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I know this is not on the top prioity list of things to ponder, but in these times it's always nice find find something to chuckle about.  I came across a brief article on Mortgage New Daily today.

It all has to do with how one really should pronounce the term, Realtor.

It's cute, and I found myself laughing at myself, since at times I also find myself mispronoucing the term...although I really shouldn't.

In the end, I think I learned my lesson for today not to pronounce your term Real-uh-tor, and just how many syllables the word really has.

Enjoy the short read, and leave any comments if you deem appropriate.

See the link below:

http://www.mortgagenewsdaily.com/channels/community/Pronouncing-the-Word-Realtor.aspx

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It was announced on the business news today how Facebook uploaded ALL phone contacts from your cell phone, even those not belonging to Facebook.

Review my Re-post of instructions how to correct below:

ALL THE PHONE NUMBERS from your phone are now on Facebook! Go to the top right of the screen, go to ACCOUNT,go to EDIT FRIENDS, left side click CONTACTS. you will see all you're phone numbers (FB friends or not) are published that you have stored in your mobile phone. TO REMOVE, go to the right column, click on "this page." And then click "Remove" Please re-post this on your status, so your friends can remove their numbers and thus prevent abuse if they do not want them published.

Something else may be happening, but not sure it is related................I got a message from one of my Realtors about a photo of his that was tagged, and it contained pornographic photos of women telling one to webcam.

Needless to say, I called my agent, and emailed him of the situation.  I'm sure he will have to send out a blurb to all his friends and clients whom he puts a monthly newletter out with on Facebook.

Something to ponder with the wild west now called the Internet.

I've always been told to use a difficult and secure password when using social media sites.

If you have Facebook, and haven't checked it, I'd recommend you do so soon.

www.SDMortgagefinder

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Just released.  Effective October 1st, 2011 new loan limits will be in force.

Below is a direct link to the Federal Housing Finance Agency........please scroll down to the section identified by Maximum Loan Limits that Apply to Loans Acquired in Calendar Year 2011 and Originated after 9/30/2011

Not much change except for those falling under the High Balance Conforming above $ 417,000

http://www.fhfa.gov/Default.aspx?Page=185

Good luck, and thanks for reading

www.SDMortgagefinder.com

Bloomberg just announced that the Fed Open Market Committee just announced it's intentions to keep rates low for the foreseeable future through 2013 to help spur the US economy.

This is very unusual for the Fed, as they usually keep their Policy intentions under a tight lid.....go figure.

With movements in the market as they have been ever since the downgrade of the US financial rating by Standard and Poors last Friday, this is clearly an attempt by the Fed to bring more stability to the markets.

For the complete article, please click on the link provided below to directly link to Bllombergs article:

http://www.bloomberg.com/news/2011-08-09/fed-to-keep-rates-at-record-lows-at-least-through-mid-2013.html

As a side note, 10 year Treasuries with this news continues to react with unprecedented Low yields which in turn have spurred record low mortgage interest rates.

Let's all keep this in perspective, and hopefully keep the panic down to a minimum.

www.SDMortgagefinder.com

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The Consumer Financial Protection Bureau (CFPB) recently developed a series of new forms that would recreate the current Good Faith Estimate and Truth in Lending statement.  The intent is to simplify and combine the two forms into one easy to understand format.

Like anything else the government does, they did not give us much time for comment.  While I just stumbled on this last week, commentary is up on Monday, August 8th.

Below is a link to the article posted in a website I frequent at Mortgage News Daily. If you wish, you can read the article, and at the bottom there is a link where you can vote as to which two forms are the best.

Personally, I prefer Option 1, but both are dramatic improvements to the nightmare forms we are required to use.  Yes, there can be even more slight tweaking to these proposed forms, but again they are a vast improvement over what we use now.

Please cast your vote, and share this with others whom you think would be interested or benefit from this improvement.  I believe that both my clients and yours would appreciate the new changes.

Thanks for reading.

Here is the article:

http://www.mortgagenewsdaily.com/08022011_cfpb_loan_disclosure_reform.asp

www.SdMortgagefinder.com

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Last Week's report was not posted due to a family emergency.  My apologies.

