refinance: Mortgage Rates Bounce Off All-Time Lows; The Start Of A Trend? - 08/26/11 07:27 PM
 

Low mortgage rates are terrific — if you can get them.
One week after posting its lowest mortgage rate in 50 years, Freddie Mac reports that the 30-year fixed rate mortgage rose by an average of 7 basis points nationwide this week to 4.22%. To get the rate, you’ll pay an average of 0.7 “points”.
This week’s rise in the 30-year fixed rate mortgage pulled rates off their all-time lows so either you locked last week’s rock-bottom rates, or you missed it.
Mortgage rates are rising.
As a refinancing homeowner or home buyer in Irvine , rising mortgage rates … (5 comments)

refinance: Ranking The Best Places To Live In The U.S. (2011 Edition) - 08/25/11 07:35 PM
 
 
CNNMoney recently released its Best Places To Live 2011 list.
The annual survey is based on data from Onboard Informatics. Using Quality of Life factors such as education, crime and “town spirit”, and focusing on towns with between 8,500 and 50,000 residents, the CNNMoney survey ranks the country’s best “small towns”.
To be eligible, towns must be have a median household income greater than 85 percent, and less than 200 percent of the state median income; must not be a categorized as a “retirement community”; and must be racially-diverse.
From a list of 3,570 eligible towns nationwide, Louisville, Colorado was … (3 comments)

refinance: Can Mortgage Rate Go Any Lower? - 08/22/11 08:33 PM
 
Mortgage markets improved again last week, pushing mortgage rates in California to an all-time low; lower than the lows set last November, even.
Last week’s low mortgage rate drivers are primarily European. Joining the debt concerns that have dogged Europe since March, a fresh wave of doubt has surfaced about the health of some Eurozone banks. The fears sparked a new wave of safe haven buying.
Global equities were socked last week and the Dow Jones Industrial Average fell for the 4th straight week. For home buyers in Irvine , though, the timing may be perfect. As stock markets lose, bond … (2 comments)

refinance: Strong Job Growth In July Trumped By Credit Downgrade! - 08/11/11 08:16 PM
 
More Americans are getting back to work.
The latest Non-Farm Payrolls survey from the Bureau of Labor Statistics shows that 117,000 net new jobs were created in July, thumping analyst estimates and surprising Wall Street investors.
In addition, May and June’s originally-reported figures were both revised higher:
May 2011 was revised higher by 28,000 jobs June 2011 was revised higher by 28,000 jobs The national Unemployment Rate slipped to 9.1 percent.
The jobs report’s strong readings would typically be a boon to stock market and a threat to mortgage rates. This is because more employed Americans means more disposable income spent … (1 comments)

refinance: A Simple Explanation Of The Federal Reserve Statement... - 08/09/11 08:19 PM
 
Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The vote was 7-3 — the first time in 5 meetings that the nation’s Central Bank was non-unanimous and the first time since 1992 that the FOMC adjourned with as many as three dissenters.
In its press release, the FOMC had little good to say about the U.S. economy, noting that since its last meeting in July:
Growth has been “considerably slower” than expected Labor market conditions have deteriorated Household spendng has “flattened” The Fed also noted that … (1 comments)

refinance: Mortgage Rates Drop After U.S. Credit Downgrade... - 08/09/11 08:17 PM
 
Mortgage rates continue drifting downward, despite — or because of — a ratings downgrade on long-term U.S. government debt. Standard & Poors issued a single-notch downgrade after Friday’s market close, from AAA to AA+.
Of the roughly $9.4 billion in publicly-held U.S. debt, 72 percent is long-term (i.e. with duration of 2 years or longer).
U.S. short-term debt was not downgraded.
When an entity — government, business, or other — is cited for a credit downgrade, it means that the risk of lending money to that entity has increased. In theory, higher risk should lead to higher borrowing costs and higher … (0 comments)

refinance: What’s Ahead For Mortgage Rates This Week! - 08/08/11 02:26 PM
Mortgage markets were especially volatile last week, taking rate shoppers in California on a roller-coaster ride. The week’s news schedule was full. It included debt ceiling debates, jobs figures, and ongoing maneuverings within the Eurozone.
Each story a material impact on mortgage rates and, as a result, rates varied wildly from day-to-day.
Throughout the early part of the week, mortgage rates fell.
Monday, bond markets improved as leaks of the congressional debt ceiling agreement surfaced. Investors approved of the accord’s general terms and bought U.S.-backed debt to prove it. Tuesday, when the final agreement was reached and the terms were made public, … (3 comments)

