Market and Rate Watch

FHA Hope 4 Homeowners-Why isn't this program offered?

James Bowen (Eagle Nationwide Mortgage Co.) — Wed, 22 Apr 2009 10:03:15 -0500

Hello All:

I am searching for lenders that will still do this crucial program that can benefit homeowners and keep them in their homes. I have 2 folks that hit some bad times and are now in jeopardy of losing their long time residences. This is a great program but it doesn't appear that it has made it's way into the major players product arena, even though Mr. Obama has made the TARP funds more readily available. I realize that all these lenders are tightening their belts and keeping capital in house, but when you have folks that have suffered a major blow to their income and/or life status, it would seem that the last thing that any lender would want to do is to foreclose. Does anyone have any thought on this program?

james bowen

Earnings will again rule the market this week-Mortgage Rates for Monday 1/26/09

James Bowen (Eagle Nationwide Mortgage Co.) — Mon, 26 Jan 2009 08:07:12 -0600

Just as last week, this weeks market tone will be set in large part by earnings reports. There was improved sentiment in early pre trading as the Pharmaceutical Sector rebounded with news that Phizer was snapping up Wyeth creating the largest Acquisition in history. However, all it took was Caterpillar coming out reporting that their loss expected was well more than predicted. Their further statement of some 20K job cuts once again reinforced that it will get worse before better and that the current Administration is under watchful eyes with the progress of the proposed "Stimulus Package".

The 10 year TNOTE yield continued to climb throughout the week and closed Friday at 2.62%. Just for comparison purposes, Yield was at roughly 2.18% last month and last week it was at 2.39%. Rates have followed that trend as well and are back above 5% and closer to 5 1/8 or more. If the market can keep it's focus away from Financials this week, perhaps TNOTES will see more activity and we'll likely see some slight improvement. It's too early to tell, so keep your eyes open.

THIS IS MY OPINION ONLY NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

Inauguration Blues should turn around today-Mortgage rates for Wednesday 1/21/09

James Bowen (Eagle Nationwide Mortgage Co.) — Wed, 21 Jan 2009 07:27:45 -0600

Amidst all the Pomp and Circumstance surrounding the the Inauguration of US #44, MARKETS SUFFERED THEIR WORST SINGLE DAY LOSS SINCE EARLY DECEMBER AND CLOSED UNDER 8000 FOR THE FIRST TIME SINCE NOVEMBER. Once again fresh concerns (or at least somewhat fresh) surrounding world financial markets caused investor panic. The Royal Bank of Scotland led the investor blues reporting a 2008 total loss expectation of over 40 billion. This follows last weeks US results from US giants Citi and B of A, each reporting loss numbers that were off the charts. Both of these once "too big to fail" institutions lost 20% yesterday alone in the wake of the world market gloom. Britain reported that it's unemployment rate is now rivaling the US as it tipped the scale over 6% for the first time in more than 10 years. The one financial firm that actually helped to moderate the world tone was France's Societe General which bucked the trend and reported a gain, much like the US's JP Morgan did last week.

Today's market start should be higher as IBM and Ericcson each reported better than expected results. The post Inauguration rally could be short lived as the afternoon brings the release of the Housing Index, which won't bring any big surprises, but will underscore the fact that our new President has LOTS OF WORK TO DO NOW, NOT LATER.

So what does this mean for Mortgage rates? We saw the 10 year TNOTE yield retreat yesterday after several consecutive days of increases. The 30 year rates actually rose to over 5% during this period, but should start the day a little lower in early morning pricing releases. To be honest with you, I am unsure where they will head today. Investor sentiment with the anticipated rally may send pricing up a bit, HOWEVER, if Financials actually see some relief and if the Housing Index releases don't shock the market too severely, there may actually be pricing improvements. Keep your eyes open. NO MATTER WHICH DIRECTION PRICING TAKES, RATES ARE STILL THE LOWEST IN MANY, MANY YEARS AND THIS IS A GREAT TIME TO GET YOUR APPLICATION IN PLACE. IT MAY NOT BE THE DAY TO LOCK THAT RATE, BUT WITH BANK UNDERWRITING TURN TIMES UP AND TYPICAL REFINANCING PERIODS NOW CLOSER TO 45 DAYS THAN TO 30 DAYS, THERE IS TIME TO LOCK DOWN THE ROAD.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION.

Citi and B Of A both post huge losses-BUT, market will rebound today-Mortgage Rates for Friday 1/16/09

James Bowen (Eagle Nationwide Mortgage Co.) — Fri, 16 Jan 2009 07:51:40 -0600

Citi and B Of A earnings(or should I say loss) reporting is now out and investors are ready to put this in perspective and also put it behind them and move forward. Citi is breaking up into two units-traditional banking and riskier asset holding-with the intent at some point in time to spin the latter off to other buyers. It has already sold it's investment arm off in order to regroup and raise capital. B Of A successfully negotiated with the current administration and received an additional 20 billion in TARP funds , now matching the 45 billion that Citi has received from the Treasury. This should allow them to get back into operating condition.

