Mortgage Market Report for Friday May 9th, 2008

Mortgage Market Report for Friday May 9, 2008

Mortgage bonds could not capitalize on the weakness in stocks.  Soaring oil prices reached $126.00 per barrel.  This created new concerns about inflation to close a tough week.

The mortgage lenders have been very tough on underwriting standards.  Navigating these obstacles has been somewhat difficult even for the most credit worthy borrowers.  The timelines for coming out of the difficult housing market is being dragged out even further. 

 Enough of the bad news.  On the good news the rates are still very low and there are some great buys available for new purchases. 

 If your loan is prepared to lock it would be advisable to do so at this time to protect some of your recent gains. 

 Thank you for listening to http://www.contactherrick.com/  Please check back weekly for another report for you, your family, your friends and your important business contacts.

 This is a quote from Napoleon Hill

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"First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination."

 
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3 Comments on Mortgage Market Report for Friday May 9th, 2008

Our economy is scary. Thank you for the advice.

05/10/2008 09:13 AM by Maria Holland (American Heritage, ABR,GRI)

I'm really curious as to the apparent disconnect between the banking system and our government.  There does not seem to be any concerted effort to coordinate a solution-driven push in a chosen direction.  I am told by some fankers that the FHA loans are going through with nary a push-back, but other bankers say the FHA stuff is as slow as conventional right now.....in other words, on FULL STOP.  I don't know....can't seem to figure it out.
JimG

05/10/2008 09:15 AM by Cape Coral Florida Golf Course and Waterfront Homes (Sellstate Advantage Realty)

Well the bankers are slow to implement if this delay proves better to their bottom line.  Having the interest of the public on one hand and the profits of the bankers on the other.  It is a careful fight for the upper hand.  FHA although being reformed it is also a slow fix.  Work with your best borrowers and there will be a loan available.  Like a giant iceberg it will take time to slowly melt. 

Roger Herrick

www.contactherrick.com

05/10/2008 09:25 AM by Mortgage Broker

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Mortgage Broker Roger Herrick
San Clemente, CA
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