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arizona mortgage rates: Mortgage Week in review 12/23/2010
- 12/23/10 04:26 AM
Mortgage Rates Steady
There were few surprises from the economic news released this week. The economic data generally was very close to the consensus forecasts, and activity levels were low during the holiday season. While daily volatility remained high, mortgage rates ended the week nearly unchanged from last week.
After reaching record lows in early November, mortgage rates have since increased, although they remain at historically low levels. The rise in mortgage rates can be attributed primarily to a good thing, increasing expectations for future economic growth. The trend in most economic measures over the last few months has generally … (3 comments)
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arizona mortgage rates: What’s Ahead For Mortgage Rates This Week : December 20, 2010
- 12/20/10 01:51 AM
Mortgage markets worsened again last week as belief in a U.S. recovery and concerns for inflation took hold on Wall Street. Conforming mortgage rates rose in Arizona for the 6th straight week.
According to Freddie Mac's weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage is 0.66% higher this week as compared to rates on November 11, but loan originators will tell you that figure is understated.
Real mortgage rates - mortgage rates available to everyday homeowners and buyers in Scottsdale are up by as much as a full percentage point since November, and loan costs are rising, too.
… (0 comments)
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arizona mortgage rates: Mortgage Rates for December 13th 2010
- 12/13/10 04:27 AM
Mortgage markets worsened last week as the U.S. economy showed additional signs of strength; and global demand for mortgage bonds slipped.
Conforming mortgage rates rose in Arizona and around the country for the fifth straight week. It's a streak that's been marked by volatile pricing that's rendered rate shopping difficult.
Last week, lenders published as many as 5 rate sheets per day where, by comparison, over the past 12 months, lenders have averaged closer to 2 rate sheets per day.
This week, with a bevy of data set for release and a Federal Open Market Committee meeting, expect volatility to remain … (3 comments)
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arizona mortgage rates: Fannie Mae Guidelines Change Monday. Apply Today To Lock In To "Old" Rules.
- 12/12/10 05:17 AM
Fannie Mae rolls out new mortgage guidelines Monday. Therefore, if you're in the process of applying for a conforming home loan, consider giving your complete application by the close of business Friday.
All Fannie Mae applications taken on, or after, December 13, 2010, are subject to the changes.
As compared to mortgage guidelines updates of the last 3 years, Monday's roll-out is relatively small. There is no change to the maximum debt-to-income ratio, for example; nor is there an increase in the minimum FICO score requirement.
Most mortgage applicants in Scottsdale and nationwide will be unaffected.
Others, however, will find getting … (3 comments)
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arizona mortgage rates: Boost Your 2010 Tax Deductions By Making Your January Mortgage Payment A Little Bit Early
- 12/08/10 02:27 AM
Looking for an extra 2010 tax deduction? Consider making your January mortgage payment a few days early.
It's a simple strategy that works because of how mortgage interest works.
Unlike rent which is paid in advance at the start of a month, mortgage interest is only paid after it's been borrowed. Your January mortgage payment, therefore, accounts for the interest that accrued in December.
And for a lot of Phoenix homeowners, that mortgage interest is tax-deductible.
By making January's mortgage payment in December, eligible homeowners can apply the interest paid to 2010′s tax returns instead of waiting to claim the same … (3 comments)
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arizona mortgage rates: What’s Ahead For Mortgage Rates This Week : December 6, 2010
- 12/06/10 02:39 AM
Mortgage markets lost ground last week on growing optimism for the economy, a poor run for the dollar versus the euro, plus the lingering concerns that inflation will grip the U.S. long-term.
Conforming mortgage rates in Arizona rose for the fourth week in a row, stymying rate shoppers and raising the effective cost of homeownership for new buyers in need of a mortgage.
After a spectacular run that drew 30-year fixed rates to near 4.00, mortgage rates have returned to their highest levels since late-June.
Last week was heavy on news. Bond traders were hit with the Beige Book; with the … (3 comments)
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arizona mortgage rates: What’s Ahead For Mortgage Rates This Week : November 29, 2010
- 11/29/10 05:30 AM
In a holiday-shortened week on Wall Street, mortgage markets improved on 3 of 4 days, but still posted its fourth consecutive losing week.
Unfortunately for rate shoppers and home buyers in California , last week's 3 days of gains were mild improvements; the one day of deterioration was among the Top 10 worst days for mortgage bonds this year.
Mortgage rates in Scottsdale are at their highest levels since mid-July. The Refi Boom is unwinding quickly.
