Eric's Daily Rate Watch for April 21, 2010 - Is there a Second Wave Coming?

Mortgage and Lending with Directors Mortgage, NMLS-3240 NMLS-97776


One Week Left for Tax Credit !!    There are only 9 more days for home buyers to take advantage for either the first-time buyer $8000 or the move-up buyer $6500 credit.  A Sales Contract must be accepted no later than April 30th, with a closing by June 30th.  I can close your purchase loans in just 3 weeks in most cases.  FHA, VA, as well as Conventional.  Call today for QUICK Pre-Approvals!!

Is a Second Wave Coming ??   As this week's earnings show, banks are once again printing money, lots of it; and most economists believe the recession is a thing of the past, even if jobs are still hard to come by.  

Unfortunately, Jim Bianco President of Bianco Research in Chicago thinks this might be the eye of the storm rather than the dawn of a new day. "My fear is, history shows, we might have a second leg to the financial crisis in [the form of] a sovereign debt crisis."
Read the full story

Fortune 500: Biggest Money Losers 

1. Fannie Mae ... $72.0 billion

2. Freddie Mac ... $21.6 billion

3. AIG ... $10.9 billion

See the full list

Minimum IRA Withdrawals Are Back   By now I hope you've filed your 2009 return and are ready to start thinking about your 2010 taxes. One important thing to remember for this year is that the dreaded IRA required minimum withdrawal rules are back in full force.  Article by 

Comment at Summit Mortgage Home Loans, which is my new Facebook Fan Page.  Become a fan and stay in touch!

Today's Rates at a Glance  

Conforming ($417k or lower - Pmt based on $250k loan amt)

RATE      APR       P&I Pmt

4.875     5.051      $1323       30yr Fixed

4.250     4.522      $1880       15yr Fixed

5.250     5.418      $1380       30yr Fixed investment

3.625     3.416      $7551         5/1 ARM interest-only

4.750     5.603      $1304       30yr Fixed FHA

Jumbo (over $417k loan amt  -  Pmt based on loan amt listed)

RATE      APR       P&I Pmt    

5.500     5.620      $2838       30yr Fixed to $500k

5.750     5.867      $3501       30yr Fixed to $600k

5.875     5.991      $5915       30yr Fixed at $1million

4.250     4.349      $3689       5/1 ARM at $750k

3.300     3.146      $3221       3/1 ARM at $750k

Up to $3million loan amounts available, call for details

Click to Use My Payment Calculators Here

Current Product Offerings Include:   Purchase, Refinance, Construction, Land loans, Farms, Commercial, Investment Property, Single & Multi-family, Business acquisition & refinance, Conventional, FHA, VA, USDA, Cash-out, No-Cost refi's available ... and more ... And we lend our own funds for most of these loans (close faster with very competitive rates)

Interest rates as of 21 April 2010 subject to change without notice.  Please call for up-to-the-minute accurate quotes and Pre-Approvals.  Pricing based on a single-family primary residence and 30day lock.  FHA, USDA, VA rates factored on a middle credit score of 620 and 96.5% ltv for FHA and 100% ltv for USDA or VA.  USDA has income & property restrictions.  Conventional rates shown based on credit-score of 720 and 80% or less ltv, with impounds. Jumbo pricing based on 80% ltv (fixed) and 75% ltv (ARMs).  Lower credit-score programs may be available at slightly higher rates.  Reduced or "no-cost" loans available upon request.  Other restrictions to any program may apply. This offer is not a firm committment to lend.

Call 503.698.5801 for program details and scenarios ... and find out what you qualify for!


Posted by

ERIC NEWMAN  |  Loan Officer |  NMLS# 97776     
Office: 503.698.5801  |  Cell: 503.997.5285   |  Fax: 503.716.4604    
Guild Mortgage Company  |  NMLS# 3274  |  10135 SE Sunnyside Rd, Ste 220, Clackamas, OR 97015  

NW Mortgage Group has been acquired by Guild Mortgage  -  Read the full press release


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Eric Newman

Loan Officer with 25yrs in Housing, NMLS-97776
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