Good afternoon,

Rates are shifting slightly higher this week, much of this is a sit and wait game on Greece. There hasn’t been any major financial news this week.

On the personal front, the family has been doing great although as an avid tennis fan, I’m still in withdrawal from the Australian Open being over with. I loved coming home each night, putting our daughter to bed and putting on days matches from the prior night with my wife.  We even got our daughter into it on the weekends yelling ‘dig dee dal!’  (Dig Deep Nadal)…as she’s finally old enough to copy everything we do, it’s been a hilarious time to find out what habits we have that we hadn’t realized prior. Gotta love a toddler to keep you on your toes.

Have a great week!

Rates: 30 year fixed at 3.75% (APR 3.89) and the 15 year at 3.125% (APR 3.37), FHA: 3.625% (APR 4.298): As always rates change with individual credit scenarios and programs, APRs are estimated based off of a $250,000 purchase price with 20% down and a 740 credit score, if you want an exact quote, call. These are not quotes, merely a baseline measure to gauge how rates change from week to week.

Matt
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net

Good afternoon,

The market for Mortgage Backed Securities (MBS) this week has been absolutely stellar.  From the Federal Reserve’s announcement last week coupled with continuing worries about the Greece Debt problem and poor economic reports all coming within days of each other.  This is a week where we should see rates drop even lower.  So why aren’t they any lower than last week?

Here’s where my market update from two weeks back comes into play. If the Guarantee Fee had not changed, interest rate pricing with all banks would not have changed from their prior pattern, which means we could have reasonably seen interest rates lower another .25% or so from here.  When the MBS market retreats to the levels we saw at this point last week, you can expect to see higher rates than we are seeing now and saw at this time last week.

Have a great week!

Rates: 30 year fixed at 3.625% and the 15 year at 3.00%, FHA: 3.625%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing. These are not quotes, merely a guideline for comparison.

Matt                                                                                                                                                                         
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net

Good afternoon,

The market has been unusually volatile this past week, seeing interest rates getting up above 4% as of yesterday and then the Federal Reserve released their statement on key interest rates. Here’s the nitty gritty:  They have stated that they are looking to keep the key interest rate low through 2014 even though they are seeing mild economic improvement.  This lead investors quickly into long term investments which ends up being very good for mortgage backed securities.

Good for Mortgage Backed Securities = Good for Mortgage Interest Rates.

With items like this statement it's important to remember that yes, they can be very good for interest rates in times like these but that it is also a one time gut reaction from the market which could just as easily reverse tomorrow. This statement doesn't change the market or the economy, just investors current opinion on where to put their money.

Have a great week!

Rates: 30 year fixed at 3.625% and the 15 year at 3.00%, FHA: 3.625%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Matt                                                                                                                                                                         
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net

Good morning,

So I was reading this article and putting all political skews aside, I wanted to touch on an important topic for homeowners struggling to refinance.  Specifically the HARP refinance program which was touted to be able to help near 5 million homeowners and has yet to help 1 million after being available for years.  What happened?

In my opinion, it comes down to a few key points:

Firstly, logistics. It’s impossible for a homeowner to call up the president and refinance. So these programs were put in place for Banks to execute on both the wholesale and retail side of finance.  Based on their cost structure and the time and effort it takes to implement everything not every lender will be able to offer the exact same program that was intended.  Interest rates might not be as low and the scope of the program that each bank offers can differ.

Secondly, lack of knowledge.  2-3 years after these loan options are implemented I still come across homeowners with a 5% interest rate or much worse thinking that they cannot refinance because of their home value.  In fact, if you check with Fannie Mae or Freddie Mac’s loan lookup tools and find that your home is owned by one of them you will have a good chance of refinancing even if you owe much more than your home is worth.  Part of people not knowing is that they have never heard about the programs or they make an assumption that if they make their mortgage payments to a bank, such as Wells Fargo or US Bank, then they would not qualify.  Wells Fargo and US Bank act as servicers, they process your monthly payments.  Your home could still be owned by Fannie Mae or Freddie Mac.  It is always worth checking and takes five minutes.  If it is, then you can contact a mortgage broker, such as myself or your local loan officer and they should be able to give you options to see if refinancing makes sense.

Have a great week!

Rates: 30 year fixed at 3.625% and the 15 year at 3.00%, FHA: 3.625%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Matt
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net
 

Good morning!

As you will see below interest rates are currently as good as they have been for quite some time.  For the first time in a while we are going to see a change in this coming in the next month and it won’t be market driven.  This is directly driven by Fannie Mae and Freddie Mac.

The easiest way to explain this is a basic lesson on how the process works.  Let’s say you buy a new home with a mortgage through Wells Fargo.  Even though you make your monthly payments to Wells Fargo, they have sold that loan to Fannie Mae or Freddie Mac.  When they do this, they have to pay a Guarantee fee to that entity.  With all of the changes the Federal Reserve has been making in this economy, one item that has changed is the amount of that Fee that needs to be paid.  Because of this fee going up, Banks are passing that expense down to the consumer in the form of a higher interest rate.  Although we don’t know exactly how much this will change rates, are assumption right now is that in one month, if the market is exactly the same as it is now, instead of 3.75% on a 30 year fixed loan, the new rate could be somewhere between 3.875% and 4.375% depending on how drastic lenders get in the new pricing scheme. 