Last week underscores the importance of the global community to the future of the U.S. mortgage market. Two of the main reasons why mortgage rates … (0 comments)
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arizona mortgage rates: Mortgage Rates Still Rising. Is This The End Of The Refi Boom?
- 11/19/10 09:52 AM
Rock-bottom mortgage rates may be gone for good. This week's Freddie Mac Primary Mortgage Market Survey shows in numbers what Arizona rate shoppers have learned the hard way - mortgage rates are spiking.
During the 7-day period ending November 18, the average 30-year, conforming fixed rate mortgage jumped to 4.39 percent, an increase of 0.22% from the week prior.
And it's not just rates that are soaring. The average number of points charged to consumers increased to 0.9 percent last week. For most of the year, that cost had been 0.7 percent.
One "point" is equal to 1 percent of … (0 comments)
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arizona mortgage rates: What’s Ahead For Mortgage Rates This Week : November 15, 2010
- 11/15/10 02:53 AM
In a holiday-shortened trading week, mortgage markets tanked last week, casting doubt on whether the bond market's 7-month bull run will continue. Fears of inflation caused conforming mortgage rates to rise in California.
Last week marked the first sizable mortgage rate increase over the course of 7 days since April.
The biggest reason why rates rose last week was because of concerns that the Federal Reserve's latest round of stimulus will devalue the U.S. dollar.
The Fed pledged an additional $600 billion to the bond markets two weeks ago and, to meet this obligation, the group will have to, quite literally, … (0 comments)
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arizona mortgage rates: Fed Survey : Mortgage Guidelines Tighten Further, Freeze Out Would-Be Refinancers
- 11/10/10 02:17 AM
It's getting tougher to get approved for a mortgage. Still.
In its quarterly survey of senior loan officers around the country, the Federal Reserve asked whether "prime" residential mortgage guidelines" have tightened in the prior 3 months.
A "prime" borrower typically carries a well-documented credit history with high credit scores, has a low debt-to-income ratio, and uses a traditional fixed-rate or adjustable-rate mortgage.
For the period July-September 2010, 52 of 54 responding loan officers admitted to tightening their prime guidelines, or leaving them "basically unchanged".
Just 4% of banks loosened their lending standards.
If you've applied for a home … (3 comments)
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arizona mortgage rates: What's Ahead For Mortgage Rates This Week : November 8, 2010
- 11/08/10 02:46 AM
Mortgage markets took a roller coaster ride last week, powered by the dual-force of the Federal Open Market Committee, and the government's monthly Non-Farm Payrolls report.
As standalone events, both releases would have ranked among the top market movers of the year anyway, but throw in the rest of the week's data --including the release of key inflation figures and the midterm elections -- and it's no wonder the bond markets were so bumpy.
Huge gains and losses characterized day-to-day trading last week. Overall, however, conforming mortgage rates in Arizona improved; fixed-rate mortgage rates fell slightly less than adjustable-rate ones.
Recapping … (0 comments)
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arizona mortgage rates: Mortgage Market Update 11/04/2010
- 11/04/10 05:09 AM
MBS prices are up +15/32 (FNMA 30-yr 3.5 at 101.13), which is about 12/32 higher than yesterday at this time. The 30-yr fixed FNMA required net yield (60 day) is now at 3.71% from 3.77% yesterday. It has been a volatile morning, and early investors may have priced at a range of levels.
The reaction in MBS markets to the Fed's announcement yesterday afternoon was mixed. Today, however, MBS markets have benefited strongly from the expected added demand for MBS caused by Fed Treasury purchases. As demand for Treasuries goes up, … (0 comments)
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arizona mortgage rates: Mortgage Market Update 11/03/2010
- 11/03/10 04:48 AM
MBS prices are up +9/32 (FNMA 30-yr 3.5 at 101.01), which is about 16/32 higher than yesterday at this time. Favorable repricing took place yesterday. The 30-yr fixed FNMA required net yield (60 day) is now at 3.77% from 3.87% yesterday. It has been a volatile morning, and early investors may have priced at a range of levels.
Following the expected outcome in the election results, with the Republicans taking control of the House and gaining seats in the Senate, MBS markets have rallied. This morning, the ADP estimate for Friday's employment report was for an … (0 comments)
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arizona mortgage rates: Mortgage Rate Lock Alert : Expect Rate Changes Wednesday Afternoon
- 11/03/10 04:42 AM
The Federal Reserve ends a scheduled, 2-day meeting today. It's the seventh of 8 scheduled Fed meetings in 2010, and the eighth overall this year.
