rates: Trump vs. the Fed, one more time... - 09/27/19 02:53 PM
President Trump has been very clear on his new intentions: He wants the Fed rates to go down, even below zero. He has attacked chairman Jerome Powell without mercy, going really far and even calling him “gutless” and “without vision”. 
This is the second time that the Fed decides to drop its rates during the year, but the President won’t stop his tantrums and attacks. If you look at the behavior of other central banks around the world, you’ll find that their rates are dropping below zero.
Japan, Sweden and a handful of other countries are looking to incentivise their faltering economies in … (0 comments)

rates: Is it a good time to talk about a refinance? - 09/20/19 11:44 AM
This month, we arrived to really solid ground, regarding mortgages at least. Refinancing opportunities for people who originated their mortgage in 2018 are looking good. A vast quantity of last year’s mortgages are currently carrying rates 0.75% higher than today’s average rate, which is now at 3.49%. 
New data shows that more than half of US mortgagees have their mortgage locked above the prevailing rate. Refinancing would be the answer, but strange as it may be, mortgage refinance is looking at negative numbers in its activity. Truth is, if it weren’t for some predominant factors, shaving these rates would be easy as … (0 comments)

rates: The Fed lowers interest for the first time in 11 years - 08/05/19 11:11 AM
The Fed has lowered interest rates for the first time in 11 years. This comes as a consequence of several events, including the continuing pressure of the POTUS and the possibility of negative economic repercussions. The Federal Reserve hasn’t lowered these rates since the 2008 recession.
Jerome Powell, chairman of the Fed and leader of this new policy, promised that this sudden drop is one of many efforts to sustain “one of the longest economic expansions in the country’s history”.
Soon after Powell’s announcement, the market started seeing crazy movement on mortgage bonds and treasuries, a natural reaction. 
Powell promised to keep a careful … (1 comments)

rates: The Fed & the interest rates it controls. (Part II) - 03/26/19 08:54 AM
If the fed only controls the adjustable, fed fund rate, then what controls the long term fixed rate mortgages? The fixed rates move with the Mortgage Bond Market, which is Mortgage Backed Securities (MBS). You might ask “but aren’t fixed rates, fixed? How can they go up and down?” Fixed rates go up and down until you lock your loan during the mortgage approval process. So a 30 year fixed rate will move daily with the markets until you lock it for 15, 30, 45, or 60 days before closing. The fixed rates are very volatile (before locking) when left to … (0 comments)

rates: Mortgage delinquency, lowest in 20 years - 03/20/19 08:41 AM
Mortgage delinquency* and foreclosure rates have reached their lowest point in 20 years (in the USA alone). 4.1 percent of mortgages were in some kind of delinquent breach (in November 2018). [Source]
This has been a consequence of the solid rise in home equity, and the fall of high risk loans in the market, generating a secure and solid base for old and new homeowners looking for a mortgage.
*Mortgage delinquency occurs when a borrower fails to facilitate the necessary payments stated on a loan contract. Loans are dependent of the due dates of scheduled payments. Failing to establish payment gives the lender permission … (2 comments)

rates: Interest rates hit lowest numbers in a year - 03/19/19 05:00 PM
Mortgage interest rates are going down!
The 30-year fixed-rate average fell to 4.31 percent with an average 0.4 point. It was 4.41 percent a week ago and 4.44 percent a year ago. These interest rates haven’t been this low in more than 12 months.
“At 4.31%, the average 30-year fixed mortgage rate is at its lowest since February of last year, while these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low.” 
“Freddie Mac” Chief Economist, Sam Khater
Nevertheless, the refinancing of home loans went down 0.2% for the week,4.4% lower than last year. The … (4 comments)

Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas (PS Mortgage Lending 305-791-4874 or 888-845-6630) Rainmaker large

Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas

Miami, FL

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PS Mortgage Lending 305-791-4874 or 888-845-6630

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