mortgage rates: Our Government has Caused Mortgage Rates to Rise Permanently - 12/11/13 11:40 AM
Just last year we had rates in the low threes.  Now we sit with rates in the mid 4's with the 5's just looming over the fence.  Not that any rate below even 7 is bad, but the truth is a lot of it has to do with the economy.  However a lot of it has to do with the cost to manufacture a loan.
Just three years ago we had three people working in our compliance department.  Now, due to the new mortgage rules we have over 50.  The cost of those hires is passed on to the consumer through … (3 comments)

mortgage rates: TRIPPING OVER DOLLARS While Chasing Pennies - 01/24/12 01:52 PM
Thirty year mortgage rates have been moving lower over the past week and are currently in the low 4s,  + or - , depending on each of the myriad of loan variables.  Many of you know that over the past year rates moved as low as 3.5% for 30 year fixed mortgage loans and as high as just under 5.0%.
If this economy begins to recover, even the slightest hint of improvement, the mortgage rates will climb to over 6% in a heart beat.  So at this point my position is to take a very conservative stance on the future of lower … (3 comments)

mortgage rates: Don't Trip Over Dollars While Chasing Pennies - 01/18/11 02:47 AM
Thirty year mortgage rates have been moving lower over the past week and are currently at about 5.0% + or - depending on each of the myriad of loan variables.  Many of you know that over the past month rates moved as low as below 5% for 30 year fixed mortgage loans and as high as just under 6.0%.
After a few days of pricing pressure, Mortgage Bonds are trading near "oversold" conditions, which could make prices ripe for a reversal higher.  If you couple that with the strong underlying support, it gives reason to be optimistic that the rates will mover … (10 comments)

mortgage rates: Buying and Refinancing - - - Don't Trip over Dollars to Pick up a few Pennies!!!!! - 10/01/10 02:49 AM
Thirty year mortgage rates have been moving lower over the past week and are currently at in the low 4.0s, + or - depending on all the loan variables.  Many of you know that over the past month rates moved to their lowest levels EVER!!!!!!  15 Years are in the 3's.
After a few days of pricing pressure, Mortgage Bonds are trading near "oversold" conditions, which could make prices ripe for a reversal higher.  If you couple that with the strong underlying support, it gives reason to be optimistic that the rates will mover lower in the near future.  I'm watching very … (7 comments)

mortgage rates: Why the Rates Got Worse Today!!!!!! - 08/27/10 08:02 AM
Markets waited all week for Perfesser Bernanke's keynote speech today at the central bankers' conference in Jackson Hole. Fishin' up there is good, and would have been a better use of time.     Rates are now rising sharply from their lows after the Perfesser's murky address accurately reflected a divided and uncertain Fed, in a reactive state several miles from anticipation and pre-emption. There will be no new QE (quantitative easing, the Fed's direct injection of invented cash) or any other substantive action until the economy declares itself, double-dip or modest recovery. The job market will be definitive, but this Fed will … (3 comments)

mortgage rates: Why Aren't the Rates Lowers????? All Signs Say Lower Rates....Why Not? - 03/27/09 01:48 AM
This is very promising evidence that the government is now starting to direct their buying power in the lower coupon range.  Yesterday, over 60% of this weeks Mortgage Backed Security purchases were in the 4.0% coupon....THAT'S a whole 1/2 percent better than what you've been looking at recently.  It's huge.  So......
Rates are going to drop now right?  Er...NOT!!!!!!!!!!!!  So why haven't rates dropped more?
Three reasons why rates haven't been effected too much:
1)  As rates drop, the value of existing servicing portfolio's decline due to higher potential that loans will pay off early.
2)  Large whole loan purchasers (our investors) … (6 comments)

mortgage rates: Quit Waiting for that all elusive 4% Rate.... - 02/06/09 03:29 PM
Yesterday, Senator Ensign (R-NV) offered amendment #353 ... "Fix Housing First Act" ... which is broader and include a mortgage rate buy down program which could lower mortgage rates to as low as 4%.   This amendment would set up a government program that would offer a low interest mortgage to new and existing homeowners.  The Senate voted 35 in favor of the new act and 62 against it.  Look for this to be revisited at some later date.   
 The vote was down party lines with the Republicans voting for it and the Dems voting againts dropping the rate.  www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=1&vote=00048.  There may be a … (15 comments)

mortgage rates: Rates Going Up over the Holidays???? - 12/22/08 03:49 PM
Well, the Holidays are officially upon us.  There are so many people who have already left for the holidays.  We're seeing what happens during this time each year.  Rates generally go up.  That is exactly what has happened during this season.
Last week the Fed announced that it was going to buy up most of the mortgage backed securities.  When mortgage backed securities or MBS's are bought up, rates drop down.  Most people think that when the stock market goes down rates go down or even inversely when the stock market goes up.....rates go down.  The reality is that there often times … (10 comments)