These moves will provide a basis for a Friday rally, but sentiment will likely be tempered by economic reports due out today. The Labor Department is releasing the Consumer Price Index results, expected to fall, reflecting the huge drop in gas prices. The other report also expected to show a large drop is Decembers Industrial production reading. Both of these are not expected to be any big surprise, but will show the continued weakness of the economy, not expected to revive any time soon.

So, once again, financials will set the tone today, and consequently treasuries should take a hit, raising TNOTE yield and possibly the 30 year mortgage pricing. There was a slight rate increase yesterday and I think it will continue today, but I also believe that rates will still remain sub 5%.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

Where is market headed today? Mortgage rates for Thursday 1/15/09

James Bowen (Eagle Nationwide Mortgage Co.) — Thu, 15 Jan 2009 07:33:17 -0600

Yesterday's news was pretty dire and today's probably won't be any better. There are lots of reports due out today. The Labor Department is expected to report that after 2 weeks of declines, unemployment claims will once again jump and their report on Producer Prices should show a huge drop of nearly 2% indicating that consumer demand dropped sharply. Two regional Fed's are reporting manufacturing activity which is expected to reveal further drops and three Fed Res. guru's are going to talk today about their economic outlooks.

Now for some better news. JP Morgan actually posted a small 4th quarter profit. But, it also placed over 4 billion aside for further credit writedowns.So, while it appears to have weathered the 2008 crisis a bit better than it's peers, there is still uncertainty over when it will be out of the woods. Conversely, B of A has asked for additional BAILOUT BUCKS so it can finalize it's acquisition of Merrill Lynch. They report earnings next Tuesday, so expect some pretty ugly numbers.

Mortgage application volume was up big last week-over 16% with refinances leading the way. Consumers looking for better rates and terms accounted for a 25% increase from the prior week. This is a result of the National average for 30 year fixed rate mortgages dipping below 5%. Yesterday's 10 year TNOTE yield closed at 2.21%, down from the open of 2.27%. Today's TNOTE direction will be largely affected by how JP Morgan's news is received by investors as it is the first of the big banks to report and will set the tone for the financial markets. The B of A news will also play a big factor. Yesterday's mortgage rates did indeed follow the 10 year bond as I saw rate sheets with pricing approaching 4.625%, down slightly from the prior day. I anticipate that they will hold at this level today.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

Another down day for the Market-Rates should drop as TNOTE yield drops too!-Mortgage rates for Wednesday 1/14/09

James Bowen (Eagle Nationwide Mortgage Co.) — Wed, 14 Jan 2009 08:47:57 -0600

Today's market is set to open lower as the first of several reports today and this week is out and is much worse than predictions. The Commerce departments report on December retail sales shows the worst numbers since 1969. Sales were down more than 2 times expectations- -2.7% compared to -1.2% predictions. This is the first year that OVERALL yearly sales showed a negative. Other reports due out today include a report on Business inventories and the Fed Beige Book report highlighting regional activity. These reports will set the stage for many more earnings reports due this week and next with the banking sector leading the way. JP Morgan is set to release figures tomorrow, a week ahead of schedule. Banking results are the big news for the day and week as Global results are also coming out and they are not good. Deutche Bank has reported a 4th quarter loss of over 6 billion and Commerzbank is now 25% owned by the german Government. The Royal bank of Scotland is now majority held by Britain and HSBC is looking to raise over 20 billion and will cut it's dividend in half as it's capital has dwindled more than expected. So, is Citi the next bank to be Nationalized?

The TNOTE Yield is reflecting the uneasy sentiment starting the new year. It has dropped to open the morning near 2.27%, down from yesterday's close of 2.297%. Rates changed several times yesterday in response to the market which was up and down before settling down slightly. I anticipate that today will follow suit but with wider swings. Yesterdays rates still held near 4.75, but trended closer to 4.875%. I see pricing coming back down as more investors lean to government notes as opposed to the weak, unstable market offerings. If this trend continues, rates may come close 4.5% by the end of the month. Of course, this is my opinion, but the rate market reached that level and below just a couple weeks ago and I wouldn't bet against the same occurring in the upcoming weeks.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

Expect a further Market slide today-Mortgage Rates for Tuesday 1/13/09

James Bowen (Eagle Nationwide Mortgage Co.) — Tue, 13 Jan 2009 08:35:05 -0600

If World Markets are an indication of what is ahead for the US markets today, expect another sell off ahead of more earnings reports throughout the week. After the Market closed yesterday, ALCOA reported a larger than expected loss and it's shares dropped over 1.5% pre-open this morning. World Markets are down about the same percentage with Japan's Market leading the way at about 5%. Citi concerns will continue today, and shows just how interconnected all Global Markets really are. Analysts have changed the outlook for Large Financial institutions, now upping predictions for 4th quarter losses as well as lowering income projections for all of 2009.

