Thoughts on the mortgage market and the Delaware Beach (Bethany Beach, Rehoboth Beach, Fenwick Island, Dewey Beach, and Lewes).
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February 24, 2008After declining steadily since the last week in December, mortgage rates have reversed course over the past 3 weeks. Freddie Mac announced the average rate for conforming ($417,000 and under) 30 year fixed rate mortgages was 6.04% with 0.6 discount points for the week ended Febr...
February 21, 2008 I love when you see or hear the media proclaim "the average mortgage rate" is [pick a number]. Why? Because they seldom, if ever, explain where the average comes from and how many discount and/or origination points it includes. There's also the little issue of timing. "Avera...
February 18, 2008 Valentine's Day just passed and I fell in love with ARMs again after a 5-6 month hiatus. I used love the appeal of the ARM but she was replaced by the fixed rate mortgage which had all the appeal of my mother-in-law. Stable, boring, but not very sexy. All this was the product ...
February 17, 2008 In late 2006 Congress passed a law allowing a rather strange one-year deduction of premiums for private mortgage insurance (PMI). This was a scrap thrown to PMI insurers who had been complaining that their businesses were suffering from the number of homeowners opting for piggyb...
February 16We all know the stock market has been volatile in the past few months, and now we are seeing an uptick in mortgage rates driven primarily by activity in the market for what are called Mortgage Backed Securities (MBS). These are also commonly called mortgage bonds. As with all bonds, ...
February 15, 2008 Well, the President signed the Economic Stimulus Bill HR 5140 on Wednesday. From our perspective, the increase in the conforming loan limits and FHA loan limits are the most important components of the bill. Unfortunately, the reality of the new bill presents a mixed bag. Cong...