Loan

Mortgage Rate Update 3/20/09

March 21, 2009

There was some excitement today as rates in some areas dipped as low as 4.75%, but it seemed to be short-lived. Rates here continue to hold their sideways pattern, and should continue to do so for the foreseeable future, but at least the 30-year is at an even 5 percent.  The Fed buying long-term treasuries [...]

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Mortgage Rate Update 3/13/09

March 14, 2009

Mortgage rates received tremendous upward pressure this week, but they recovered to flat, and actually have ticked down a bit. The multi-day stock market rally and some strong economic indicator surprises, like retails sales and inventories, have pushed on MBS yields. However, unemployment numbers, home sales, and housing prices all showing strong negative results will [...]

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Mortgage Rate Update 3/6/09

March 7, 2009

Mortgage rates repriced lower on Tuesday. Meanwhile, treasuries continue to trend higher as the bond market begins to get nervous about mounting Federal deficits. The disparity between MBS and treasuries is creating volatility and uncertainty in mortgage rates. Mortgage rates are expected to encounter even more volatility going forward as markets continue to react to [...]

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Mortgage Rate Update 2/27/09

February 28, 2009

Mortgage rates have taken a turn for the worse this week, but not by much. Bond selling and a small rally in equities are the main culprits. Banks are looking for any reason to re-price higher, plus there is still considerable credit constriction in the market. It is hoped that implementation of President Obama’s mortgage [...]

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Mortgage Rate Update 2/20/09

February 20, 2009

Mortgage rates took a step towards the sub 5% range this week, reacting positively to President Obama’s mortgage rescue plan. More unease in equities and lots of government assistance coming into the mortgage market will help borrowers, lenders and servicers increase mortgage finance activities, and may sustain the downward trend of the current rates. A [...]

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Mortgage Rate Update 2/13/09

February 15, 2009

Mortgage rates have remained flat in the low 5% range. Mortgage bonds have experienced positive pressure coming out of equities negative response to a lack of details and mechanics of the implementation of the remaining TARP funds. However, lenders are still overwhelmed with existing inquiries to refinance–resulting in few lenders to re-price their rates on [...]

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Mortgage Rate Update 2/6/09

February 7, 2009

Despite discussion of 4 percent mortgage rates ringing in the halls of the Senate, mortgage rates continue to rise. The MortgageLoan.com mortgage rate survey indicates the average 30-year fixed-rate mortgage rose to 5.39 percent today. This reflects a consistent, multi-week climb from a low of 5.10 percent in late January. The US government and Federal [...]

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Mortgage Rate Update 1/30/09

January 31, 2009

Mortgage rates are still at record lows, but they are edging up. The most troubling issue is that bank mortgage rates are moving counter to market data, meaning that mortgage banks and lenders are not passing on gains in credit market rate declines. This creates artificial tightening in consumer (mortgage) credit, as well as unpredictability [...]

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Mortgage Rate Update 1/23/09

January 24, 2009

This week’s rates rose slightly (an eighth of a point, generally; CHFA was unchanged) and this is the fourth day in a row that the rates have been trending upwards. Mortgage rates should return to lower levels, based on Federal Reserve and other government statements. Renewed bank crisis and continued equities market volatility are again [...]

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The Reverse Mortgage Loan Explained

January 23, 2009

by Brandon Cornett If you are a senior citizen over the age of 60, and you own a home, I’m willing to bet you’ve been hearing about reverse mortgage loans lately. But why is this lending option so popular among seniors lately, and how does it work anyway? Let’s take a look. What is a [...]

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