We have received communication from all the Lenders we work with stating this same fact and that loans that will not close before the end of February will be held to the new pricing rules. This is an important piece of information that both new homebuyers and homeowners considering refinancing need to be aware of.

Rates: 30 year fixed at 3.75% and the 15 year at 3.25%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Matt
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net
 

Good morning!

I always like to take this time of year to Thank each and every one of you that continue to read my updates and have referred business to me or benefitted from my advice over the year.   Have a safe and happy holiday, enjoy every second you have with your friends and family because the only thing each of us can guarantee is the current moment.  It’s a time for reflection, kindness, patience and foregiveness in our families and I hope the same for yours….even if it takes a LOT of patience ;-)

Rates are below, have a great week and Happy Holidays!!!

Rates: 30 year fixed at 3.75% and the 15 year at 3.25%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Matt
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net

Good morning!

Interest rates are once again holding steady and amazingly low. I’m not sure about you but in the short decade I have been working as a mortgage broker, I never expected to see a 30 year fixed interest rate below 5…and here we are sitting at 3.75%  For new homebuyers, this is a great position to be in.

Instead of going over a few brief notes on market factors in relation to interest rates I wanted to discuss something that is making stronger news, specifically internet refinance scams.  Fortunately, there are many people hard at work to help remove this danger but the article I linked noted something that really scared me in today’s world.  That being that most homeowners turn to the internet first for their refinance needs.  Do you really want to entrust one of the biggest financial investments of your life to someone you can’t see or talk to? 

The single best way to avoid becoming a victim of these scams is to talk to you people you know and find out if they know someone they trust in the housing industry.  Maybe they know a Realtor, who could suggest a trusted Loan Officer or Mortgage Broker or maybe they know of a good Broker themselves.  Conversely, this is a great reason to tell people about the person you work with to buy your home or who helped you refinance.  Many times, the people that are taken advantage of are the ones who didn’t think to ask their friends and family first. Let’s help protect each other with open communication about these somewhat taboo discussion topics over the holidays.                                                                                        

Rates are below, have a great week!

Rates: 30 year fixed at 3.75% and the 15 year at 3.25%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Good morning!

First and foremost, I’m a big believer that if we don’t remember our past we our doomed to repeat it.  Today is the 70^th Anniversary of the Attack on Pearl Harbor and once again I’d like to thank the men and women in our military for everything they do for us regardless of whether or not I agree with U.S. foreign policy from time to time J

With no major news coming out today, everyone is looking to the situation in Europe and more specifically what conclusion France and Germany will decide upon to try and help the debt crisis on the other side of the pond. Depending on what they announce and how it coincides with what investors are expecting, we could see a sharp change in interest rates for the worse if a strong stock market reaction hits.  Until that announcement, we wait.

Rates are below, have a great week!

Rates: 30 year fixed at 3.75% and the 15 year at 3.25%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Matt
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net

Good morning!

I hope everyone had a great Thanksgiving holiday!  Shannon and I hosted both of our families again in what was a very bittersweet holiday.  My grandmother passed unexpectedly the week prior so it was more a celebration of her and helping comfort my grandfather who was lucky enough to spend 69 years married to the love of his life.  Obviously a very sad time for us as we all work to focus on the positives of being so fortunate to have her with us for so long.

Interest rates are starting to rise.  There has been a lot of different rumors about action to help the global economic crisis and the stock markets are reacting favorably to news from the Federal Reserve this morning.  Long story short, the Federal Reserve, China and a few other major banks have arranged agreements to lower the cost of borrowing money which hopes to help the struggling economies in Europe gain a little footing.

This could be great news for the overall economy but as we have seen many times before, this isn’t going to coincide with interest rates staying low.  With talks of another Quantitative Easing (we have had two so far), we could see a quick hike of interest rates if and when this occurs.  The longer term prospects are finally showing signs that these amazing rates won’t be around forever.

Rates are below, have a great week!

Rates: 30 year fixed at 3.875% and the 15 year at 3.375%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Matt
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net

Good afternoon!

With no major news or reports this week we’ll keep this one short and sweet.  Keep in mind with any clients, friends or family you have out there that are currently looking to buy or refinance that as a broker we have a lot more flexibility to ensure they are getting the lowest rate/closing cost scenario they can be for their situation.  It’s amazing how many people don’t think to take that additional 10 minutes to save themselves thousands of dollars. 

Rates are below, have a great week!

Rates: 30 year fixed at 3.75% and the 15 year at 3.25%, FHA: 3.75%: As always rates change with individual credit scenarios and programs, with credit in the mid 700s and a 20% down payment these rates are what you should be seeing.

Matt                                                                                                                                                                                                                                         
 
Matt Royer
Mortgage Consultant, CMC | Homes Mortgage
NMLS# 366970
 
612-232-7646 c
651-770-0637 o
651-294-1001 f
 
www.MattRoyer.com
mroyer@homesmortgage.net