Rates keep coming down (and lenders are swamped), DPAs may be coming back, the terms of loan modifications keep getting better. More loan options for investment (to 90% ltv) are starting to appear, at somewhat better rates. And it looks like the Obama administration is poised to introduce new initiatives quickly that will assist property and mortgage markets. All positives... Have a good week folks! - Paul
Slow economy and gvt actions continue to lower rates
For the week ending Wednesday Jan 8 the 30-year fixed averaged 4.96% with an average 0.7% fee, down from last week when it averaged 5.01%. Rate survey. Last year at this time, the 30-year fixed averaged 5.69%. - "So far, both the U.S. Treasury Department and the Federal Reserve have added over $100 billion in liquidity to the mortgage market since September 2008, which put downward pressure on interest rates for fixed-rate mortgages. The Federal Reserve may add up to an additional $570 billion more this year, based on its November 25, 2008 announcement, to further shore up mortgage lending and keep rates low" said Frank Nothaft, Freddie Mac vice president and chief economist.
For the week ending Wednesday Jan 8 the 30-year fixed averaged 4.96% with an average 0.7% fee, down from last week when it averaged 5.01%. Rate survey. Last year at this time, the 30-year fixed averaged 5.69%. - "So far, both the U.S. Treasury Department and the Federal Reserve have added over $100 billion in liquidity to the mortgage market since September 2008, which put downward pressure on interest rates for fixed-rate mortgages. The Federal Reserve may add up to an additional $570 billion more this year, based on its November 25, 2008 announcement, to further shore up mortgage lending and keep rates low" said Frank Nothaft, Freddie Mac vice president and chief economist.
Freddy Mac rate surveys. 1-3 week trend: Down
New York, New York: America's resilient City
Edward L. Glaeser is an economist at Harvard: "Wall Street is just about to finish the worst year since 1931. American housing markets are finishing their worst year in recorded history. New York’s economy is highly dependent on Wall Street; about 40 percent of Manhattan’s total payroll was in finance and insurance in 2006. These three facts should have created the mother of all price crashes in New York City real estate". Read more
Edward L. Glaeser is an economist at Harvard: "Wall Street is just about to finish the worst year since 1931. American housing markets are finishing their worst year in recorded history. New York’s economy is highly dependent on Wall Street; about 40 percent of Manhattan’s total payroll was in finance and insurance in 2006. These three facts should have created the mother of all price crashes in New York City real estate". Read more
Don't fear a mortgage meltdown
In 2009 a swatch of adjustable-rate mortgages will reset from their teaser rates, but the Forbes.com Investor Team thinks that homeowners can handle it. Read more
In 2009 a swatch of adjustable-rate mortgages will reset from their teaser rates, but the Forbes.com Investor Team thinks that homeowners can handle it. Read more
9 foreclosure prevention options
Loan modification is the most common, but by no means the only possible solution:
Loan modification is the most common, but by no means the only possible solution:
Contact me for further information or assistance
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Paul
Now the lenders need to hire mortgage brokers to handle the volume!!!
Jan 18, 2009 03:31 AM
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