mortgage rates: Today's Market News....for mortgage lenders!!!! - 12/18/08 01:00 AM
Mortgage prices shot out of a canon yesterday morning as prices surged to all time highs.   This was so cool....but no sooner did it take off than it gave it all back and then some.  However, a heavy dose of origination sent prices downward as buyers quickly became sellers.  Liquidity in the lower coupons was horrible as pricing became extremely choppy.  We lenders had a rough morning as prices were moving faster than rate sheets could be set.  According to Fannie.....To make matters worse, the screens we use to price were grossly inaccurate at times.   It was definitely a volatile time in my office.  And I was had a … (2 comments)

mortgage rates: The Pros and Cons of the 4.5% 30 Year Interest Rate! - 12/10/08 03:20 AM
Let me first say that I'm not a negative person.  Rather, I'm probably the most positive person that I know....Therefore what I'm about to say does not reflect an angry bitter person, but someone who has sat back and analyzed this 4.5% 30 year fixed rate that everyone's talking about.  Let me say that I'll conclude with some positive advice for all the young bucks in real estate that want to make this a positive.  Let's start with some of the facts.
1)  Last week there's an announcement that there may be a 4.5% 30 year fixed rate.  Here's the deal.  … (8 comments)

mortgage rates: Mortgage Rates are Dropping - - - Fannie Freddie fallout! - 09/08/08 02:01 AM
Mortgage Backed Securities are up 94 basis points right now.  That means we should see rates drop another .125 to .25% today.  It's horrible that Fannie and Freddie mismanaged themselves so much that the government needed to step in over the weekend to run them.  Evidently this was done so that the Japanese and Chinese would still consider Mortgage Backed Securities good investments.  Let's see if this is enough stimulus to jump start the real estate market.  In any event rates have dropped for today.  Let's see what the full impact of this move is.
(3 comments)

mortgage rates: 730,000 FHA Limit? Unreal....stay tuned...sooner than later - 01/25/08 12:39 AM
Significant action is being taken by the federal government to stabilize the housing market - Hot off the press from our industry cooperative partners   As part of the economic stimulus package being negotiated by House Democrats and the Treasury Department, Fannie and Freddie loan limits will increased for one year up to $730,000.   The increase will be adjusted for local markets at 125% of local median home price.  The move will significantly improve liquidity and pricing in the jumbo market.   The agreement also includes raising the FHA loan limits to the same amount.  We are trying to confirm whether the … (0 comments)

mortgage rates: Today's Market Commentary....rates on the rise!!!! The Market Whiplash - 01/24/08 01:20 AM
The New York Times called yesterday "Whiplash Wednesday", a term which best describes action in the stock and bond markets amid extremely high volatility which is not likely to subside soon. The Dow spanned a nearly 600 point range, being down sharply in the morning but closing up nearly 300 points on the day. Bond prices moved inversely to stocks. The two-year Treasury saw its yield fall to 1.84% amid stock weakness but the stock rally brought the yield up to 2.15%. Such a move would be a big one for any given week but for it to occur in one … (7 comments)

mortgage rates: Today's Market Commentary....rates continue to drop - 01/23/08 01:54 AM
Yields fell across the curve on Tuesday as stocks plunged, expectations of a recession rose, and the Fed cut the Fed Funds and Discount rates by 75bp, the largest single cut since 1982. While most of the move in Treasuries occurred before the Fed's 8:20am EST announcement, volatility continued throughout the day. The 35bp drop in the two-year's yield was the biggest single day decline since trading resumed after 9/11 and the 30bp decline in the five-year eclipsed the post-9/11 dip. The ten-year's nearly 20bp decline in yield was the biggest since the Fed's surprise January 2, 2001 rate cut. Impressively, … (10 comments)

mortgage rates: Here's the info as it is set forth by the Federal Reserve.... - 01/22/08 12:50 AM

Release Date: January 22, 2008
For immediate release
The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.
The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.  While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households.  Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.
The Committee expects inflation to moderate in … (3 comments)

mortgage rates: World Markets Reel...Rates are Rocking....Time to get this party started!!! - 01/22/08 12:29 AM
Fasten your seatbelts...Yields fell a touch on Friday with the curve steepening. The UofM consumer confidence index rose unexpectedly but remains well below its averages. Yesterday, US markets were closed but global stock markets were open and plunging. The global meltdown continued overnight and brought most major world stock markets down over 10% for the week. The Fed this morning cut Fed Funds by 75bp to 3.50%, following is the text of the FOMC's statement: The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.
The Committee took this action … (2 comments)

mortgage rates: Mortgage Dow for July 30th through August 3, 2007 - 08/03/07 04:22 AM
On my website for my clients rate alert the following is the Dow Jones for mortgages.  Pretty interesting trend down due mostly to the mortgage company fiasco of American Home Mortgage, the Sub-Prime and Alt - A fallout and recent consumer data.
(0 comments)

 
Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001) Ambassador large

Larry Bettag

Vice-President of National Production

Saint Charles, IL

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Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office: (630) 524-9677

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 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”(John 14:1-4, New King James Version) Follow this blog Larry Bettag var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-17798043-1']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();


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