The 10 Year t-note is opening slightly higher than it closed (up about .01%), but I would think this will begin to trend the other way after the opening bell as traders seek safer bets in the wake of the weeks earnings barrage.

I found this article to be interesting when I read it this morning. These are the top 5 areas for retention of property values. Two of these markets are right here in my back yard in Western/Central NY.

5 Strongest U.S. Housing Markets, by Metro Area

by Deborah Orr
Friday, January 9, 2009 provided by

McAllen, Texas
Population: 784,900
Bottom expected: N/A
Forecast price change to bottom: 0%

Syracuse, N.Y.
Population: 647,200
Bottom expected: N/A
Forecast price change to bottom: 0%

Pittsburgh, Pa.
Population: 2,346,800
Bottom expected: end 2009
Forecast price change to bottom: -0.3%

Buffalo, N.Y.
Population: 1,118,100
Bottom expected: mid-2010
Forecast price change to bottom: -1.0%

El Paso, Texas
Population: 795,800
Bottom expected: mid-2010
Forecast price change to bottom: -1.0%

So, while news is pretty glum these days, realtors in these markets should be counting their blessings and should be looking for ways to satisfy buyers and sellers in these areas. It has never been a better time is these markets.

I look forward to hearing from any real estate professional in these areas. I am here to help you sell homes. While bank lending may still be a tough go, having a mortgage professional with access to all possible products can help you through the financing arena. That is my pledge to you.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

This is going to be a volitale week for the Markets and rates-Mortgage Rates for Monday 1/12/09

James Bowen (Eagle Nationwide Mortgage Co.) — Mon, 12 Jan 2009 09:59:37 -0600

Expect very changeable market conditions this week. This is really the 1st true trading week since the Holiday season and is the beginning of the release of 4th quarter Corporate earnings reports. With that being said, world markets and now US markets are trading very cautiously as these reports are awaited. It is pretty much a given that the results will be poor as many companies have already sent warnings that initial numbers would not be met.

Other news being digested this week includes the possible merger of Citi's Smith Barney with the Morgan Stanley business highlighting what could become another very busy merger year for institutions on the bubble. Today's open is mirroring Friday's decline. Friday's losses were related to the governments report showing unemployment up to 7.2% and this has carried into Monday's market. Wednesday will feature the Feds Beige Book report which shows economic activity by region across the country. These reports are not expected to be favorable based on all preliminary indications. The Senate may vote this week on President elect Obama's stimulus package which may draw resistance and require additional scrutiny before passing. Oil has fallen back after a couple weeks of increases. The expected profit woes on Company balance sheets has once again driven down consumption predictions and even the Middle East and Russian/Ukraine issues are not providing an upward catalyst for OIL pricing.

The yield on the 10 yr TNOTE which provides a basis for 30 year mortgage pricing has dropped off after opening 2/100's of a point higher than Friday's close. It is now down to 2.38% from a high of 2.43% earlier in the day. This should equate to minor price changes later in the day if this trend holds.

Current 30 year Mortgage pricing is roughly 4.875%.

Net Branch Loan Originator closes most origination offices

James Bowen (Eagle Nationwide Mortgage Co.) — Fri, 09 Jan 2009 07:59:57 -0600

I never like hearing news like this. But I am posting this in hopes that I may be able to offer an opportunity to some of these mortgage professionals.

My Rate/Watch blog will be back. I've had a lot going on lately, but I am dedicated to getting it started again next week. Rates are still under 5% but have been creeping back up over the past few days. The upcoming week will be more of a rate determinant, as the Hoilday hangover will be burnt off by them......

1st Metropolitan Originators-CALL ME TODAY

I urge any 1st Metropolitan originators who have been affected by the recent announced closing of the majority of the origination shops nationwide to CALL ME TODAY. EAGLE NATIONWIDE MORTGAGE IS A SUBSIDIARY OF EAGLE NATIONAL BANK-A FEDERALLY CHARTERED NATIONAL BANK AND CAN ORIGINATE IN ALL 50 STATES.
AS AN ORIGINATOR THERE IS NO LICENSING.YOU ARE A BANK EMPLOYEE.THERE ARE ALSO NO CONTINUING EDUCATION REQUIREMENTS .
Eagle Nationwide Mortgage is FHA Full Eagle, VA approved, and offers all lending options through many lender partners.
Eagle also offers a Benefits package once your volume meets requirements. You would be termed an outside sales consultant and would be set up with Free IT, etc. so your office would "virtually" be your home.

