Monday, January 25, 2010
Saturday, January 23, 2010
Monday, December 21, 2009
Friday, December 11, 2009
December Loan Rates 2009
Rates continue to be very low. Investors interest in longer term US debt is not presently strong which may cause rates to rise in the near future.
For now, Conforming 30 Year Fixed (up to $417,000) is 4.75%, High Balance ($417,000 to $729,750) is 4.875 and Jumbo (over $729,750) is at 6.125%.
Five Year Fixed Conforming is at 3.75%, High Balance is 4% and Jumbo is 4.75%.
Beware that many investor/bank guidelines for FHA loans are requiring a second appraisal on loan amounts above $417,000. This is coming up during underwriting. It is not an FHA guideline but has been noted on the high balance FHA loans lately.
I hope you are enjoying all your Holiday festivities. Please call me if there is anything I can do to help you! If I am not in the office I will be available via cell phone or email through the Holidays.
Susan Van Wagenen
Terra Mortgage
Phone: 714-323-5559
Fax: 714-242-9666
susanvanwagenen@earthlink.net
Five Year Fixed Conforming is at 3.75%, High Balance is 4% and Jumbo is 4.75%.
Beware that many investor/bank guidelines for FHA loans are requiring a second appraisal on loan amounts above $417,000. This is coming up during underwriting. It is not an FHA guideline but has been noted on the high balance FHA loans lately.
I hope you are enjoying all your Holiday festivities. Please call me if there is anything I can do to help you! If I am not in the office I will be available via cell phone or email through the Holidays.
Susan Van Wagenen
Terra Mortgage
Phone: 714-323-5559
Fax: 714-242-9666
susanvanwagenen@earthlink.net
Friday, December 4, 2009
Rates Are the Best Ever!
Rates continue at very low levels with 30 Year Fixed Conforming (up to $417,000) at 4.75%, High Balance ($417,000 to $729,750) at 4.875%, and Jumbo at 6.125%.
Five Year Fixed Conforming is at 3.75%, High Balance at 4% and Jumbo at 4.75%.
Fannie Mae is implementing some new guidelines December 12th. The most important is that the maximum allowable debt ratio will be reduced to 45%. Please make sure that your clients that were pre-approved prior to that date with higher ratios may need to be run again after 12/12/2009.
Five Year Fixed Conforming is at 3.75%, High Balance at 4% and Jumbo at 4.75%.
Fannie Mae is implementing some new guidelines December 12th. The most important is that the maximum allowable debt ratio will be reduced to 45%. Please make sure that your clients that were pre-approved prior to that date with higher ratios may need to be run again after 12/12/2009.
Thursday, September 3, 2009
September Lending Update
Rates are almost to 4.875% for a 30 day lock. I can actually get 4.875% on a 15 day lock but I hesitate to post that since you must float the loan until final underwriting approval and be able to close in 15 days. Beware of many lenders that post lower rates that may be for short lock periods. I really try to be realistic for you.Conforming 30 Year Fixed (under $417,000) is at 5% with High Loan Balance ($417,000 to $729,750) is at 5.375%. FHA is at 5% and 5.125% for the High Loan Balance. Jumbo 30 Year Fixed is coming back at 6.5% and 5 Year Fixed is at 5.375%. Fantastic!
Attention buyers time is running out for the $8,000 first time homebuyer tax credit is set to expire at the end of this year. The purchase transaction must close on 11/30/2009 to qualify.
Thursday, August 27, 2009
Susan's Corner
Rates have eased again this week as there were good reports affecting the long term bond yields reflecting an easing of risk aversion to mortgages. China has shown increased interest in buying US Bonds again.The Conference Board released the Consumer confidence Index for August on Tuesday and the reading was 54.1 versus a forecast of 46.6. This means that consumers were more optimistic about their own financial situations.
The Commerce Department showed a 4.9% increase in durable goods orders for the manufacturing sector. Also released was the July's New Home Sales data that came in at 9.6% above forecast and the best level since September 2008. Last week the Existing Home Sales rose 7.2% month over month to the highest level in two years.
Conforming 30 Year Fixed interest rates are at 5% (up to $417,000) with Conforming High Balance at 5.5% ($417,000 to $729,750). FHA is at 5% and 5.25%. Jumbo loan (over $729,750) continue to be available for 3, 5, 7 and 10 Year Fixed with 5 Year Fixed at 5.75%.
The 5 and 7 year fixed product is coming back into the market for conforming loan with 5 year fixed at 4.25%.
This should be good news to get our buyers to market! Please call me with any questions.
Susan
Susan Van Wagenen
Terra Mortgage
Phone: 714-323-5559
Fax: 714-242-9666
susanvanwagenen@earthlink.net
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