This weeks news kept mortgage rates bobbing back and forth most of the week with various releases of economic activity and market reports.  Below is a synopsis of this week's activity including Fridays announcement of new home sales which skyrocketed.

Monday / The Conference Board's index of leading indicators was up 1.4% in March, led by manufacturing after being revised upward for February and January by 4% and 6% respectively.

Tuesday / ICSC Goldman Store Sales report showed store sales keep climbing with a 0.2% increase for the week of April 17th, and a year-on-year increase of 4.6%.

Wednesday / The Mortgage Bankers Association's report on purchase applications showed a 10.1% increase for the week ended April 16th with the approaching deadline of stimulus with buyer tax credits.  A slight dip in interest rates also saw refinance application up slightly.

Thursday / Producer Price Index(PPI) rose 0.7% in March after declining 0.6% in February.  The core level excluding food and energy rose a slight 0.1% within expectations.  Initial unemployment claims dropped to 456,000 vs. the previous week's report of 480,000.  Continuing claims fell 40,000 to 4.646 million.

Sales of existing homes rose as expected in March but still show a less-than-robust pace ahead of this month's expiration of second-round stimulus. Existing home sales rose 6.8 percent to an annual rate of 5.35 million with February revised slightly downward to 5.01 million.  Supply fell back to 8.0 months from February's 8.5, and the median price rose 3.7 percent to $170,700 with the year-on-year comparison once again positive at 0.4 percent. All cash sales remain very high, at 27 percent, reflecting tight credit and low home prices. Distress sales rose 3 percentage points to 36 percent with first-timers making up 44 percent of total sales, up 2 percentage points from February.

Though the housing market is still soft, the National Association of Realtors believes second-round stimulus "has done its job" and is not asking Congress for another extension. The NAR said foreclosures are being absorbed at a "manageable" rate. Stocks are edging lower following the report.

Friday / Durable Good Orders showed new orders for durable goods in March dipped 1.3 percent after gaining a revised 1.1 percent in February. 

The pending expiration of stimulus home buyer tax credits lifted new home sales sharply in the latest report. New home sales in March surged 26.9 percent to a 411,000 annual rate. Analysts had expected a 330, 000 rate. Supply on the market eased to a 6.7 months' supply from 8.6 in February. By region, sales spiked 43.5 percent in the South with the Northeast up a robust 35.7 percent. The West and Midwest also gained by 5.7 percent and 4.3 percent, respectively.

Rates rose just slightly for the week after bobbing up and down all week over economic news.  Some signs of positive economic activity and the continuing concern over the financial situation in Greece have led to these increases.

Mortgage Rates for the Week ( 30 Day Locks )

Conforming 30 Yr Fixed ended at 4.75% with an APR of 4.953

Conforming Jumbo 30 Yr Fixed ended at 5.000% with an APR of 5.158%

Recommendations

Rates have edged up slightly over previous lows, but are still near all time lows. Clients closing in the next 30 days should exercise caution.  Recommendation is to lock as market pressures point to more slght increases in the week ahead.

Have a great weekend selling, and in California if you need assistance, please call me direct at                858-997-6300.

SDMortgagefinder

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Forgive me; last week report was not completed due to the Good Friday Holiday.  Below is this week's report and analysis of key economic news effecting our business:

Rates rose most of the week over various pieces of economic news, and the Treasury Auctions which need to attract investors to finance or national debt saw Treasury Yields climb from last week.  Since the Fed's exit from supporting Mortgage Backed Securities on March 31st, rates have increased on average from 0.25% to 0.375% on both conforming and jumbo loans.  Below is a synopsis of this week's economic activity:

Monday saw the National Association of Realtors announce the Pending Home Sales figures for February which showed a jump of 8.2% overall from the previous month ahead of April's expiration of the Tax Stimulus.  The Midwest showed the largest increase of 21.8% while the South and Northeast showed modest gains.  The West was reported as declining to a small degree.  Even with the lift, with the Stimulus ending and rising mortgage rates, market insiders are concerned about a potential double dip in housing.

