Mortgage rates are unchanged this morning. A continuation of concerns surrounding inflation is dominating the headlines this morning (and over the weekend). For a review on how inflation impacts mortgage rates please refer to this blog posting.oil prices would reach $150/ barrel this summer. On Sunday the average price for a gallon of gasoline in […]
The most common ARM products we originate are hybrid ARMs. With a hybrid ARM the interest rate is fixed for an initial period of time before it reaches an adjustable rate period. 3/1, 5/1, 7/1, & 10/1 ARM’s– The most common hybrid ARM’s are the 3/1, 5/1, 7/1, and 10/1 ARM’s. With these loan products […]
Has your home recently been listed for sale? If so, did you know that by having your home listed for sale your ability to refinance your mortgage is severely limited? 95% of banks will not lend on homes that have been recently listed for sale because they are concerned that the home might go back […]
Mortgage rates are unchanged this morning despite a lot of erratic movements in the financial markets. Headed into the day we knew that the monthly jobs report would be important. Within the jobs report there were a couple measures that likely have traders confused on how to play the markets. First, the report indicated that […]
The WSJ just published an article about the latest Mortgage Bankers’ Association report on home delinquency and foreclosures. Both mortgage delinquency & home foreclosures are at all time-highs. Here is a link to read for yourself.
Mortgage rates moved higher this morning. In yesterday’s ‘rate update’ we stated, “We expect that bond prices will experience a “break-out” in the next few days. A “break-out” is when bond prices move sharply above or below technical trading levels and mortgage rates often move sharply as well.” Indeed this occurred yesterday afternoon when bond […]
The labor department reported today that worker productivity increased greater than expected in the 1st quarter which is usually good news for mortgage rates. Despite the increase in worker productivity unit labor costs increased by more than analysts had expected. Watch today’s you tube video to understand why labor costs are an important factor for […]
With a 7/1 interest-only ARM the loan will carry a fixed rate for the initial 7 years of the loan. After that, the interest rate will adjust on an annual basis. For the first 7 years of the loan the borrower may make interest-only payment on the outstanding balance. At the end of 7 years […]
There is no economic data set to be released today so our attention is focused on technical trading patterns and the stock market. Watch today’s you tube video to understand what we’re watching for. Current Outlook: neutral
There were no changes to rates today from Friday. The financial sector is dragging stocks lower this morning following the announcement that Wachovia is ousting their CEO. The Dow Jones Industrial Average is currently down over 100 points which is helping mortgage-backed bonds move modestly higher. Looking ahead, Friday brings us the monthly jobs report […]