rate decrease: THE MORTGAGE AND REAL ESTATE BUSINESS IN MICHIGAN - Take what we used to know..... - 01/25/08 06:27 AM
.....AND THROW IT IN THE TRASH!!!
I have been in the mortgage business for 9.5 years now and I feel like a brand new Loan Officer. 
In the state of Michigan, Fannie Mae has ruled that MOST of our state is considered an area of "declining markets."  They say MOST of the state of Michigan is but I haven't ran across a zip code that ISN'T.  So the days of No Money Down programs in Michigan in the Conventional Loan world is gone.  Yes, the lenders offer them but Fannie Mae is saying that if a home is in an area of … (0 comments)

rate decrease: Mortgage Market Guide as of Wednesday, November 21, 2007 - 11/21/07 04:30 AM
THE ELASTIC WAISTLINE PANTS ARE READY FOR TOMORROW!!!
Volatility continues in the Bond Market.  Currently, bonds are up a whopping +38 basis points so we're enjoying this news.  As of today, we are offering 30-year fixed at 6.375% with NO points and we will advise to "float" your interest rate to see if further gains come our way. 
Yesterday, Mortgage Bonds opened lower, hovered on an support floor of support throughout the day before dropping sharply right before the market close.  Unfortunately, we heard of some lenders re-pricing early in the day, which is unusual in advance of the release of the Fed … (0 comments)

rate decrease: Interest Rate Increases -- Has the BLEEDING Stopped? - 06/13/07 06:46 AM
Prices may have finally found a bottom! 
Back on May 15th, we issued a very important lock alert as prices broke below a very important floor of support.  We have often discussed the importance of this floor and how prices had only crossed it twice in over two years.  This crossing represented a major change in market sentiment in the past, and last month's break below it was no exception.  Since breaking under this floor, prices have now declined by 274bp as of the lows hit this morning!  
We are FINALLY turning optimistic on bonds!!!  Is it because Bill Gross just went … (0 comments)

 
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