Tuesday saw Retail Sales jump 4.7% for the year partially due to the pre-Easter holiday.  The Fed's March FOMC Minutes were released showing continued economic recovery.  The Fed did note concerns of a continued weak labor market, and the affects of government borrowing and tight credit on continued improvement.

Wednesday saw the number of application reported by the Mortgage Bankers Association Plummet as rates increased from previous lows.  Sentiment is that any refi boom is now over, and most activity will be focused on the purchase markets.  Consumer credit fell a whopping $ 11.5 Billion from January.

Thursday's Retail Sales showed a sizable increase with three straight months of increases for the year so far.  Unemployment saw a sizable jump from the prior week although most indicated that the numbers were somewhat distorted due to the Easter holiday and Cesar Chavez Holiday in California.

Today's Wholesale Trade numbers showed continued improvement in business inventories which evidence wholesalers building stock in anticipation of increased sales.

Most of this week's losses in the Treasury market were due to increased government spending.  To lure investors, the market usually raises yields on Bonds to attract buyers.  This is what primarily has effected mortgage rates to increase as the 10 Yr Treasuries are once again a strong benchmark vs Mortgage Backed Securities.  Yields this week hit a new high of almost 4.00% for 10 Yr Treasuries.  The 10 Yr Treasury ended the day at 3.88% from previous highs as traders speculate that the Fed will continue to attempt to keep rates low.

Fixed Rates for the Week are Below ( 30 Day Locks )

Conforming 30 Yr Fixed ended at 4.875% with an APR of 5.023%

Conforming Jumbo 30 Yr Fixed ended at 5.125% with an APR of 5.250%

Even with the exit of the Fed from MBS subsidies, rates have only increased a modest 0.25% to 0.375% from previously reported rates.  Market sentiment is that rates will continue to remain low until the Fed makes any sharp reversals in monetary policy.

Next Week's Economic Calendar Includes

Monday / Treasury Budget

Tuesday/ International Trade and Import/Export Prices

Wednesday / Consumer Price Index, Retail Sales, and Business Inventories

Thursday / Jobless Claims, Industrial Production, and Philadelphia Fed Survey

Friday / Housing Starts and Consumer Sentiment.

While rates have edged up over previous lows, we still have some of the lowest rates in years.  If you have transactions closing within the next 30 days we recommend that your clients to exercise caution and be ready to lock at a moments notice.  Make sure they keep close tabs of their L/O's.

Have a great weekend selling, and in CA if you need assistance, please call me direct at 858-997-6300.

SDMortgagefinder

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For week's now, the financial markets have been gearing up for the Federal Reserves withdrawal from the Mortgage Backed Securities (MBS) market by purchasing MBS's to keep rates lower.  Many have speculated either way as to how this will take the direction of mortgage rates in the future.

With all the " Hoopla " over the last few weeks, a vast majority are now inclined to think that the Fed's move will not drastically rates as much as anticipated.  Rates will likely again be closer tied to Treasury Bill prices, specifically 10Yr Bonds, which is what controlled rates in the past to a large degree.

While I profess not to be a complete expert in this area, I try to stay abreast of what and how it effects the market since I am a lender.  It is key for me to keep my pulse on rates so that I can educate borrowers and Realtors alike regarding mortgage trends.

Two articles were posted today regarding this subject.  One in Mortgage News Daily and the financial section of Aol.  While the information can be somewhat technical, they are both good reads to bring yourself up to speed on what could effect the direction of the market.

The general mood of the market from what I read is that rates may not be effected as much as first anticipated.  While no one has a crystal ball, most commentary has been on the positive side.  Let's hope that is the case.  Also remember, that in the last Fed Meeting, this subject was discussed with a comment by the Fed that they would keep as close eye on this, and how their exit effects the market.  The Fed did not close the door on re-entering the market if things got out of hand.