CALL ME TODAY!!
James Bowen
Eagle Nationwide Mortgage Co.
my cell# 315-398-9400

10 year TNOTE YIELDS plummets-rates drop too!! Mortgage rates for Tuesday 12/16/08

James Bowen (Eagle Nationwide Mortgage Co.) — Tue, 16 Dec 2008 17:04:56 -0600

The Federal reserve board gave investors an early Christmas present today, dropping the key lending rate to a RECORD level, never seen since it's inception. October's drop to 1% was thought to be unheard of, and today's drop was EXPECTED to be 1/2 point , down to .5%. However, the FED was much more aggressive in an attempt to jump start Bank lending and dropped the rate by .75% (actually it may translate higher) to between 0.00 -.25%. This is great news for all consumer loans and credit lines tied to this key rate. Wells Fargo also dropped their PRIME rate to 3.25% and other Major players are expected to do the same. After the Fed announcement, the yield on the 10 year note which drives 30 year mortgage rates plunged .17% down to 2.36%, which lowered 30 year pricing by roughly 1/4 point. Rates on fixed 30 year terms are now at roughly 4.75% and I expect another drop tomorrow. It won't be long before we see 4.50%. The governments intervention is finally beginning to kick in. I hope that this allows some folks who were waiting for a bottom to get out there and feel more comfortable to engage in a mortgage transaction. We are at record levels and this is just what America needs to be able to begin to reverse the trend of the past several months.

THIS IS MY OPOINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

Rates are at 5.25%!!- I never thought I'd be able to post that!!-Mortgage rates for Monday 12/1/08

James Bowen (Eagle Nationwide Mortgage Co.) — Mon, 01 Dec 2008 09:40:22 -0600

I never thought I'd see rates on a 30 year fixed at 5.25% with no buydowns. These are unprecedented rates as a result of the TNOTE yield also making history below 3.00%. Friday's yield on the 10 year note closed at 2.957%, and opened at 2.883%. It is currently trending at 2.80% range.

The stock market has opened way down partly because some profit taking was due to occur based on the multi-day run up last week. However, investors are remaining cautious even after a fairly robust start to Holiday shopping. Shopping volume was up over last year, but with the huge markdowns just to get folks in the door, profits will most likely suffer when all is said and done.

Today brings a couple of economic reports. It would appear, however, that investors have already built these anticipated reports into their trading appetite for the day. The most recent report on manufacturing activity and the report on construction spending are both predicted to show further retraction, once again emphasizing that this recession continues and has expanded globally.

So while stocks continue to reel from the economic misery, the opportunity now exists for those who have been waiting for record low rates to act. Now is the time. Call me to get to out of your ARM now.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION.

Once again, it's the Fed to the rescue-Mortgage rates for Monday 11/24/08

James Bowen (Eagle Nationwide Mortgage Co.) — Mon, 24 Nov 2008 07:38:02 -0600

The financial wizards were once again hard at work over the weekend with the newest decision to invest another 20 BILLION into the Country's largest bank, Citicorp. This move should allow Friday's surprising rally to continue today. What was odd with Friday's rally is where the Bond market ended up. The 10 year note was up and down all day, but ended near 3.15%, or another 52 week low on yield. Treasuries are still in very high demand with short term 3 month notes reaching lower yields at just .03%. I would expect the 10 year note to show a bit of upward movement this morning with the Citi news, but it shouldn't pose any immediate increase to rates which are showing a national average below 6%. We may see an increase of .05-.10 on 10 year yield today in response to optimism caused by the Fed move, but investors understand that this move is a short term boost and that the economy is still struggling and will be for some months to come. This will keep treasuries in heavy demand and will keep rates low throughout the shortened Holiday week.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION.

Market down to lowest level since 2003, signalling DEFLATION-Rates continue to drop-Mortgage Rates for Thursday 11/20/08

James Bowen (Eagle Nationwide Mortgage Co.) — Thu, 20 Nov 2008 07:42:18 -0600

Well, the stock markets have reached a level not seen in over 5 years. And the bottom is yet to be seen. The chance of a Fed bailout for the BIG 3 seems more and more unlikely, which is sending consumer and investor confidence down, down,down. The Fed now projects unemployment to jump from 5 year high now at 6.5% to over 7.5% by next year.The Fed continues to hint that the key interest rate will be cut again. The next cut could be 1/2 point which would bring the rate to a level not seen in many years. It is currently holding at 1% and the Fed doesn't really have much more room to drop. The Nation is looking at "deflation"---that's a term that I really haven't even heard before with so much focus on recession and depression. Prices have been dropping rapidly in an effort to get consumers to spend again. But, this actually is exacerbating economic instability which would lead to lower stock prices, lower corporate profits and most importantly, LOWER INCOMES.

So where is the brite spot? Mortgage pricing is also dropping!! The 10 year TNOTE may break a 52 week low today. Early trading is suggesting that the 3.25% yield level will be broken as premarket levels hit 3.29%, down from last weeks level of over 3.70%. Current rates are now at 5.625% for 30 year terms while 15 year terms are at 5.5% and the 5/1 ARM is trending at 5.375%. For a cost of 2pts, the 5/1 can bought down to 4.5%. These rates haven't been seen in over a year.

