-Farm Payrolls report, the Bureau of Labor Statistics reported that the U.S. economy added exactly zero new jobs in August as the national Unemployment Rate held steady at 9.1 percent.
Despite the "zero" reading, the jobs figures were in the red. This is because the BLS issued revisions to its June and July figures that adjusted the two months of data down by 58,000 jobs.
Economists had expected a monthly reading of +75,000. Their estimates missed.
The weaker-than-expected jobs data fueled a stock market sell-off that … (1 comments)

burlingame: Retail Sales Report Should Spell Higher Mortgage Rates For Wednesday - 04/14/11 03:16 PM

Consumer spending is alive and well, it seems -- unwelcome news for today's home buyers. 
Wednesday, the Census Bureau will release its March Retail Sales figures and the report is expected to show higher sales receipts for the 9th straight month. A strong reading like that should spell higher mortgage rates nationwide.
The connection between Retail Sales and mortgage rates is fairly tight. Retail Sales are "consumer spending" and consumer spending accounts for the majority of the U.S. economy. The U.S. economy, of course, is a dominant force in setting the direction in which mortgage rates are headed.
For example, in … (1 comments)

burlingame: You’ve been in the mortgage business for over 20 years. You obviously like your job, how does it make you feel to help your clients? - 02/02/11 03:31 PM
Honestly, I could not see myself doing anything else. I love using my expertise and knowledge to help provide financing solutions to my clients, because financing a home is so important to them and the process can be very confusing! Every client has a special story on why the home they are buying is important to them and no two stories are alike. I try to understand each client’s personal situation and I make sure to explain every aspect of the process they are embarking on, and not just my side of the it, but also what everyone else is doing … (0 comments)

burlingame: What's Ahead For Mortgage Rates This Week : January 10, 2011 - 01/10/11 06:12 AM
Mortgage markets gained last week as a combination of safe-haven buying and an improving economic outlook attracted new buyers. Demand for mortgage-backed bonds outweighed supply and conforming and FHA mortgage rates edged lower.
Last week marked the second straight week that mortgage rates fell. Rates had risen over the previous 7 weeks.
According to Freddie Mac's weekly mortgage rate survey, the national average rate for a 30-year fixed rate mortgage is 4.77 percent with an accompanying 0.8 points required.
This week, with no new data due for release, look for last week's two biggest stories -- jobs and debt -- to carry … (0 comments)

burlingame: As manager of a real estate office, what traits have you seen successful Realtors portray that unsuccessful Realtors do not? - 12/20/10 09:15 AM
I’ve seen that a lot of very successful Realtors open themselves up to the new techniques of finding business.  It’s important to understand were the upcoming buyers and sellers may be! However, most of them still get the majority of their business the old fashioned way. 

Never underestimate the power of prospecting past clients and your sphere of influence. Be sure you always provide superior service and do everything you can to make your clients happy and you’ll never have to worry about a bad referral.  Past clients, friends, and family will always be willing to recommend you to a friend!
 … (1 comments)

burlingame: What makes Burlingame special? How is the market there now? - 11/09/10 07:02 AM
Burlingame is what I refer to as a destination market. This means it’s a place you want to live, not somewhere you settle for until you can afford where you want to live!  It’s a place to stay.  We see young couples doing everything to squeeze themselves into the cheapest home on the market just to be in the area!

 We also see people moving up from the nice 3 bedroom to the grand home of their dreams, but still within Burlingame! Retired couples will bite the bullet on property taxes so that they can remain in the area they want … (0 comments)