refinance: Mortgage Rates Make New 2011 Lows! - 08/07/11 06:43 PM

Mortgage rates in California plunged to new 2011 lows this week.
According to Freddie Mac’s weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage fell to 4.39% this week — the lowest 30-year fixed reading since November 18, 2010.
The 0.16 drop from last week is the largest one-week rate drop in more than 2 years, and, although the 30-year fixed remains above its all-time lows from November 2010, two other benchmark products made new records this week.
Both the 15-year fixed rate mortgage and the 5-year ARM are reporting lower than at any time in recorded … (3 comments)

refinance: 5 YR ARM Falls To Historic Lows!! - 07/04/11 07:12 PM
The interest rate differential between fixed-rate and adjustable-rate mortgages continues to widen and has now reached historic levels.
There’s never been a better time to lock an ARM.
According to Freddie Mac’s weekly Primary Mortgage Market Survey, homeowners in Laguna Beach who lock their mortgage rate today will save 129 basis points on rate, on average, by choosing a 5-year ARM as their mortgage product as compared to a 30-year fixed rate loan.
The average 30-year fixed rate is 4.51%. The average 5-year ARM rate is 3.22%.
It’s the biggest interest rate spread between fixed-rate and adjustable-rate mortgage rates in Freddie … (3 comments)

refinance: Making A Rate-Lock Plan Before Friday’s Jobs Report! - 06/02/11 05:22 PM
Tomorrow morning, at 8:30 AM ET, the Bureau of Labor Statistics releases its Non-Farm Payrolls report for May. If you’re floating a mortgage rate right now — or are in the process of shopping for a loan — consider locking your rate sooner rather than later. The Non-Farm Payrolls report can be a major market mover, causing large fluctuations in both conforming and FHA mortgage rates in Laguna Beach. It’s because of the report’s insight into the U.S. economy. More commonly called “the jobs report”, Non-Farm Payrolls is issued monthly. Sector-by-sector, it details the U.S. workforce and unemployment rates. Jobs momentum … (0 comments)

refinance: Mortgage Guidelines Start To Loosen At The Country’s Biggest Banks - 06/02/11 05:19 PM
Another quarter, another sign that mortgage lending may be easing nationwide.The Federal Reserve’s quarterly survey of senior loan officers revealed that an overwhelmingly majority of U.S. banks have stopped tightening mortgage requirements for “prime borrowers”.
A prime borrower is one with a well-documented credit history, high credit scores, and a low debt-to-income ratio.
Of the 53 responding “big banks”, 49 reported that mortgage guidelines were “basically unchanged” last quarter. Of the remaining four banks, two said mortgage guidelines had “eased somewhat”, and the remaining banks said guidelines “tightened somewhat”.
It’s the second straight quarter in which fewer than 5 percent of banks tightened guidelines, … (2 comments)

refinance: How low will Mortgage Interest Rates Go? - 05/09/11 08:03 PM
Mortgage markets improved last week on a bevy of economic and geopolitical news. Conforming mortgage rates in Laguna Beach improved, falling to their lowest levels of 2011.
It’s a welcome development for home buyers and rate shoppers nationwide. Mortgage rates were expected to rise throughout most of this year.
There were four big stories that contributed to falling rates last week.
The first was the news that Osama bin Laden was killed. The news was announced over the weekend, and by the time markets opened Monday morning, the price of oil was already falling. Falling oil prices reduce inflationary pressures on … (4 comments)

refinance: Where are rates going this week? - 04/25/11 01:36 PM
Mortgage markets improved slightly through last week’s holiday-shortened trading sessions. Better-than-expected housing data led mortgage rates higher Tuesday and Wednesday, but rates retreated Thursday morning in advance of Good Friday.
Markets were closed Thursday afternoon and Friday. They re-open this morning.
Conforming mortgage rates in California ended last week unchanged overall. It’s a strange outcome considering that Standard & Poor’s issued a downgrade on U.S. debt Monday.
In most instances, a debt downgrade would lead investors away from a particular group of securities — in this case, a group that includes mortgage-backed bonds. However, Wall Street reacted in the opposite.
When … (1 comments)