Oil prices, home heating oil and gas prices are also dropping at huge rates.How's this for a statistic-Americans drove 11 BILLION less miles in September than the same time last year.

THIS IS THE TIME TO BUY OR REFINANCE. Of course the catch 22 is that folks must qualify, but the Fed is making attempts to make this happen, it just doesn't seem to be happening quick enough for most serious buyers or refinance candidates.

As always, I welcome an opportunity to help my real estate colleagues with their clients. I specialize in Federally sponsored products which with Government insurance, may be just the ticket for your clients purchase or refinance. Please reach out to me to see how I can help you.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR MORTGAGE TRANSACTION.

Lots for investors to digest today-Mortgage rates for Tuesday 11/18/08

James Bowen (Eagle Nationwide Mortgage Co.) — Tue, 18 Nov 2008 08:35:31 -0600

There is a lot on tap for today's market investors. The Big news of the last couple days is if the Treasury will dip into the Bailout Bucks and hand over 25 BILLION to keep the automakers afloat. Since the treasury changed their mind about using the money to buy bad loan debt, is it in the Country's best interest overall to save the BIG 3? After all there are a million plus jobs at stake and many more indirect economical issues that could arise. The BIG 3 and the Head of the Auto Workers Labor Union are all going to the Hill today to appeal for a piece of the bailout pie. This does not have the support of the Republicans on the Hill , so unless there is a change in strategic opinions, it probably will not happen during the remainder of this Administrations Term.

The 25 Billion dollar question is whether it SHOULD HAPPEN. What do you folks think?

Other news that will play a big factor in today's market mood will be the labor departments release of Producer Prices, the National Association of Realtors 3rd quarter sales and price report, and the National Association of Home Builders monthly data. Most of this news will not be a big surprise, but with weeks of wild Market swings, who knows how this will affect the day's activity. Citi has also announced another HUGE cut to workforce with half in the USA and half in other countries. HSBC joined in the job cutting spree with 500 jobs lost in Asia. It is becoming clearer and clearer that this economical catastrophe is truly Global.

Treasury Note interest will be high again today. Yield was up and down yesterday, finally settling down .03 to 3.68%. Trading today has already been high which has dropped yield another .04% and this trend is likely to continue.

There may an opportunity to lock lower today as a result of safety buying in Treasury Bonds. Keep your eyes open and and check with your Mortgage Professional.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION

Economy will rule the market again today-Mortgage Rates for Friday 11/14/08

James Bowen (Eagle Nationwide Mortgage Co.) — Fri, 14 Nov 2008 07:53:27 -0600

As I was reviewing the market activity yesterday, all I could say was "WOW"-it certainly was another WOW day. After a drop below 8000, the DOW swung the other direction suddenly to finish up over 500 PTS. I didn't really hear any news that should have caused this 900 Pt swing, but it could been driven partly because the Treasury decided not to buy bad loans from troubled asset sheets, but instead to actually invest in these banks taking a degree of ownership. This was viewed as a better way to actually get the bailout bucks directly onto balace sheets and hopefully to get these banks to lend again.

As a result of the market fickleness, Treasuries weakened yesterday and yields increased which did affect pricing in the late afternoon. These yields have again reversed in pre-market trading and there will most likely be increased interest in Treasury notes again today as recent trends suggest profit taking after big market run ups. Today should not buck that trend.

Reports yesterday showed a drop in the Nationwide Mortgage rate averages over the past two weeks. That average is now slightly over 6% for the 30 year fixed term. PAR rates are available closer to 5.75%.

Today's big news (even though investors have already prepared for it) will be the Commerce Department's report on retail sales. This is projected to paint a continued portrait of the consumer's inability to spend. It will also reinforce the effects of the unemployment rate news out yesterday, showing a national average of 6.5%. What is the rate in your area?

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION

Stocks Still Sliding-But rates are too!! Mortgage rates for Wednesday 11/12/08

James Bowen (Eagle Nationwide Mortgage Co.) — Wed, 12 Nov 2008 09:59:37 -0600

Stocks continue their decline as retailers have been posting earnings that do not meet estimates and future projections that are adjusted downward. This has again reinforced the market tone which is being driven by the consumers reluctance and inability to SPEND. Consequently, after no Treasury activity yesterday, today begins with a rally to Government sponsored debt, even at lower yields. The 10 year Treasury note started the day at 3.73% after Monday's close at 3.75%. It is currently down about 7/100ths to the 3.69% range. Pricing is also down slightly with sub 6% rates holding for 30 year terms and sub 5.75% available for 15 year terms. For a cost of roughly 1 1/2 pts., you can save approximately 3/8's to rate. This is based on a rate sheet received by one of my lenders this morning.

Today's next big driver will be the Treasury Secretary's update on the Bailout progress. This is sure to add to the day's nervousness. We'll have to wait and see.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

If you're expecting something different in the Market this week, DON"T-Monday 11-10-08

James Bowen (Eagle Nationwide Mortgage Co.) — Mon, 10 Nov 2008 07:27:26 -0600

It will be another very interesting week on the Street just as it has been for weeks on end. There have already been a bunch of events occurring over the past day or two which will provide today's opening sentiment.

