I want to thank you for the privilege of working with you this year, and I look forward to more of the same in 2010. I hope you'll enjoy the festivities, family time, and all the trimmings ;) I also hope you think about, and reach out, those less fortunate than us (including the financially challenged homeowners who don't seem to be able to get the loan modification they are entitled to). Happy Holidays to you and your loved ones - and best wishes for 2010! - Paul :))
Homeowners rush to refinance as rates jump
Mortgage rates rose this week, and homeowners rushed to refinance. The pattern is familiar: People wait on the sidelines while mortgage rates are falling. Then, when rates finally hit bottom and bounce back up, homeowners apply. Read more. (I will be available throughout the holiday season for new business and immediate rate locks. Call 917-209-1111, or email for callback - P)
Mortgage rates rose this week, and homeowners rushed to refinance. The pattern is familiar: People wait on the sidelines while mortgage rates are falling. Then, when rates finally hit bottom and bounce back up, homeowners apply. Read more. (I will be available throughout the holiday season for new business and immediate rate locks. Call 917-209-1111, or email for callback - P)
ARMs now 0.375%-0.75% lower than 30-yr fixed
The good news about the housing market and the economy has caused a spike in longer-term Treasury and mortgage yields. At the same time, short term Treasury yields have remained low as market participants believe the Fed will keep short term borrowing rates between 0%-0.25% for the first half of 2010. These two factors have created the steepest yield curve (difference between 2 and 10 year Treasury yields) on record. What does this mean? The 30-year fixed is now higher than 5%. However, 5 and 7 year ARMs have never been more attractive: 0.375% - 0.75% better rate than the 30-year fixed. - P
The good news about the housing market and the economy has caused a spike in longer-term Treasury and mortgage yields. At the same time, short term Treasury yields have remained low as market participants believe the Fed will keep short term borrowing rates between 0%-0.25% for the first half of 2010. These two factors have created the steepest yield curve (difference between 2 and 10 year Treasury yields) on record. What does this mean? The 30-year fixed is now higher than 5%. However, 5 and 7 year ARMs have never been more attractive: 0.375% - 0.75% better rate than the 30-year fixed. - P
Housing prices end 2-year skid, says IHS Global Insight
The 2-year slide in US housing prices ended in Q3, 2009 and increased 0.2% over the previous quarter, according to a quarterly report form IHS Global Insight, a provider of economic and financial analysis. Although prices increased on a national average, 161 of the top 330 metropolitan areas had declines in prices. Read more. The Federal Housing Finance Agency’s (FHFA) monthly Home Price Index also showed improvement as prices increased 0.6% on a seasonally adjusted basis from September to October.
The 2-year slide in US housing prices ended in Q3, 2009 and increased 0.2% over the previous quarter, according to a quarterly report form IHS Global Insight, a provider of economic and financial analysis. Although prices increased on a national average, 161 of the top 330 metropolitan areas had declines in prices. Read more. The Federal Housing Finance Agency’s (FHFA) monthly Home Price Index also showed improvement as prices increased 0.6% on a seasonally adjusted basis from September to October.
Real estate's 50 most influential online: 2009
The growing body and use of online communications tools has produced rich channels for real estate industry participants and observers to exert their influence. Read more.
Why the Fed will be sidelined in 2010
As most of us already know, the Fed will conclude its planned purchases of $1.25 trillion in Mortgage Backed Securities (MBS) in March... Read more
The 15 shadiest mortgage lenders backed by the government (You!)
Irresponsible mortgage lending brought down the U.S. economy. So you'd think that the lesson has been learned. But it hasn't. Read more
Irresponsible mortgage lending brought down the U.S. economy. So you'd think that the lesson has been learned. But it hasn't. Read more
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