Stay positive.  To read the articles, click on the links below:

http://www.mortgagenewsdaily.com/mortgage_rates/blog/143544.aspx

http://www.housingwatch.com/2010/03/31/fed-pulls-plug-world-does-not-end/?icid=main|main|dl4|link3|http%3A%2F%2Fwww.housingwatch.com%2F2010%2F03%2F31%2Ffed-pulls-plug-world-does-not-end%2F

SDMortgagefinder

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Disclaimer: My goal is to ensure that the Realtor community is kept abreast of current market analysis.  While I haven't received any complaints, the news is not always positive towards our industry.  Rates are still near historic lows, so I always emphasize that with clients and hope that you do as well.

This week was full of economic news and releases of key data during the week.  Most notably, the Fed's auction of Treasuries seemed to have great bearing on the mortgage market this week with rates rising modestly during all auctions.  Below is a synopsis of this week's most notable news releases:

Tuesday/ The NAR released Existing Home Sales for February which showed a decline of 0.6% over January after they reported sales of 5.02 million sales on an annualized basis.  Distressed sales made up 35% of the sales total vs 38% in January.  The West and South still remain weak while the Midwest and Northeast showed strength in February.

Wednesday / Durable Goods Orders continued to show a gain although it improved only 0.5%- more important was a revision to January's numbers showing a 3.9% gain.  The manufacturing area continues to be a bright spot in our economy for the time being.  New Home Sales continued to show weakness with a drop of 2.2% for February.  Housing overall continues to drag on the economy with issues over employment and high government deficit spending.

Thursday / Initial Jobless Claims fell to a lower than expected 442,000 for the week ending March 20th.

Friday / GDP rose in the 4th quarter but not as much as expected ending at 5.6% vs expectations of 5.9% on an annualized basis.  The Reuters/University of Michigan Consumer Sentiment Index edged just slightly higher with a reading of 73.6

While most of the week showed very slight improvements other than housing, most of the week's rate volatility followed less than expected demand at the Treasury Auctions this week by the Fed.  What transpired was a fundamental weakness in Bonds with Yields rocketing higher in order to attract investors.  With the Feds upcoming exit from the Mortgage Backed Securities Market next week, traders are beginning to believe that mortgage rates will more closely follow the Treasuries.  Since the housing market is still very weak, many think that the Fed may have to extend or re-enter the Mortgage Backed Securities Market to prevent rates from escalating too high in the months ahead which would slow housing even further.  That said, we still have rates near historic lows which is important to convey to our clients.

Rates Below are Today's Close for 30 Day Locks

Conforming 30 Yr Fixed ended at 4.75% with an APR of 4.919%

Conforming Jumbo 30 Year Fixed ended at 4.875% with an APR of 5.043%

Today's slight rebound in the Bond market helped to reduced this weeks rise in rates with rates edging up 1/8th from last week for conforming fixed.  Recommendation for those of you who have client's closing within the next 30 days is to strongly encourage locking.  Market sentiment with the Fed's MBS exit is for rates to jump possibly by 0.25% to 0.5% in the coming weeks.

Next Week's Economic Calendar Includes:

Monday / Personal Income

Tuesday / Consumer Confidence

Wednesday / ADP Employment, Chicago PMI ( Purhase Managers Index ), and Factory Orders

Thursday / Motor Vehicle Sales, Jobless Claims, Construction Spending

Friday /  Good Friday only has the Employment Situation Consensus

Have a great weekend selling, and in CA if you need assistance please call me direct at 858-997-6300.

SDMortgagefinder

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Yesterday I posted what I considered an important piece on the Congressional hearings by the Financial Services Committee.  Basically, the blog had to do with the potential changes being considered for Fannie Mae, and Freddie Mac.

Please refer to yesterday's blog if you wish.

Today, Mortgage News Daily had an important follow-up detailing more information and perspectives from various news agencies.  Since this will effect us all...Realtor, Lender, and Consumer I feel it is imperative that those who plan on being in business in the future be up to date on this information, as it will effect the way and means that we do business in the future.

Please review todays synopsis of yesterday's hearings.

http://www.mortgagenewsdaily.com/03242010_tim_geithner_hfsc.asp

Regards

SDMortgagefinder