China has joined in the STIMULUS gameplan and the FEDS bought more INSURANCE with another 40 Billion investment in AIG. These factors are suggesting a higher market opening, but eyes are on Ford and GM's request to join in the BAILOUT BUCKS.

More earnings numbers will be coming out as well which adds to the daily anxiety and ensures more swings this week. If the sentiment maintains for today's open, there will be less interest in Treasuries and yield should continue to ride Friday's wave upward. Friday's close showed a full tenth increase from the open. Pricing was not really impacted much Friday, but I would think that it will catch up to the market by late morning. We'll have to see if lenders maintain sub 6% PAR rates on the 30 year fixed.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION.

Mortgage rates dropped yesterday-30 YEAR BACK BELOW 6%-More worldwide Bank Rate Cuts -Thursday 11-6-08

James Bowen (Eagle Nationwide Mortgage Co.) — Thu, 06 Nov 2008 08:30:21 -0600

Well, I expected sell off yesterday but not 5% off the DOW! This is just another sign that the election euphoria is seriously overshadowed by the reality of where the Country is at right now and how deep rooted the problem is. We are seeing more economic news today showing higher unemployment and weak retail sales. Overseas Bank rates are being adjusted in response to the recent fed drop. This is truly a Global situation. President Elect Obama will certainly have his work cut out for him come January. Investors just can't seem to jump on the buying train and won't until Americans show them signs that trends toward spending are increasing. Those signs still appear to be off in the future.

There is a piece of good news that shows up today. Oil is once again down based on huge swings in oil surplus reports, in particular gasoline. Hey, I paid $2.69 yesterday. That's the cheapest I've paid there in quite some time.

This type of market sell off also bodes well for Treasuries, as we know that "generally" there is a large increase in buying interest as these notes have Government backing and are considered to be safety nets. Treasury yields all decreased yesterday as buying spurts increased. The 10 yr note closed down to 3.71% from it's open at 3.73%. This mornings open has it below 3.70%. This is also "generally" good news for rates and may create an opportunity to lock to your advantage. Yesterday featured several pricing changes, before 30 yr fixed settled at 5.875% and 15 yr fixed at 5.5%.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

AMERICA HAS SPOKEN-DID YOU?-Mortgage rates for Wednesday 11-5-08

James Bowen (Eagle Nationwide Mortgage Co.) — Wed, 05 Nov 2008 07:16:33 -0600

History was made as AMERICA spoke loudly yesterday. I don't think any of us were really surprised by the outcome, but I didn't think the difference in POPULAR VOTE would have been that wide. There was no question that the electorals would have had the wide swing they did. Even if your candidate did not win, DID YOU EXERCISE YOUR RIGHT TO VOTE?

The BIG election day rally may be reduced with today's action if investors look to cash in on some of their gains. The 10 yr note bucked the general trend of yield increase with market surges yesterday as DEMAND for the longer term safety bond was also steady. The previous day's open was 3.94% and close was 3.76%-that's almost a 2 tenths drop in yield. The last of many rate changes I saw yesterday showed the best fixed 30 yr back at 6% and the 15 yr at 5.625%. They can be bought down by roughly 1/2 PT.

So keep on eye to see where the "MOOD SWINGS" today and how much selling for profit occurs. CAN ELECTION RALLY CONTINUE?

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION

Election Day Rally-BUT, will it hold?-Mortgage rates for Tuesday November 4, 2008

James Bowen (Eagle Nationwide Mortgage Co.) — Tue, 04 Nov 2008 07:44:02 -0600

Happy Election day! I would have to think that most of us are pretty happy it's finally here and we can move forward. Chances are the Market will see it the same way based on the overseas markets and pre-open futures. For what was a pretty calm day on Wall St in the lead-up to today's vote, rates changes several times yesterday as the TNOTE yield veered up and down, settling at 3.90% range and adjusting rates SLIGHTLY downward.

With today's optimistic mood that the election will finally be behind us and some change will happen, the market should open fairly higher, which may affect rates early. The question is whether or not early gains will maintain through the day or past today. Investors will surely refocus after the election on several negative economic reports and earning releases. A report out yesterday showed a large decrease in manufacturing activity and today will feature the newest factory data from the Commerce department.

There may be a "BRIEF" window to lock rates before the markets anticipated early rally affects comes into play. Keep your eyes open today early!