refinance: Demand Is Rising, Supplies Are Falling : Home Prices Set To Rise? - 04/21/11 05:36 PM
Home resales rose 4 percent last month, according to the March Existing Home Sales report. A total of 5.1 million homes were sold on an annualized, seasonally-adjusted basis.
The strong results re-establish the national, long-term trend toward rising home resales.
March marked the 6th month out of eight in which sales volume has increased and sales are up 32 percent from July 2010 lows.
Home supply has resumed its downward trajectory, too.
At the current pace of sales, the entire home resale inventory would be depleted in 8.4 months. This is 0.1 months faster as compared to February, and a full month … (4 comments)

refinance: Pending Home Sales Rebound; Suggest Brighter Spring For Housing - 03/29/11 04:52 PM
On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month, according to the National Association of REALTORS®. A “pending home sale” is defined as a home under contract to sell, but not yet closed.
February’s Pending Home Sales Index rebound breaks a 2-month losing streak, and reverses the recent downward momentum in housing. Both Existing Home Sales and New Home Sales volume showed a sizable loss last month. 
For buyers and sellers of real estate in Laguna Beach , the Pending Home Sales Index is of particular import. It’s one of the few forward-looking indicators in housing, and February’s … (0 comments)

refinance: Fed Minutes Show Lower Unemployment And More Growth For 2011 and 2012 - 02/18/11 02:03 PM
The Federal Reserve released its January 25-26, 2011 meeting minutes Wednesday afternoon. California mortgage rates have been in flux since.
Fed Minutes are comprehensive recaps of Federal Open Market Committee meetings; a detailed look at the debates and discussions that shape our nation’s monetary policy. As such, they’re released 8 times annually; 3 weeks after the most recent FOMC meeting.
Fed Minutes can be viewed as the unabridged version of the succinct, more well-known “Fed Statement” that’s released to markets immediately post-adjournment.
Just how much more lengthy are Fed Minutes?
The January 25-26, 2011 statement contains 395 words The January 25-26, 2011 meeting … (2 comments)

refinance: Simple Real Estate Definitions: Discount Points - 04/02/08 06:07 AM
More commonly called "points", discount points are up-front fees charged by mortgage lenders in exchange for lower mortgage rates. 
The cost of one point is one percent on the loan size and discount points appear on Line 802 of the HUD-1 Settlement Statement.
As a general guideline, each point paid lowers a mortgage lender's offered interest rate by 0.250%. 
For example, a $200,000 home loan offered at 6.000% can be had for 5.750% if the borrower agrees to make an up-front payment of one point ($2,000).
In addition to lowering your interest rate, discount points are usually tax-deductible, too.  Therefore, … (4 comments)

refinance: Reverse Mortgages : Financing the Golden Years - 03/21/08 02:19 PM
Reverse Mortgages: Financing the Golden Years  
By Tiffany Taylor-Rodriguez, President Platinum Funding
 Irvine, Ca – Until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one’s house or borrowing against its equity.
With reverse mortgages coming on the scene, seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments - and they do not … (6 comments)

refinance: Life After Bankruptcy - 03/08/08 01:51 PM
Life After Bankruptcy
By Tiffany Rodriguez Taylor, PresidentPlatinum Funding
 Bankruptcy is an uncomfortable subject for a variety of reasons. The most obvious is the potential havoc it can wreak on your finances. Running a close second is the negative stigma which is often attached to the process. This negativity is important to mention because strong emotions can sometimes lead to unsound financial decisions with devastating results.
 
Bankruptcy becomes a viable option for someone who is “upside down” in terms of cash flow. In other words, when a person has more money going out each month than coming in, bankruptcy should … (1 comments)

refinance: Did You Lender Freeze Your Home Equity Line of Credit? - 02/10/08 03:12 PM
I dont quite know how to explain this because Ive never heard of this happening before. In my 17 years of mortgage lending experience, I have never seen banks/lenders treat their good customers this way.  As you probably know, many big banks and mortgage companies have TERMINATED THE RELATIONSHIP and closed the home equity lines of credit to homeowners that don't have enough equity (in their opinon)  Apparently, several of the largest Home Equity Lenders did so last week. They spun the whole thing as the Perserving American Home Ownership, but you and I know that the only homeownership they were saving was their employees.  I must admit, those banks … (2 comments)