The Fed held an unscheduled meeting May 9, 2010.
When today's meeting adjourns, Fed Chairman Ben Bernanke & Co. will publish a formal statement within which the Fed is expected to announce "no change" to the Fed Funds Rate. But that doesn't mean that mortgage rates won't change.
To the contrary, expect mortgage rates to move by a lot this afternoon. Here's why.
The Fed's mission is to preserve stability within banking and the economy and, … (0 comments)
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arizona mortgage rates: Better Credit Scores Get Better Mortgage Rates
- 11/02/10 03:42 AM
This week marks the start of the Refi Boom's 7th month; rates have been falling since early-April 2010. Whether you're looking to refinance or buy a home, however, know that not everyone will qualify for today's low rates.
Mortgage approvals are primarily based on good income, good equity and strong credit, and, without all three, the best rates of the day remain out of reach. Now, you can't always ask for a raise and equity is a function of the housing market, but you can do something about your credit score.
In this 4-minute segment from NBC's The Today Show, you … (0 comments)
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arizona mortgage rates: Arizona Mortgage Rates
- 11/01/10 02:04 PM
MBS prices are down -12/32 (FNMA 30-yr 3.5 at 100.10), far below 9:45 et pricing of +6/32, and at the low for the day. Unfavorable repricing took place. MBS prices reacted to today's economic data in the expected direction on both the upside and the downside, and the swings were very large. Weaker than expected Personal Income data lifted MBS markets early. When ISM Manufacturing came in higher than the consensus forecast, however, MBS markets moved lower for the rest of the session. The Dow is up 10 points. Tomorrow, no economic data will be released. Early election results may … (0 comments)
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arizona mortgage rates: Home Values Up 0.4 Percent In August, On Average
- 10/27/10 04:37 PM
Consistent with the most recent Case-Shiller Index, the government's Home Price Index said home prices rose between July and August.
The Federal Home Finance Agency's data showed values up 0.4 percent nationwide, on average. Region-by-region, however, the results were scattered. Coastal states tended to perform poorly. Plains states tended to perform well.
A brief look at the regional disparity:
West South Central : +1.5% East North Central : +1.2% Pacific : -0.2% South Atlantic : -0.2% Breakdowns like this are important because they highlight the fundamental problem with national real estate data and that's that home buyers in Phoenix don't … (0 comments)
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arizona mortgage rates: Existing Home Sales Jump; Housing Market Shows Spark
- 10/26/10 05:03 AM
Existing home sales jumped 10 percent in September, the biggest monthly jump on record and a signal that the housing market may be returning to a normal sales pattern post-$8,000 federal tax credit.
Existing Home Sales counts home resales (i.e. not new construction) and 80 percent of home resales close within 45-60 days. It's no surprise, therefore, September's data is strong.
Throughout the July and August, mortgage rates were in free-fall, pushing home affordability to near-record levels. Concurrently, the number of homes available for sale climbed to multi-year highs.
"Deals" were in ample supply this summer and eager Phoenix home buyers … (3 comments)
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arizona mortgage rates: What's Ahead For Mortgage Rates This Week : October 25, 2010
- 10/25/10 07:47 AM
Mortgage markets improved last week overall, but barely. After making a sizable move lower through Monday, Tuesday and Wednesday, mortgage pricing jumped Thursday and Friday. Nearly all of the early-week gains were erased.
Conforming mortgage rates in Arizona ended the week slightly improved.
There wasn't much economic news on which for markets to trade last week. In its absence, bond traders took cues from the currency markets, among other things.
Mortgage rates are closely tied to the value of the U.S. dollar. This is because mortgage bond investors are repaid in U.S. dollars and, as the dollar gains value, demand for … (0 comments)
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arizona mortgage rates: Arizona Mortgage Rates
- 10/22/10 09:20 AM
MBS prices are down -5/32 (FNMA 30-yr 3.5 at 100.30), below 9:45 et pricing of -3/32. A high of +4/32 was reached today, although other coupons and securities generally were less volatile than the FNMA 30-yr 3.5%. No economic data was released. The Dow is down 10 points. For the week, MBS markets rose about 11/32.
Next week, Existing Home Sales will be released on Monday. Durable Orders, an important indicator of economic growth, will come out on Wednesday. New Home Sales will also be released on Wednesday. Third quarter Gross Domestic Product (GDP), the broadest measure of … (0 comments)
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