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSACTION

Stocks remain mixed after Fed Rate Cut-Mortgage rates for Thursday 10-30-08

James Bowen (Eagle Nationwide Mortgage Co.) — Thu, 30 Oct 2008 11:55:31 -0500

Stocks began the day with a huge rally, but then the effects of realism set in with a few more disappointing, but not unexpected reports coming out. Currently, most sectors are still showing positive and the market is still up slightly but investors are once again reminded that most indicators are now signalling recession. The one huge report out shows that Gross Domestic Product figures point to the largest reduction since 1980. Consumer spending appeared to be the biggest driver of this figure, with a 3+% decrease in the 3rd Quarter. Going hand in hand with this report is that disposable income is down 8.7%, the largest quarterly drop in over 60 years. Other not so encouraging news is that while weekly unemployment figures did not increase, they did miss the expected figure which was a bit lower than actual numbers, and overall unemployment is sitting at 6.1%. This is another sign of recession and AMEX won't help this situation as they report they will be reducing their workforce by 7000.

The 10 yr Bond is following the same pattern as stocks are today. After a big run up to over 3.96%, it has settled back to the 3.91 range--still up from yesterday's close. Rates are reflecting this yield curve as well, with 30 year fixed rates now running near 6.375%, well above last weeks rates.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION

It's a quiet morning after yesterday's WILD RIDE-Mortgage Rates 10/29/08

James Bowen (Eagle Nationwide Mortgage Co.) — Wed, 29 Oct 2008 11:04:04 -0500

The market really doesn't have a direction this morning as investors are waiting for the FED to make another cut to the Bank Rate. Other countries have already done it, and this decision is widely anticipated. Will it be the 1/2 point or will the FED leave the door open for another cut in December? This anticipation follows yesterday's furious frenzy that ended with huge gains for stocks and less of an appetite for government safety nets such as the 3 yr treasury which shot up in yield and the 10 yr note which also followed suit. Yield hasn't moved much from yesterdays close , up just one tenth to 3.83%. Rates did jump a bit yesterday, but 6.25% is still available at no buy down cost on the 30 year conventional.This afternoon's announcement may begin the barrage of repricing, and I would not think it would be for the better. Keep your eyes open later today.

In other news hot on the wires is the latest report on manufacturing activity for large tickets. This showed the largest gain in a full quarter, but it was primarily due to the transportation sector. Commercial aircraft orders were up and all those factory incentives on autos paid off for numbers, but profit suffered big on them. So did they actually make out overall, by sacrificing so much on each deal just to sell a unit? Of course the consumer will say yes, so get while the gettin's good I guess. The next big question is, "when will consumer spending begin to buck the trend on staples needed for everday life?"....don't remember the last time I thought of buying a commercial aircraft.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR OWN TRANSCATION

Global markets improve-sets stage for Wall St today-Tuesday October 28,2009

James Bowen (Eagle Nationwide Mortgage Co.) — Tue, 28 Oct 2008 09:45:35 -0500

Global markets improved overnight apparently in reaction to the actual free up of the 700 Billion for distribution and in hopes of whatever the FED rate cut may be. US markets also opened much higher but have settled back a bit after the CONSUMER CONFIDENCE INDEX indicated the lowest level ever since the statistic was first tracked. HISTORIC! To top it off, home prices once again set record losses. More HISTORY made!

While neither of these reports were real surprises, the CCI's drop was steeper than expected month over month, further endorsing a state of recession. But, it hasn't yet been felt in trading today. Investors must really be looking to act on glimmers of hope from the upcoming Fed Meeting and from announcements from various lenders and corporations who will avail themselves of the BAILOUT BUCKS.

I do hope some of you locked with yesterday's window. Rates began to increase yesterday afternoon before the market sold off and they leveled off. However, pricing is rising again by at least .25 Basis so far this morning as there is less demand for Treasury Notes with the day's sentiment focused on stock gains.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION

SERVICE -NOT WHAT IT USED TO BE!!

James Bowen (Eagle Nationwide Mortgage Co.) — Mon, 27 Oct 2008 09:39:05 -0500

I don't like to vent, but every once in a while I feel the need! I closed a PURCHASE on Thursday last week. What should have been a great experience for the buyer (my borrower) turned out to be extremely frustrating for him. Let me set the stage for you. But before I do, I want to let all the LENDERS and LENDER REPS and EMPLOYEES (AE'S, UW'S) that I am not lumping you all in this. I understand that errors happen daily ( I spent 25 years at a major bank--I understand that stuff happens). BUT, and I can't state this emphatically enough, IT'S HOW ERRORS ARE HANDLED THAT MAKE THE DIFFERENCE.

We received clear to close and the HUD statement was approved by BANK attorney and BY BANK. Documents were delivered to close. The papers were signed and when the attorney's went to record and to accept wire, wire amount was over $1000 less than it should have been. The Lender's post closing and funding area showed the loan amount to be less than the loan amount approved and written on closing documents and approved on the HUD. So, the documents were never recorded and the buyer COULD NOT GET THE KEYS TO HIS NEW HOME. HOW COULD THIS HAPPEN WE ASKED? So, the quest for the answer began. What happened next was, in my opinion, a case of NO ONE WANTING TO ACCEPT RESPONSIBILITY AND TO MAKE A DECISION THAT WOULD HAVE CREATED GOOD FAITH BETWEEN THE LENDER AND BORROWER AND BETWEEN MYSELF AND THE LENDER. I'm seeing more and more instances in today's service related industries where managers/supervisors pass the buck. Even upon escalation, those in supposed positions of authority and RESPONSIBILITY are too afraid to accept the responsibility to make a decision that would be the right thing to do.

It turned out, that even with safeguards in place after a file is APPROVED/CLEARED TO CLOSE, another part of the process had the ability to CHANGE THE LOAN AMOUNT and complicate what should have been a simple closing process. I am told that the post closing review looked at the HUD and saw a tax amount that they mistook for a buyer rebate instead of buyer obligation, and challenged the statutory cash requirement on the buyers part. So, instead of this being challenged before the APPROVAL AND CLEAR TO CLOSE, AND ACTUAL CLOSING, some secondary approver MISTOOK THE FIGURE AND WAS ABLE TO CHANGE THE LOAN AMOUNT AND HUD DOCUMENT thus lowering the wire sent and voiding the ability to consummate the purchase due to lack of funds.

THE LENDER ACKNOWLEDGED THE ERROR, but said they had no idea how it could have happened. We were all told that this was not possible for the system to now send the difference in the required funds. Now, we all know that no system exists that can't be manually altered. So, instead of just doing the right thing, AND WIRING THE DIFFERENCE TO CLOSE THE DEAL and DO THE INTERNAL INVESTIGATING ON THEIR OWN TIME, the situation was passed up the chain and to the IT department who took until after close of business Friday to make the system change. Supposedly it took special dispensation from some Senior VP(OR THE POPE, I'M NOT SURE) to authorize the IT department to make the change.

I'm sorry but I strongly feel that when this error was noticed, the funds should have been wired in order to protect the contractual obligation that the closing posed. Instead, my client wasted MUCH TIME AND AGGRAVATION, as he was unable to actually move into his home. He is now faced with taking additional time from work in order to begin moving. The difference in amounts is being wired today (too late on Friday as the IT Dept. wasn't involved quickly enough to resolve issue before FED WIRE closed.)

So, again while I understand that STUFF happens, an organization's ability to accept responsibility and to make immediate decisions that demonstrate ownership and good faith COULD HAVE MADE THIS SITUATION MUST DIFFERENT THAT IT TURNED OUT. IT WILL TAKE A LOT TO RESTORE MY CLIENT'S FAITH IN THIS LENDER. I can only hope that this has not soured his opinion of me and thus my reputation. He was a referral to me, and I know that he had an opportunity to refer to me as well. I know that he sees that is was a situation beyond my control, but I also know that just being linked to a bad experience is not good for any of us. We survive on referrals and it it only takes THAT ONE BAD APPLE who doesn't see SERVICE as the driving force behind success, to undermine our efforts.

THIS IS MY OPINION ONLY AND NOT THAT OF EAGLE NATIONWIDE MORTGAGE CO.

World Markets Fall, Expect the same start for Wall St.-Monday October 27TH

James Bowen (Eagle Nationwide Mortgage Co.) — Mon, 27 Oct 2008 08:06:20 -0500

Friday's Bond Yield was up a bit driving rates up on Friday as short term's were sought after, but longer terms were being sold to reap any profit after another HISTORIC week on the Street. It seems like each week brings HISTORIC news and this week will feature a widely predicted Fed rate cut down to 1%. Expect more wide swings in anticipation of the Fed action. Longer term treasuries are the early week's expected buys, which should benefit rates, at least until the the Fed announcement. 10 Yr yield fell by a full tenth of a point after Friday's close,and I would think it will open lower this morning. There may be window of opportunity to lock in the next couple days, so keep your eyes out.

In other news, OPEC's production cuts did not stem the decline in oil price trading and it appears for once that OPEC does not really have the ability to control pricing by production cuts. AT LEAST IN THE SHORT TERM!! They have already strongly hinted at announcing another cut when they meet again in December. BUT, it doesn't appear that a cut then would do much to alter prices either, based on the scope of world consumption (especially the US). How's this for a mind blowing figure that is on the Wires this morning...Americans drove 5.6% less, or better yet, 15 BILLION less miles in August 08 than in August 07!!! It was the largest single month drop since stats started. HISTORIC! There's that word again. If consumption remains at these lows the old economic adage of "supply and demand" will resonate loudly. It is amazing though that it took such bleak economic times to get control back over OPEC and over a GAS GUZZLING PLANET. Can it last? That's the next big question. To a large extent, consumers do have control over some big economic factors. This is being seen with every HISTORIC piece of news being reported each week.

THIS IS MY OPINION ONLY AND NOT OF EAGLE NATIONAL BANK. ALWAYS CHECK WITH YOUR MORTGAGE PROFESSIONAL REGARDING YOUR TRANSACTION